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.

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.

The debate rages in the United States since the mortgage crisis "subprime" that erupted in 2007, putting the straw millions of Americans. Already 7.6 million families were divested of their homes, unable to meet their deadlines bank, and additional 7.4 million expected to be dislodged by 2016, the consultant provides Housing Predictor.This disaster certainly responsible for financial institutions that have dangled their customers become unbearable when mortgage interest rates began to climb. But as a last resort should we not blame the naivete and ignorance of borrowers unable to understand what they were doing?

President Obama has made it a priority that "Americans have the skills to effectively manage their disposable income and guard against deceptive practices and predatory." It is in these terms that the White House, with a "Council for Financial literacy" (financial literacy), decreed that April is "National Financial Literacy Month." One way to educate the public each spring operational introduction to finance more and more overseas.Even the Federal Reserve Bank (Fed) devotes part of its website with practical advice for a wide popular audience.

There is much to do. According to a survey conducted by FINRA (Investor Education Foundation), 68% of households have no personal events to finance as predictable as retirement or education for their children. And only 49% of households have "sufficient funds to cover the expenses of three months in case of illness, unemployment."

Carelessness or incompetence? "Most Americans lack the basic numeracy skills and knowledge of basic economic principles, such as the mechanisms of inflation, risk diversification, and the relationship between interest rates and financial asset prices "said Annamaria Lusardi economist, the George Washington School of Business.He has just published a series of studies on the subject.

This decision is based on a strict set of five test questions contained in the survey FINRA and here are the results. Thus only 65% ​​of respondents answered correctly that "a capital of $ 100, paid 2% per year, worth over 102 dollars in five years overnight pay day loans." Similarly 64% understand that "if inflation is 2% and the returns on their savings by 1%, their capital will be worth less in a year." Only 21% know that the price of a bond decreases mechanically when interest rates rise in the market. This is the question most cotton test: the Financial Times noted for its readership "high end" has to explain every time the mechanism in its reporting of the market.In contrast, 70% of Americans know that "a fifteen-year loan requires monthly payments higher than a loan of thirty years, but that all interest paid over the life of the loan will be lower." They are, however, that 52% believed that the purchase of a share of one company is necessarily more risky than the subscription of shares of mutual funds in shares. In total "less than 10% of Americans are able to correctly answer all five questions," said Annamaria Lusardi.

The French should not make fun of poor performance. The Institute for Financial Literacy public (IEFP), established in 2006 at the initiative of the Financial Markets Authority (AMF), is about to publish a similar survey conducted in the Hexagon. However the results appear even worse, can we prevent the IEFP.

The issue is probably lower in France.The balance of PAYG pensions and group health insurance does not appeal to individual decisions. Besides the French are much less indebted than their cousins ​​across the Atlantic.

Weaknesses in the calculation are the best thing in the world shared. Luc Chatel, Minister of Education and Xavier Darcos, his predecessor, did they not been trapped on television to have a mistake in a rule of three? This rule of proportionality, it is nevertheless essential to know the place to convert into euros the amounts in dollars! While it is fashionable to "be angry with the figures," while no one admits not knowing how to read. "Everyone complains of his memory, and no one complains of his trial," said La Rochefoucauld.Failing to properly count unfortunately causes the tragic misjudgment we know, both for households and for states. Hence the saying advisors financial products, worthy of the name: "It must be understood before taking."

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Reportedly, Le Crillon, recently sold by Starwood Capital to one of the descendants of the Saudi royal family, plans to close in the second half of 2012, probably for a period of two years. Management has already attacked the facade and roof, but not inside. The idea is to keep the French style, classic 18th, upgrading the hotel, he in turn can officially claim the distinction of "palace", introduced in May by the government.The hotel has no spa, no pool. The technical installations and the rooms have aged. According to a close case, the amount of work would be between 70 and 100 million euros. Not far from the Place de Concorde, the Plaza is also preparing for months of work, avenue Montaigne. "The Plaza Athénée will start the work of great importance following the acquisition of three buildings adjacent to the hotel last year, says Le Figaro Francois Delahaye, his boss cash advance no fax. These projects are planned for the end of 2012.Among the possibilities, a closure is planned for five months, from November 2012. "

According to Gabriel Matar, director of Jones Lang LaSalle Hotels France, the average price of a night in a palace of between 750 and 1000 euros, "defending his position became increasingly difficult as competition comes from both new entrants and old, who spend millions to keep the quality of their product. " For the record, the George V was completely renovated between 1997 and 1999. "Otherwise, it would be today as the Royal Monceau and The Prince of Wales prior to closing," said Gabriel Matar."We currently have the best average revenue per room in Paris and we did not want to raise our market share by newcomers!" Says François Delahaye.

