Greece is the main reason for this new diving indices. The country has placed his fate in the hands of the people by deciding to hold a referendum on the decisions of the European Summit of 26 October. "The will of the Greek people be binding on us," said Prime Minister George Papandreou, who will also seek a confidence vote in Parliament on the agreement on debt.They are again assailed by doubts about the debt situation in Europe. Operators including questioning the ability of banks to recapitalize. They also seek to know whether additional funds will be allocated to the European Financial Stability Fund (EFSF).

In short, "investors are becoming aware of the lack of details in the agreement reached at the EU summit last week," said Michael James of Wedbush Securities cashadvance. "Reports suggest that the plans for the EFSF were not easy to sell to China and Japan," commented on his side Patrick O'Hare of Briefing.com site financial analysis.In addition, "there is a growth problem, a very bad direction of unemployment, inflation at 3%, so no rate cut, and now Germany has a real growth in retail sales by 0.3% so she is not going to save the euro area ", listed his side Evariste Lefeuvre, an economist at Natixis. "Without real support of the economy, the Agreement on Greece will not have any real effect," said Michael James.

Manufacturing activity in China slows

Traders also expect the G20 to be held in Cannes Thursday 3 and Friday, November 4 for more information on the involvement of other countries in the European rescue plan. In an interview with Le Figaro, the South Korean President Lee Myung-bak has already ensured that his country will support the rescue of the euro area, "if necessary".

In this tense atmosphere, the euro lost ground against the greenback.

Despite the difficult conditions of funding and the increased reluctance of banks, the French operator has not given up the sale. The facts seem to prove him right, a dozen candidates who have passed the process of selling the asset.But the arrival of Xavier Niel somewhat diversified profile of potential buyers. So far, the majority of applications related investment funds: Apax, Providence, EQT, Bain Capital, Liberty Global, Doughty Hanson and Carlyle separately and Altice, Numéricable shareholders.

Support of Goldman Sachs

Xavier Niel, the head of the Iliad, the 297th ranked Fortune Global Forbes, meanwhile intervene personally. The Egyptian billionaire Naguib Sawiris politician, former CEO of the operator Orascom is also in the race. Faced with these heavyweights of finance, the French entrepreneur has joined forces with the U.S. bank Goldman Sachs, report echoes.

"At 2 billion Swiss francs (1.6 billion euros, Ed), Orange Switzerland is valued six times its gross operating profit on the stock exchange more than 3.8 times that of France Telecom," the daily explains.A premium is explained by the fact that the sale of Orange Switzerland is the only major operation in progress on the Old Continent now, and that France Telecom has commissioned ahead of banks, including Credit Suisse, HSBC, JP Morgan, to prepare a financing plan ahead in order to facilitate the implementation of the operation.

At the second round of bidding, all filings seem to hold the interest of the French operator, since no application has yet been ruled out.

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Paris wants the relief mechanism of the European Union, the European Financial Stability (EFSF) to recapitalize banks. Powered by the 17 countries of the euro area (except those receiving assistance such as Greece, Portugal and Ireland), the EFSF will see its powers expanded by the end of October.

According to Handelsblatt, Paris calls for the widest possible interpretation of the new European instruments: the buyback of indebted countries, designed to calm the markets, and the granting of funds to states to recapitalize banks. The German government, whose latitude is narrower because of the great power of Parliament, fiercely opposed to this "laissez-faire," according to the German newspaper. First contributor to EFSF, Germany would find itself more to the de facto finance a large part of the recapitalization of French banks …

Roles reversed

For this new act of the debt crisis, the roles are reversed this time. France has always, until now, prompted Germany to act. But now, if Paris believes that the recapitalization of banks is not a priority, we think differently in Berlin paydayloans.Thursday, Angela Merkel has stated that it "should not hesitate" to bail out institutions. However, she said, public support should be used rarely if institutions fail to build on their own, for example by increasing their capital. The European Central Bank has sent the same message.

France, it has recognized the need to help the sector than lip service in recent days. "It will take more capital for banks," says one source close to the now government. It's the only concession made by France: it will take ultimately recapitalize institutions, not because they need is to restore investor confidence.French banks are most exposed in Europe to default risk in Greece or Italy.

Pre-aid to Greece

In this context, urges Germany, a strengthening of European banks is a preliminary step to a new rescue Greece, which should go through a deep discount debt securities of the country (advocated by Berlin). Clearly, the eurozone banks should agree to relieve Athens by abandoning much of their claims. Result, they should wipe heavy losses. Not to sink the stock market, they can not solve it without having increased their capital.

