Financial markets now include in their forecasts scenarios of "extreme risk" in Europe. Among these include a breakdown of the single currency, an outflow of Greece to the euro, but also larger countries such as Italy or Spain. The widening of spreads between countries in the euro area shows a clear divide between North and South. France is in the middle, but it looks more and more dangerously on the side of vulnerable countries instant payday loan.
The current political developments in key countries of the South do not seem to reassure markets. The departure of Silvio Berlusconi and his replacement as head of government by Mario Monti has not calmed the markets doubt the ability of the new chief executive to impose Italian program of deficit reduction required by the European Commission .
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At the bedside of the euro area. The major world leaders meet for two days, Thursday and tomorrow in Cannes for a G20 summit which could be captured by the debt crisis. And the Greek problem.
Last night, hours before the summit, Nicolas Sarkozy and German Chancellor Angela Merkel put pressure on Greek Prime Minister George Papandreou. It wants a referendum on the European rescue plan for his country. French and German leaders asked him an ultimatum: "the question to the Greek people come down to this: do you want it not to remain in the euro area?"
24:37: "Finally, the G20 officially begins, says Cyrille LACHEVRE, Special Envoy of Figaro in Cannes.Nicolas Sarkozy welcomes everyone while Europe, meeting in Council emergency continues to struggle online payday loans. "
24:18: "The EU treaties do not provide output in the euro area without leaving the European Union, the European Commission confirms the sidelines of the G20, about Greece. The only option on the table is that Greece is the euro. "
24:10: immediate response of the Secretary General of the Greek prime minister to the call of the deputies of the majority: George Papandreou "did not resign, will not resign."
24:09: The Greek Socialist MEPs propose a coalition government led by former Vice President of the European Central Bank Lucas Papademos, according to Reuters citing sources internal to PASOK, the socialist party majority
12:08: "The extraordinary summit between EU leaders continues.
Air France-KLM is one of the biggest disappointments of this year the stock market. Title drop 59% since January 1. The strike, which lost, according to our calculations, about 10 million per day to the company, is only one element in a more negative balance very dark.
"There is no question that I invest in this action. There is no visibility. They mastered neither the personnel nor the cost of oil prices. They face strong competition from other companies, "said one portfolio manager bad credit payday advance. This opinion, indeed radical, summarizes the weariness of many managers who do not want to invest in Air France KLM.
The numbers speak for themselves. Market capitalization is more than 1.67 billion euros, less than 7% of annual sales and less than 25% of equity. The group is in any case weighed down by a net debt of 6 billion euros.
New stage in the European debt crisis, and new Franco-German opposition. While European banks are under attack by the markets, in turn infected by the debt crisis, the solutions to help them divide France and Germany. To resolve this dispute, the German Chancellor Angela Merkel in Berlin on Sunday invited French President Nicolas Sarkozy.
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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After the 2010 reform, pensions should not be a real issue this year in the budget of the social security system. In fact, the main novelty of this result to come Woerth reform: the legal age will increase to 60 years and 8 months for those born in 1952. The other change was as expected since it corresponds to Nicolas Sarkozy's commitment to increase the "small pensions" by 25% during his five-year term: this will be done on April 1, with a final increase of 4.7 % of the minimum pension for single people.
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
French clubs have bought more than they have spent. While the transfer market closed Wednesday, the financial statement of the summer transfer window is negative. This is not necessarily good news as the financial fair play (as imposed by UEFA to force European football clubs not to spend money they do not have) is on the horizon . According to the website TransferMarkt, French clubs in Ligue 1 has purchased more than 151 million euros during the transfer window and spent 191 million. A shortfall of 40 million. Last year at this time, the elite of French football had posted a profit of 57.67 million euros.
This difference of 97 million euros or less corresponds to that between purchases and sales made this summer by the PSG.Great animator of the transfer window was the Parisian club, now under Qatari clubhouse, has in fact spent more than $ 86 million to acquire new recruits, and he sold joureurs for 2.8 million euros. The Parisian club comes in second place teams with the most purchased during this transfer window behind Manchester City (92.25 million euros), owned by Sheikh Mansour, and ahead of Juventus Turin (85,750,000). By comparison, Lille, Marseille and Lyon, all three involved in the Champions League this season, spent 15 million respectively, 11 million and 5 million this summer.