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The relaunch of the title earlier this year, with a lot of promotion, did not halt the inexorable decline of sales, which stood at 59,102 copies in France spread paid on the first eight months of the year , against nearly 64,000 copies a year earlier, according to OJD.The new formula would allow France-Soir to cross the threshold of 100,000 copies.

Deletion of 80 posts

In total, more than 60 million euros have been invested in the revival of the legendary title that had its heyday in the 1950s. The France-Soir Pierre Lazareff flowed 1 free instant credit score.5 million copies every morning … Encouraged by its owner, the son of Russian oligarch Sergei Pugachev, the team in control has taken risks, such as increased sale price (60 cents), to seduce an audience younger and more feminine. But the drastic reduction of book horse, which provided a daily basis for loyal readers, was the most damaging to sales of the title.

The plan will be offered Friday provides for the elimination of 80 positions out of 120. He plans to leave the paper, never to appear on the Internet.It would, if the plan is adopted, the first French national newspaper to take this approach. The business daily La Tribune, also in the process of SAVING, had already tried it in August but for a simple two-week period. General meeting Monday evening, the employees of France-Soir refused "the scenario of the disappearance of the title in the near future along with a large number of layoffs" and voted to strike. The log does not appear on Tuesday morning.

What was planned

In late June, the government thought it had completed the expenditure side of the budget in 2012. Apart from 30,401 job cuts in civil servants (to respect the rule of non-replacement of retiring in two), he foresaw no drastic measure. On the revenue side, the executive thought to stick to 2012 an increase of 3 billion euros of taxes.The measures passed in the fall of 2010 allowing themselves to raise $ 2.4 billion in 2012 (as on marriages and divorces, the solar panels, the plane niche), there were only 600 million small to find, mainly on fiscal and social niches.

The extra effort

In early August, speculation about the note of the French debt, and the publication of zero growth in the second quarter have changed the situation. The government announced Aug. 24 that he would introduce austerity measures complementary form of cuts in niches and expenditure savings. Measures that will be added so the plan stalled in late June. Given the number of the second quarter, many economists believe that French growth will not reach the levels anticipated by Bercy, 2% in 2011 and 2.25% in 2012.But it is not clear that the government revise its forecast from August 24. He fears that a premature review discourage households and businesses. The additional austerity measures could then be presented as a safety cushion. It evokes a total effort (including 3 billion already provided) between 5 and 10 billion.

The tracks for households

Arbitrations are not made but many tracks are on the table. The tax loopholes should have a new movement of the plane (that is to say, a lump sum reduction of the benefit), this time for devices on the income of 2012. Plane and 10% voted last year to 2011 revenues could be increased. "I especially hope that this plane does not, like this year, a score of niches, but more generally," said Philippe Marini, the UMP rapporteur of the Budget in the Senate one hour payday loan.His counterpart in the Assembly Gilles Carrez is on the same line. MPs also want to lower the overall ceiling of niches, now fixed at 6% of income over 18 000 euros. However, the idea developed by the UMP Jérôme Chartier limit to 50% of tax due from the advantage of niches does not seem to hold the rope. The niches on the overseas are in the spotlight, such as real estate. A lowering of Scellier to 15% in 2012 (instead of 18%) would be driven by Bercy. Alternatively, introduce a condition of income in the new interest-free loan, now open to all. He had already planned to eliminate discounts that apply to real estate gains (10% per year after five years), but only for undeveloped land for building. The system of all real estate gains could now be cured without jeopardizing the exemption for primary residence.Allowances on capital gains would also be looked securities. Gilles Carrez calls for taxation over the water, so each year of life. "This is something artificial, complex and betray the government's promise not to touch the life," Storm Bernard Spitz, the president of the FFSA (French federation of insurance companies). Finally, the government wants to tax the very high incomes. A track is preferred because it has the preference of parliamentarians: a new tax of 1% to 2% for annual revenues in excess of one million euros.

The tracks for business

The regime of worldwide profits (BMC) should be preserved. As the exemption of capital gains on the sale of subsidiary. "It is wrong to believe as Martine Aubry niche that weighs 22 billion. These cover 22 billion three years, "says one at Bercy.However, the carry back of losses could be limited to one year. Regarding the carry forward losses from the profits would be capped. Another idea: in the tax consolidation groups, 5% of the dividends would be taxed (whereas now they are exempt). Advantage of these measures: they affect large groups.

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Above all, it will be the first public Angela Merkel, back from vacation, since the revival of the crisis.Angela Merkel and Nicolas Sarkozy "are among the few political figures on which the fate of the euro, the EU and Europeans," says the German newspaper center-left Süddeutsche Zeitung, adding that French President 's 'prepares to live the most important week of his career. "

The markets expect a lot of European leaders. Some analysts point to the inadequacy of the means used to protect the euro area at a time when the first signs of a contagion is observed in Spain and Italy. The European Stability charge to lend to countries in difficulty, and would not have sufficient financial resources to save Italy as if it fell before it, Greece, Ireland and Portugal.

