Worse, the agency confirmed that the withdrawals were higher than inflows. In October, the balance is negative to the tune of 1.4 billion euros. It is, indeed, a little less bad than a month earlier. In September, withdrawals have exceeded payments of more than 1.8 billion euros.But above all it confirms that life insurance through a bad patch with unprecedented for the first time two consecutive months of negative collection cash advance america.

Questioned by AFP, the FFSA wants to be reassuring. "Let us not forget that these are data points. If you look from the beginning of the vision is very different, "cautions Bernard Spitz, President of the FFSA, underlining that the payments exceed 17.7 billion euros withdrawals in the first ten months of 2011 . A figure that compared to last year's data with the same period, however, shows a precipitous drop of 63%, the statement of the FFSA.

Pensions of baby boomers

These results reflect a combination never seen before, the structural and cyclical factors unfavorable. Life insurance suffers from the retirement of baby boomers. These offset the drop in income by drawing on their life insurance.

Yet in times of crisis, these arguments are not enough in attracting investors in local real estate projects. So far, a number of programs involved imposing villas sold between 1 and 2 million, but now struggling to find buyers.This is the only marina project on the island, a must for lovers of water sports. There are also a shopping center, a wellness area and large villas whose prices exceed $ 2.5 million and apartments more affordable, starting at $ 800,000.

The coming months will determine whether those efforts are paying off Mauritius with senior French.

A specific legal framework

In Mauritius, the real estate purchases by foreigners are governed by three tax schemes .- The IRS (Integrated Resort Scheme) for the freehold property of a minimum of 500.000dollars. It immediately gives purchasers the right to a permanent residence permit. They are free to then perform the steps to take up residence on site tax .- The RES (Real Estate Scheme) has, in turn, subject to any minimum price.

Technically, the new operator is ready. Its network already exceeds largely 27% coverage, according to industry sources. A threshold that allows it to trigger the negotiated roaming agreement with Orange (the ability to take the Orange network) and open its service throughout France fast cash loans. Commercially, the teams are also in the starting blocks. Free Mobile has largely recruited and now grazes a thousand employees, including over 800 dedicated technical support. After two shops in Rouen and Troyes, a third scheduled to open within a few days in Angers.

The Greeks want to leave their countries in crisis, but it is not seen in official statistics."Based on preliminary figures available, we observe no increase in emigration in Greece in 2010," notes Jonathan Chaloff, migration expert at the OECD, based on information provided by the U.S., Australian, Canadian or Swedish. "There is indeed a great desire to emigrate, but the obstacles are real: the language barrier, recognition of qualifications, etc..," Said he.

More border, more control

This is not the only reason why migration flows are difficult to perceive. "Young Greeks are mainly the countries of the European Union," Lois Labrianidis point, Professor of Economics at the University of Thessaloniki."But as there is no boundary or control, you can not count these departures." The researcher is a hint: the Greeks entered in the European Internet portal EURES CV exploded in 2011, reaching 15,500, two times the total recorded since its inception in 1993.

Young people fleeing a country they consider no future. "The dynamics of the labor market is worrying. The unemployment rate reached 16%, up 50% from 2010. And for young people is twice (30%), "notes Manon Domingues Dos Santos, migration specialist at the University Paris-Est Marne-La-Vallée. "In this context, the most qualified are the most mobile: they speak foreign languages ​​and better meet the needs of labor in host countries."

The crisis accelerates a phenomenon of brain drain that affects Greece for at least 10 years.At the edge of recession, in 2007, already 12.2% of the most educated Greeks living abroad, or at least 876,000 people. This figure is just swell: already during this period, more than 4.5% of graduates were leaving Greece every year, according to figures compiled by Frédéric Docquier, a professor at the University of Louvain. This is much less than Portugal (over 12%) but almost twice as Spain, also in crisis countries. In comparison, only 1.31% of French graduates leave the country.