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Moody's has in fact degraded by one notch (to Aa3) Note the long-term debt of Japan due to the massive debt the country, aggravated by the earthquake of March 11. In the process, the U.S. rating agency also lowered the rating of a crazn debt of large Japanese banks (Mizuho Bank, Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking).While the title Mizuho is stable at 112 yen to the Tokyo Stock Exchange, Mitsubishi UFJ Financial loose 1.75% to 336 yen and Sumitomo was down 0.49% to 2198 yen.

Tokyo takes steps against the high cost of yen

While the yen regained some ground against the euro (110.52 yen per euro) and was stable against the dollar (76.70 yen to the dollar), the Japanese government also announced a series of measures exceptional to help companies: including facilities will be granted to them by creating a special fund of 100 billion dollars taken on the foreign exchange reserves to encourage them to invest abroad.

Despite this, the export value, including automobile manufacturers, continued to decline in stock: Honda lost 0.93% to 2,343 yen and Toyota gave up 0.86% to 2739 points.

Chinese financial markets, the Hang Seng lost 0.81% to 19.714.50 points while the CSI 300 gained 0.35% to 2830.83 points.

As for other Asian financial centers, the trend is also mixed: the Taiwan TAIEX was down 0.11% at 7541.80 points, the Kospi Index in Seoul lost 0.61% to 1765.78 points and the FTSE Straits Times of Singapore gives 0.48% to 2752.01 points. However, the BSE Sensex 30 Bombay is stable at 16,502.90 points and the S & P / ASX 200 advance 0.23% to 4182.80 points.

Oil prices rise

Oil prices were up Wednesday morning during electronic trading in Asia, with Brent who was close to 110 dollars a barrel because of uncertainty about the situation in Libya. In morning trading, a barrel of Brent North Sea crude for October delivery gained 50 cents to 109.81 dollars. A barrel of "light sweet crude" for delivery in October was appreciating by 18 cents to 85.61 dollars.

The social package is a kind of social contribution, which weighs on the amounts paid under the profit sharing, participation, savings and pensions pay extra. Paid by companies, was established in 2009 at a rate of 2%. He has since been increased by two percentage points each year by the government! The draft budget for 2012 should not be an exception to the rule cash advance. The increase of 6% to 8% could yield 400 million euros to Social Security.

Similarly, two other measures related to loss carry-on profits, have very likely to be retained in the austerity plan. The carry-back would be limited to one year. And regarding the carry forward losses from the profits would be capped. In Germany, the losses allocated may not exceed 60% of earnings in excess of 1 million euros.

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• Cinema: hocus-pocus of the Ministry of Culture

This organization supports the film and audiovisual production. In 2011, he should see a tax revenue it collects, known Cosip increase by 38% to 583 million euros. What "incentive program to spending just as dynamic as the resources," the report said Marini.In fact, the 2011 budget provides for the CNC 30% increase in staff costs, investment and operating current and an increase around 10% of various subsidies. Even more perverse, the state took advantage of the sudden "boom" to transfer expenses to the TNC. Thus, 11 million grant awarded to the French Cinematheque, previously charged to the budget of Culture, have been taken over by the CNC. By hocus-pocus, the department may see a decline in spending! The CNC remind him that the collection of certain taxes was transferred and that "the institution has been given a board involving all ministries including Bercy," says one in CNC.However, all parties acknowledge that CNC has received revenues "significant" under the Contribution of telecom operators who echoed the total budget of 198 million additional CNC in 2010. So the idea of ​​government is it today to "limit the profitability of this tax," for systems allowance and lower rates. What can continue the digitization of cinema, whether in rooms or in catalogs.

• The training center of territorial agents sitting on a pile of gold

This structure is responsible for training local officials. Its resources mainly come from local contributions, contributions set at 1% of payroll. The center has benefited, in turn, the surge in enrollment in the communes, departments and regions in recent years.This windfall – revenue grew from 240 million in 2002 to over 360 million in 2009 – has not led to a rigorous management. The CNFPT was pinned several times by the Court of Auditors, including in 2011: over-reliance on the same providers, 22% increase in personnel costs from 2004 to 2008 (with a premium increase of 40% over the past six years!) … "The CNFPT spent 67 million to acquire a seat in the middle of Paris," said Jean Arthuis, president of the centrist in the Senate Finance Committee. Despite these expenditures, the excess CNFPT was 33 million euros in 2009 and has a "treasure" of 327 million euros of equity. That is why MPs have decided to temporarily reduce its resources, by reducing the fee to 0.9% for two years.