Pooling of liabilities

Investors, but also the European Socialists are calling for the creation of "Eurobonds", which would sign the pooling of public debt in the euro area. If this had been established, it would have prevented the current crisis, said Saturday the Italian Finance Minister Giulio Tremonti. Berlin is officially fiercely opposed, saying it would amount to finance the deficits of the least virtuous of the euro area. But the government no longer opposed Eurobond "to preserve the euro area" as a last resort, reports the conservative newspaper Welt am Sonntag quoted a government source payday loan online.

The Franco-German summit is unlikely to provide definitive answers on these two subjects.The German Finance Minister Wolfgang Schäuble has dampened the hopes of the most optimistic in an interview published this weekend in the German magazine Der Spiegel: "We left there: there is no pooling of debt and no help to the infinity. There are support mechanisms, as we continue to develop, under strict conditions. "His French counterpart, Francois Baroin, for his part said he was working on" a convergence between France and Germany "about to a tax on financial transactions.

Most stubborn

The German government is already struggling to push through the reforms agreed at the EU summit on 21 July. In parliament, the majority balks, cooled by a public increasingly distrustful towards the euro. Angela Merkel's allies, the liberal FDP, and require strong counterparties in exchange for their support."With us there will be no blank check for the redemption of bonds of other countries" (a measure of support to countries in difficulty decided July 21) warned Sunday the leader of the FDP Rainer Brüderle. He wants a limit on the debt be written into the constitutions of all countries in the euro area, as is the case in Germany.

A sign of the tensions within the majority of Angela Merkel, President of the Bundestag, the upper house of German parliament, is reluctant to adopt reforms in the euro area in a timely manner by the government. "The subject is so important," he "will surely be impossible to pass it between 20 and 23 September," he said. One more reason to be anxious for the markets.

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The agency draws conclusions from long weeks of fruitless discussions between the White House and Republicans in Congress on the issue of public debt. It punishes the agreement therefore insufficient on 2100 billion dollars in savings over ten years voted last week on Capitol Hill.

S & P expected, like others, agreed two times more ambitious and also noted the dangerous precedent set by the threat of default artificial Treasury for lack of voting in time for raising the ceiling of the debt.

Republican intransigence in this political struggle partly explains the lack of compromise.The Conservatives' refusal to consider any tax increase prevented Barack Obama to make concessions in terms of reducing social spending. As far the President has not operated to best deal with Republicans and finds himself in some way "degraded".

The Republican campaign already denounced the "president who has ruined America by driving up the debt of 40% and lose its" AAA "rating."

Imprisoned at Camp David for the weekend, Barack Obama has not even commented on the news. His approval rating fell from 40 to 42% last week, the lowest of his term.Beyond the trust, which is increasingly lacking, its scope is more narrow.

The prestige of America severely affected

While growth slows dangerously, it seems short of ammunition to boost growth because public debt is too high for a fiscal stimulus. The President has not found the words to restore confidence and prevent Wall Street dive. He can not expect miracles from the Federal Reserve, which already maintains zero interest rates since December 2008. At best, it is hoped that the falling dollar boosts exports and saves the United States of a new recession.

Finally, with this degradation of Standard & Poor's is the very image and prestige of the first power of the world that are severely affected.To the point that China, with over one trillion U.S. debt is now ready to teach economics at the American Barack Obama.

The pressure was at its height on Friday night Silvio Berlusconi, Italian Prime Minister. According to Reuters, the European Central Bank had asked him to commit to implement fiscal reforms quickly, a prerequisite for debt it bought the Italian Treasury. This would include an amendment to the Constitution so Italian and to introduce a "golden rule".Rome could make announcements to that effect from this weekend, in exchange for which the ECB would intervene in the markets next week to support the Treasury of Italy. These rumors had the effect to strengthen the euro against the dollar.

Sign of financial globalization accelerated the past three years, Asia is now that Western countries face their responsibilities. Major creditors of the United States and the eurozone, Japanese and Chinese have expressed their annoyance. "We hope that the United States adopt measures to ensure the safety of assets held in the U.S. by other countries," said Chinese Foreign Minister Yang Jiechi.The latter also called on the world's major economies to strengthen their "communication" and improve "global economic governance."

The Minister of Finance of Japan, Yoshihiko Noda, for his part called "to discuss" problems of market distortion currency, debt crisis and U.S. economic issue. Asia calling the West to deal with its imbalances, the G7 in reverse!