Herding phenomenon

View from the best-trained its elites to broader horizons, such is the fate of small countries like Ireland or Lithuania. "Greece, however, could prove to be a special case, said Frédéric Docquier. It is in near-bankruptcy.They may therefore develops a herd phenomenon: if the elites and the most qualified anticipate the crisis and with rigor, everyone will leave the country when you leave you too. "

Problem: well-trained elites are among the taxpayers most likely to pay high taxes. Leaving their country, they will not settle the affairs of the state. In the longer term, "the departure of more skilled threatens growth by detracting from the production of research and innovation," Manon Domingues Dos Santos is concerned.

Greece, which was over twenty years, between 50 and 70 years, a land of emigration, however, tries to take advantage of its diaspora. The government has proposed this year to Greeks abroad to finance its debt to the tune of 3 billion euros.

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The bell sound is little more optimistic in. The experts of the French subsidiary of the Danish bank focused their attention on the delays of politicians."Speeches are encouraging to reassure the markets a while but in the absence of concrete solutions, the downward trend should continue," they said in a note sent to clients. The same applies to the specialists of the broker, "no concrete steps have been taken and so it has not been made, the euro will continue to r suffered."

Repatriation of capital in dollars

With the strong underperformance of European markets, investors, especially American, have reduced the share of assets invested in European equities. The repatriation of capital cause lift the dollar against the euro.

The downward spiral is likely to continue in the fourth quarter. Earlier this year, Saxo Bank had made a bet of one euro to 1.15 dollar. This goal seemed absurd end of April (the euro now approaching $ 1.5) no longer is.In any case, the euro could be worth between 1.20 and $ 1.25 at the end of the year. In this zone, the euro would only return to its value in purchasing power parity further point out the experts. Some exporting companies that have had the good sense not to cover may already be rubbing their hands. This is the case in particular that benefits both an aircraft carrier cycle and a decline of the euro against the dollar.

It seems that the era of the strong euro against the dollar is behind us. For individuals, it is possible to speculate down on the euro-dollar by selling the currency pair in cash in a currency broker. It may also be wise to buy put options or put options due in March (for example). This strategy can multiply its earnings but does concern a limited part of a portfolio.The current movement is also favorable to purchases of dollar assets (U.S. real estate, stocks on Wall Street …).

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The European Commission highlights the paradox between a cleaner gasoline and cheaper duty-sold more expensive at the pump, and diesel more expensive duty free, massive source of emissions of fine particles hazardous to health, and less expensive for motorists. She said outside the UK, the tax treatment of petrol and diesel in Europe is "flawed" and needs the overhaul.

Concern

For manufacturers, the news comes at the worst time.These are already working on the application in 2014 of Euro 6, which calls for reducing carbon emissions and fine particles. This standard requires them to implement expensive technology on diesel vehicles that will increase the price of these cars from 1500 to 2000 euros business cards design. What scare away customers. If in addition the price of a liter of diesel were to increase significantly, the diesel car market could collapse.

The Committee of French Automobile Manufacturers believes that the introduction of this directive in France could lose 20 points of market share on the sale of diesel cars. In the columns of Paris, its president, Patrick Blain, worried: "The decline in production in French factories (on the cutting edge in the field of diesel, ie) would inevitably have social consequences," he warns.

Professionals and individuals may also choose to get rid of their cars too expensive, which could lead to plummeting prices of diesel cars. "It may be possible to adopt transitional measures that will leave everyone time to adjust," said he.

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In that context very high voltage, a parade could be a battle plan based on that 2008.The rumors for weeks on a recapitalization by the state of all French banks. The Sunday Journal Sunday evoked an injection of 10 or 15 billion euros. At its off the plane from Washington, the Minister of Economy, French Baroin furiously opposed to "the most categorical denial." Same reaction at the Elysee and the Bank of France. Such an operation would be "useless, or even against-productive," said a source familiar with the matter. For now, anyway, "banks do not want it, they are not in a logic of solidarity, but prefer to play their own cards." The "special case" of Franco-Belgian Dexia, in the words of the governor of the Banque de France, is the subject of specific thoughts.Started in late 2008, the restructuring could involve an alliance with Caisse des Depots et La Banque Postale in the field of financing local authorities (our editions of September 23), but without dismantling or modification of the shareholders, Dexia said.