For the record, the Argentine midfielder Javier Pastore, who came to PSG for 42 million euros, is single-handedly double the total of the purchases by clubs in Ligue 1 last year (21.7 million).The capital club up five players in the top "ten" of the biggest transfers of the summer transfer window.
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The conditions of access to work in France harden for foreigners. The government on Friday, via a decree in the Official Journal, the new list of professions "in tension" open to foreigners. Co-signed by the Ministries of Labour and Interior, the list was reduced to fourteen families of occupations accessible to non-EU nationals against thirty previously.
The list, created in January 2008, was to open the French labor market to foreigners to fill staff shortages in certain sectors. Today, more than half of these jobs are no longer considered "in tension". In other words, it is not as difficult to find candidates for these jobs on the labor market hexagonal.
The new list excludes primarily the building trades and public works (BTP) and information technology.Go, among others, site managers and foremen as well as computer experts or study. The order, however, still mentions the need to appeal to foreign labor in the manufacture of wooden furniture and glass processing. The trades of carpentry will indeed take advantage of this opportunity in terms of recruitment, because the shortage of skilled labor is still very important. The e-consultancy and telesales, especially shunned by job seekers French, are also turned outward. Even if the division by two of this list is intended to reduce labor migration, it is not the only means of obtaining a work permit in France. Agreements exist with countries outside the European Union.The United States, Canada, Morocco, Tunisia or Senegal, are seeing their nationals allowed to apply for hundreds of jobs in France.
Train job seekers
Trade unions and the opposition reacted strongly to its publication on Friday. They keep in memory the promises made last April by Xavier Bertrand, who said he wanted to "train job seekers for these positions" in order to respond to high unemployment. Shortly before the publication of the order, the PS national secretary for Employment, Alain Vidal, had pressed the point home. This measure is "the straw target of legal immigration to forget the ocean of mass unemployment."He said that "legal immigration is now only 20,000 people a year, while France has 4 million people registered at employment center," The CGT and CFDT, in turn, complain of not having been integrated in the development of the list and a simple return them by mail has been requested. Raymond Chauveau, coordinator of the CGT, is too restrictive and it is estimated that the state will not provide effective response to unemployment. "Despite the crisis, jobs in the construction industry have not diminished," he says before stating that legal immigration is necessary both in the labor market than to contain illegal immigration.Although it is not against to train job seekers to fill vacancies, he believes that "in some areas, working conditions are too hard and the wages too low to the French there engage. "
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Further escalation, that night, in the war between the elected officials for several months Republicans and Democrats in the U.S. to find a solution to the need to reduce the U.S. budget deficit. Having failed to reach an agreement with Barack Obama, the chairman of the House of Representatives, Republican John Boehner, Friday slammed the door to negotiations with the president.
At issue this time, as the Republican's will vote Democratic president to make an additional $ 400 billion of tax increases. A demand unacceptable, according to Boehner, while the two sides had previously agreed to a ceiling of one trillion dollars in additional tax revenue.This Saturday, the threat of a default by August 2 of the world's largest economy has thus further increased.
Of default formally excluded
The President has convened several political leaders to an emergency meeting Saturday afternoon at the White House to try yet again to reach compromise. Both sides say they are confident of raising the debt ceiling (14.294 billion U.S. dollars), reached on May 16, but whether common ground had been reached on the amount of the uncapping. Barack Obama and John Boehner have ruled out a formal non-payment within 10 days.
But the talks still face the question of the amount of budget cuts and debt reduction.Republican side, John Boehner said that after the new clash, he preferred to look to the leaders of the Senate to find a "reasonable" on these issues. Which casts a big doubt about the outcome of negotiations Saturday with the president, which is called Boehner. Democratic side, Barack Obama is prepared to assume full political responsibility to raise the debt ceiling in order to unlock at least for a time, the status quo. "If that's all Congress can do, I will sign an increase in the ceiling to take us to 2013," the president said.