Calls to Action

Side the euro area, the calls begin to be heard. According to the Commission President José Manuel Barroso, who has asked Member States to vote as soon as the new aid package to Greece, the Commissioner of the Economy, Olli Rehn, has increased calls for the Friday action. He acknowledged that "the current crisis is not just Europe cash advance now."He said the solution may be to the world and "international coordination through the G7 and the G20 is very important," two bodies currently chaired by France. In this context, Nicolas Sarkozy has held since his vacation spot in Cape Negro a telephone conference with German Chancellor Angela Merkel, Italian Prime Minister Silvio Berlusconi and Spanish Prime Minister Jose Luis Zapatero. He also had talks on Friday with Barack Obama. But as in previous crises, Europe is still far from offering a united front to the markets. Spanish Finance Minister, Elena Salgado, has sharply criticized the European Central Bank, which, she said, created "confusion in the markets."Implicitly, Madrid surprised that Jean-Claude Trichet at a press conference on Thursday, has announced the resumption of purchases of debt of Ireland and Portugal, two countries with financing needs are in principle already covered by the European Solidarity Fund (EFSF), even if it is unable to avoid tension on the secondary market.

However, the ECB has done nothing yet for Spain and Italy, which are in turmoil.Another sign of division: several Anglo-Saxon sources have suggested that the decision to resume the buyback of sovereign debt was opposed by the Germans, Dutch and Luxembourg in the Council of the ECB.

"The market seems to have understood that the European Summit of 21 July has finally brought a DIY solution to alleviate the difficulties of the peripheral countries of the Union", are economists Natixis. Principal is the day the bond markets, the rate loans to ten years in Italy increased over Spain, 6.12% and 6.03% respectively.Hence the pressure on Berlusconi by the ECB, and behind its main shareholder, Germany.

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And it is confirmed: Olympique Marseille last Friday broke the contract of the largest salary in Ligue 1, Argentine Gabriel Heinze (4.5 million gross) and could also disposing of his compatriot Lucho Gonzalez, third largest French league's salary (4.3 million euros a year). The president of Olympique Lyonnais had figaro.fr revealed last May that the club Rhone probably sell two or three "big" salaries.Finally, Paris Saint-Germain asked to Ludovic Giuly, the highest paid player in Paris (3.2 million gross) to decrease by over 40% of his salary to keep his place in the workforce next year.

Down 15% to 20% of wages between 2009 and 2011

This trend began in 2009 mainly because of the impact of economic crisis. It continued in 2010 with the uncertainties related to income and television rights was confirmed in 2011 with the establishment from the 2013-2014 season of the famous financial fair play (measure requiring all European club do not spend money it does not) desired by the UEFA president, Michel Platini. "Over the past two seasons, we found a decrease in payroll clubs in Ligue 1 between 15% and 20%, says Philippe Diallo, Director General of the Union of professional football clubs (UCPF).And this trend is not ready to stop. "

It's the end of fifteen years of incessant flights of wages since the end of the Bosman ruling (decision of the Court of Justice issued Dec. 15, 1995 allowing every player to move freely within the European Union) who saw the payroll from about 154 million euros in 1995-1996 to 778 million euros in 2009-2010. "Basically, the average salary of Ligue 1 was multiplied by five in fifteen years," says Bastien Drut, an average annual increase of just over 12%. "

PSG / Qatar: two competing strategies

If this choice is logical to comply with new rules adopted by UEFA, but it could weaken the Ligue 1 against the best European clubs."From there, I doubt that we are seeing a real reduction in payroll in the major French clubs, says Vincent Chaudel, communications director Europe, Africa and Middle East at Kurt Salmon, a consulting firm. As the French and European teams can not do without talent, they never cease to raise wages. " And in this area, Paris Saint-Germain which could lead to the transfer market looks bleak. The Parisian club has been bought by 70% of Qataris.

But for now no information was given on behalf of the investor and its strategy.Will they be conservative or, conversely, will they want to hit big shots are talking about a budget of 50 million euros for the Paris club in the transfer market this summer – even "overpay" for players? "If they buy only French players, they will boost the economic machine of French football," said Vincent Chaudel. However, they may also want to attract celebrities to boost the resources of the PSG in derivatives, particularly in France and abroad left to blow the payroll. " Through Al-Jazeera Sports broadcast the Qatar League 1 with the following headline, PSG he hopes to continue to share in the world.And for that recruit international stars.

PSG: "Our payroll will be stable for 2011-2012"

A guideline that might conflict with the one the club has put in place since the arrival of Robin Leproux headed in 2009, namely French recruit players while controlling payroll. PSG, it ensures that the transfer window will be controlled from a financial point of view and that the arrivals of celebrities were utopian. "Our payroll will be unchanged from the 2010-2011 season to 45 million euros, less than half that of Lyon and Marseille, and our budget will be substantially the same as last year, 80 million euros. Qatar is not Abu Dhabi (owner of Manchester City) and the French league is not the English league, "says one club in Paris."But with the price of one Carlos Tevez (striker for English club Manchester City, whose market value would be around 50 million euros), we can mount a very good team in France," says the communications manager of a big French club.

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