Maintain and adapt

Rather than a recapitalization, institutions such as the authorities prefer to place a battle plan: take and adapt. Friday, Bloomberg TV, the governor of the Banque de France, Christian Noyer, reiterated his confidence in the strength of French institutions. However, it has raised its requirements: all French banks will have to comply, from 1 January 2013, new prudential regulations known as "Basel 3", that is to say six years ahead of schedule. The effort required is considerable.All things being equal, the transition to Basel 3 means a financial institution that it should, about four times its equity. In fact, banks will reduce the volume and level of risk of their assets and their businesses, so that the capitalization is less effort. The banked profits and payment of stock dividends must achieve the required level. For three years, the sector in France has already accumulated 50 billion euros of additional capital. The line of defense erected by the European Central Bank, whose windows are wide open cash to banks in the euro zone, is also a key element of the device.

"But we're not crazy," says a source familiar with the matter. The possibilities of slippage are many, starting with one that Greece would go bankrupt.Better to be prepared for any eventuality and have a plan B shares at any time, ideally in a European context. Tools that were used by the state in 2008 to recapitalize banks and guarantee their loans have not been dismantled, they can return to duty at any time.

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But Thursday, François Fillon has caused confusion. Referring to the economic convergence between France and Germany, he said that things were moving in the field of corporate tax.He added: "It will take time to go to a joint work towards a common retirement age, to a gradual convergence of economic and social organization of our two countries." But the retirement age with full pension, except for long careers, will be increased to 67 years across the Rhine by 2029.

"Target needed '

Trial balloon of "Fillon-the-discipline"? Clumsiness (this passage was the only improvised his speech)? Applies to defuse his entourage: "Convergence is a general purpose necessary to maintain the competitiveness of France. The recent pension reform is an element of social convergence, and the government does not intend to go beyond in the coming months, "says an adviser.And up, tongue-in-cheek, that the barrier of 67 years had not been mentioned, and that convergence might as well be on "our" 62 years …

In fact, it would be difficult for the Prime Minister to explain that further reform is needed, a year after he hammered the previous balance the books. But in the midst of primary socialist and the day of the budget of the social security, his statement could hardly go unnoticed. For François Hollande, Fillon "revealed the program of Nicolas Sarkozy" in 2012. Segolene Royal accused her of "not being honest", the systems are so different that any comparison between the 67-year German and French 62 years is risky.Exact to the point that Valerie Pécresse also used the argument to play the controversy, noting that the retirement age without financial penalty for people without all their quarters of contribution, would be increased from 2023 in France … in 67 years.

These subtleties have also pushed Martine Aubry to say that the Prime Minister does "not know the subject" and "has a problem with the actual figures." What afoul of Xavier Bertrand: "She would have done better to remain silent. If there is one subject on which the PS has done nothing, other reports and reports of decisions, it's pensions, "responded the Minister of Labour.

Player Figaro BFM

Having dithered for most of the session, the other major European markets have also opted for the green in the very last lap. 2.88% ahead of Frankfurt, London and Milan by 1.98% to 1.91%. Wall Street awaited with optimism after the Fed meeting on Wednesday night.In session, the Dow Jones gained 0.47% and the Nasdaq 0.62%.

Paris, which opened on a slightly pessimistic quickly changed his tune, from the bulk of the session in the green. The index briefly accused the sudden mid-afternoon, after the publication of a report by the IMF lowered its growth forecasts in the world and expressed concern about the evolution of the economy in the United States and Europe. The organization has also warned against the risk of destabilizing the global financial system if the debt crisis continues to spread to major countries in the euro area Online payday loans.