Obama recalled that he had proposed to the Republican's $ 1.65 trillion spending cuts various offers an "extraordinarily fair" said the president.But still not enough for John Boehner, who accuses the president's inability to take "tough decisions" on reducing public spending. Boehmer wishes to bring to the 3 trillion budget savings over 10 years.
Time-critical
The time to find common ground is critical. The readiness of Barack Obama to convene a further meeting this Saturday is a sign that the U.S. president does not want to wait until the deadline of August 2 to reach an agreement. "We have more time in front of us," he said.
Recalling that Wall Street opened Monday, the president pointed to the impact on financial markets of such uncertainty. "Americans are outraged" by the inability of Congress to act, he said.This willingness to find a solution is also shared by the Republican camp, in which counsel highlighted the urgency of an agreement by Monday. What then leave both parties ten days to write a non-redundant legislation and get it validated by Congress.
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Unions are in shock. When questioned by the free newspaper Metro, an employee of France Telecom, Louisa Amara, has been very complimentary on the social climate of the group. Having worked, according to France Telecom, for ten years as part-time call center – a function that the young woman does not specify in his LinkedIn profile – Louisa Amara joined for six months external communication of the company. A service headed by Christine Albanel, former Minister of Culture and Communication from May 2007 to June 2009. "This is a manipulation, says Sebastien Crozier, who was elected to the CFC CFE / UNSA. We demand the resignation of Christine Albanel. "
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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On the eve of closing the doors of the Salon du Bourget, a shadow could come tarnish the immense success of the European manufacturer Airbus at the time of high mass biannual aerospace. While the group has announced four days a new record of orders, with 72.2 billion worth of contracts garnered the announcement by China of a possible blockage of a contract for $ 3.8 billion ( 2.7 billion euros) for 10 A380 looks like a grain of sand from the well-oiled machine seize up.
At least, that understands the Financial Times on Saturday. Echoing the words of sources familiar with the matter, the newspaper said that Beijing had threatened "to undermine a deal worth billions of dollars for 10 Airbus super jumbos" in protest against the decision of the European Commission to include air transport system in the trading of CO2.This measure is to buy permits for each tonne of carbon emitted dioxin in European airspace, beyond a certain threshold. The Asian company Hong Kong Airlines was the official control of very large aircraft at the Paris Air Show. But the hardening of the Chinese position facing the European measure prevents the conclusion of the agreement, according to sources.
This disagreement does not allow to increase to 12 orders for A380 harvested at Le Bourget. Thursday, Airbus had reported a firm order for 10 A380, from an unidentified customer. According to one industry source, this command corresponds to that of Hong Kong Airlines. The counter for very large aircraft will remain blocked for the moment 2.
The case could also be amplified in the coming months. "These are not the only contracts held hostage by the Chinese.One on the A380 could be only the first, "explains the paper citing its source. Because the European manufacturer has other current contracts with the Middle Kingdom. Meanwhile, the Airbus management is counting on a visit to Berlin next week Chinese Prime Minister Wen Jiabao, to unblock the situation and conclude the contract.
"No plan B '
Beyond this contentious spot, the tour in Europe, China (Wen Jiabao arrived here Friday in Hungary, a country holding the rotating presidency of the European Union) should be an opportunity to address the underlying problem of quotas. A delicate matter, the European Commissioner for Climate Action, Connie Hedegaard has formally ruled out that the Chinese retaliatory measures have any impact on the measure, scheduled to take effect next January. "There is no plan B. Our position is very clear.We would not amend, "she said.
Faced with this inflexibility, Tom Enders, the boss of Airbus, for its part called on Europe to be flexible, saying the "madness of attracting reprisals" from a player as influential as the China. For the latter, comply with the requirements of the EU would entail, for the Chinese airlines, a surcharge of $ 126 million in 2012, according to data from the China Air Transport Association (CATA). This figure set to rise in coming years, when China's increasing its flights to Europe. In his struggle, China is also supported by the United States.
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