In the interview published last Monday, Louisa Amara said the group "no longer in the gloomy atmosphere that we knew. Over the past year, there is a much more active listening. "She also mentioned a greater "tolerance" for delays "especially for young mothers." A speech that contrasts with recent events in the group. Two months ago, an employee of France Telecom, age 57, ended his life in sacrifice. A new suicide was added to the fifties when the group faced between 2008 and 2010.

The group's management said it regretted "the confusion created by this testimony," but insists that the reporter from the Metro "was of course very clearly warned before the interview of the new features that Louisa has held for six months." He added: "It makes perfectly good testimony." On the side of the newspaper, it denies having intentionally caused discomfort.For everyday, it's "absolutely unintentional error, omission, and at no time did we say it is currently used within the call center."

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The former Minister of Economy after the seizure is referred to the Court of Justice of the Republic (CJR), which considers the ministers in office. At the initiative of the request for investigation, the Attorney General of the Court of Cassation, Jean-Louis Nadal, who suspects abuse of authority in the matter of the disputed sale of Adidas by CL, while public bank in 1993.

The prosecutor accuses Christine Lagarde have chosen to settle the dispute in 2007, the route of a private arbitration, against the advice of the services of his ministry. This option was preferred by the Minister to the courts, even though the State had won in 2006 the Supreme Court.He is also accused of having Catherine Lagarde not appeal against the award.

Three options

As provided for the operation of the RGC, the Committee requests input by Jean-Louis Nadal must rule on July 8 for an investigation. Three scenarios are possible:

– The Board found that there is no room for an open investigation and no further action.

– Insufficient information, the Committee requests to be informed of additional documents.

– The Commission's opinion is in favor of opening an investigation.

In this case, the Attorney General of the Supreme Court must then take another commission to try the case business card templates. This means that over time, Christine Lagarde could be called as a witness or present indictment.The new boss of the IMF has in fact not, a priori, the IMF immunity for acts committed before its mandate.

However, even if the green light is given to an investigation, Christine Lagarde should have a respite. Indeed, Jean-Louis Nadal will retire June 30 and so it will not be replaced, the inquiry will not start actually because only the Attorney General may write the Introductory Submission entering the board of education. The appointment of the new attorney will not take place until the fall because of the procedures required before the Council of the Judiciary. Among the potential candidates for attorney general figure Jean-Claude Marin, considered close to the current majority. Nevertheless, whatever the successor to Jean-Louis Nadal, he will have to initiate the investigation.

In all cases, if investigation, it will be long and, in the event the case was referred back to the bench, Christine Lagarde would not be considered for several years. Not to mention that for thousands of complaints received, the RGC has so far found only six cases in 18 years.

(With agencies)

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Nothing to calm the PS, which is firing on all cylinders against the decision short term personal loans. Like Jean-Marie Le Guen, socialist deputy of Paris, for which the layoff is proof again that Nicolas Sarkozy "in a month to think any permit."This close to Dominique Strauss-Kahn believes that the president hopes to avoid "people who have a failure to defend a design independent of the management of a state enterprise." Same arguments for Ségolène Royal. The microphone of France Bleu Hérault, president of Poitou-Charentes hopes that this "dismissal" of an "exceptional woman" was not due to his "independent spirit".

The player is used by default in the articles of figaro.fr. maj5

A plea against the recent economic decisions imposed on Greece. Yesterday, the country has received the "troika" (European Central Bank, European Union and International Monetary Fund) the green light for the payment of this summer's fifth installment of the loan of 110 billion euros granted in 2010. But a green light conditioning to "accelerate fiscal and structural reforms in the country", which Moody's rates still at 50% the risk of default within five years. Enough to arouse the wrath of the unions.Indeed, George Papaconstantinou, the Greek finance minister, has already announced it is less than a month an austerity plan for 2011, about 6.4 billion euros.

Hardening of social climate on another front

After nine general strikes, mobilization has been moderate on Saturday. The demonstrators were mostly employees of the public power company PPC, port employees and teachers. An event that went smoothly. Nothing to do with the excesses seen in previous demonstrations.

Mobilization and social deterioration seems rather move on another front, the less supervised by trade unions or political parties. Already experienced in Spain, a spontaneous party Internet illustrates the ras-le-bol of the Greeks, that of "outrage".Now, they do not hesitate to take sides publicly in the political class and physically, according to them responsible of the current situation. For ten days, these "outraged" gather every evening on the Constitution Square, just before the Greek Parliament.

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