If he had anticipated the deterioration in the rating of Italy by Standard & Poor's, the Paris market, retained a great excitement to the crisis of debt in the euro area and remained suspended including ongoing negotiations to avoid a bankruptcy of Greece.A new conference was scheduled Tuesday night between the Greek Finance Minister Evangelos Venizelos and the "troika" of the creditors of the country, European Commission, European Central Bank and International Monetary Fund. The outcome of these negotiations is crucial for the country. It conditions the payment in October of the sixth round of eight billion euros of the loan last year in the euro area country and the IMF.

In Paris, banking stocks have nevertheless taken the index back down green. Societe Generale lost 2.43% and 6.32% BNP Paribas. However titles sensitive to the dollar ended sharply higher, with the image of LVMH (3.64%) and EADS (3.11%)

The Europeans hoped "a dialogue between friends," the Americans had "no arrogance." Las. With the destabilization of markets and growing concern on both sides of the Atlantic, the U.S. Treasury Secretary, Tim Geithner, could not resist lecturing his seventeen counterparts in the euro area gathered Friday to Wroclaw (Poland).

The relief provided by five central banks – including the U.S. Fed – banks in the euro area will not long concealed the absence of concerted policy response to the crisis. On behalf of the Europeans, the President of the Eurogroup Jean-Claude Juncker declined projects Tim Geithner, citing "differences in approach with our American colleagues."Treasury Secretary, he has put his finger where the euro hurts: he publicly expressed concern "of the conflict between governments and the European Central Bank," a week after the sensational resignation of the Chief Economist of the ECB .

Barack Obama's America, soon launched a presidential campaign, fearing a collapse of Greece, a contagion to European banks and a possible fracture of the euro area. If the crisis deepens, it is the U.S. economy would suffer the backlash, shock reverse of that which had hit Europe after the collapse of Lehman Brothers in 2008.

The first message in Washing-ton is to push the Europeans to speak with one voice and act decisively. "Governments and the Central Bank should work together (…) to avoid catastrophic risks for financial markets," said Treasury Secretary.And he insists, denouncing the cacophony that destabilizes the common currency: "Everyone should also abstain from loose talk about the end of the euro area." Targeted: the proponents of expulsion from Greece …

Denial of a tax on financial transactions

The unprecedented invitation launched by Poland – host country because currently presiding the EU – Timothy Geithner had anything to embarrass, in turmoil, the finance ministers of the euro. We saw Baroin host the head of U.S. Treasury of a strong handshake in Wroclaw. But the Euro has carefully kept at a distance. He has not formally participated in the circle, but a "preliminary conversation" about an hour. Contrary to custom, he did not sent to journalists.To tell his truths to Europe, he preferred an audience of bankers in another part of town.

Some did not take gloves to say that Europe has no lessons to learn. The United States, collapsing under the deficits should put their own house, says the Belgian Didier Reynders. "America has nothing to dictate when the person refuses flatly our suggestions," added the Austrian Maria Fekter. It is true that Tim Geithner repeated Friday his opposition front to the tax on financial transactions carried to Paris, Berlin and Brussels.

Decisions deferred

For the second time in eight days, Treasury Secretary left Europe empty-handed. Friday, the Europeans have made a face at her suggestion to "leverage" means the EFSF, the bailout fund for countries of the euro in difficulty."This is not a subject that is discussed with a country outside the EU," Jean-Claude Juncker meant. Same end of inadmissibility of the American idea of ​​supporting the growth of public funds "even a donkey does not stumble twice on the same stone, 'says Didier Reynders, convinced of the urgency to fight first against the deficits.

For the Americans as to Europeans, the European event in Wroclaw ends with a disturbing sense of incompleteness, even for emergencies. The Eurogroup has pushed to mid-October a decision on payment of 8 billion euros to Greece. He did not reach an agreement on guarantees that Finland requires Greece.