In 2012, the autonomous communities must get their deficits below 1.5% of GDP. Regularly pinned by the rating agencies and international observers, the regions represent about 35% of public expenditure in Spain. In 2011, it is these governments that have caused much of the slippage in the government deficit of 6% of GDP in Brussels promised to 8.51% finally recognized. The Conservative government of Mariano Rajoy for stepping up the pressure as they bend to the rule of austerity.

First step, last Saturday: Rajoy has met 11 of the 17 regional presidents, those belonging to his training, the Popular Party (PP). Verdict: "I have seen an optimal response on the part of all the administrations involved, said the chief executive. Resigned, if you want, but in any case committed to implementing their new obligations. "In short, regions need to update their budgets to take account of national accounts. For transfers from central government will be limited. The second stage took place on Wednesday, with the call of the Minister of Health, Ana Mato, regional leaders. Health is, with education, the main item of expenditure of the autonomous communities. But Madrid has decided to trim 7 billion on the health budget.  

Retirees will pay more for their drugs

For weeks, regional presidents have launched trial balloons and explored new avenues for spending less: institution of user fees on consultations or on drugs, reducing the range of treatments offered for free or recentralization of health administration.

Today, Mato wants to push self-governments in the same direction. First announcement: retirees must pay for their drugs. So far, they were exempt, and now they shall pay 10% of the price indicated on the label, to a maximum of 18 euros per month. As for the assets, also will pay more business cards design. The bill would vary between 50 and 60% of the total price, depending on the tax form to every Spaniard. For now, all assets pay the same rate, 40% of the actual price. This new pricing should help save 3.7 billion euros.

The central government intends to finally exercise its watchdog role accounts. Before the end of the month, the autonomous communities must show in Madrid a "plan of financial imbalances" detailing the measures to restore the accounts. On Wednesday, Secretary of State for the Regions has threatened regions lax. "The Autonomous Communities may be subject to intervention if they are unable to meet their financial obligations," said Antonio Beteta. In other words, Madrid could take control in areas too spendthrift. A revolution in one of the most decentralized countries in Europe.

Banks: a peak of bad debts

Spanish banks are muddy in the economic crisis. In February, the rate of bad loans reached 8.2%. This is a record since 1994: the beginning of 1997, impaired loans did not exceed 1% of total loans. In one month, outstanding loans to businesses or people at risk of insolvency has increased by 3.8 billion to $ 144 billion. The austerity measures introduced by the Government to reduce the country's deficit partly explain this further deterioration. She falls ill while Madrid multiplies remediation plans to try to reassure international investors about the soundness of its banking sector.

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"I never agreed to turn in a series if it had not been open to international than that I propose today." Jean Reno, one of the biggest stars of the 49th edition of MIPTV, which runs until April 4 at Cannes, is entering the world became very select the TV series. It will be the key figure in the future production brought on a platter by Atlantic Productions (Lagardère Group) in TF1 and launches its first major international co-production.

In the purest tradition of French first commercial channel, "The Grand" is "an ambitious cop show" tour in English, created by Rene Balcer and (judicial NYPD, New York: Criminal Intent). "This is our first collaboration with Jean Reno in a series, says Laurent Storch, executive vice president of TF1, in charge of the cluster production. Its presence reinforces one of our convictions: building bridges between cinema and television. "

The actor, a great frequenter of blockbusters traveling, be sure seduced by the idea "of this series which is intended to be broadcast worldwide. I am sure that before long, she will even conquered the Asian market! "He smiles. Its role will be that of a Brigade commander whose criminal investigations take place in Paris. "The city is the second main character in the series," said one who promises to be "myself in this role. This is probably the one most like me today. This character is meant complex. This is not a single cop as I was able to interpret them so far. Jo has lived he has gray areas. It contains both the strength and humanity. "  

International Strategy

TF1 has signed for an initial season, the amount for each of the eight episodes around 2 million no teletrack payday loan. The first French chain has agreed to buy the pre-set to the tune of 900,000 euros per episode. It should not be on air until 2013. The fact that it is filmed in English is clearly strategic. "For four years, we position ourselves in the international market because we are in a world increasingly fragmented between different modes of dissemination programs, be it traditional TV, VOD, or catch-up TV. We must be able to offer strong programs of international stature. Here at MIPTV, 98% of the proposed programs are shot in English, "said Takis Candilis, CEO of Atlantic Productions. The latter is also in Cannes to complete its financing from major global players in the audiovisual sector. Already, it has the input of the distributor SevenOne International, a subsidiary of Germany's ProSieben Sat1 and claims to be on the right voice to convince.

Admittedly, Takis Candilis arrives crowned with the success of the Borgias, co-financed by Canal +. A second season of the series written by Tom Fontana is also being prepared for a total of thirty million. What are the ranks of the largest international producers. TF1, we will however cautious about a second season: "We see the success of the first," says Sophie Leveaux, artistic director of acquisitions group. It must be said that the chain headed by Nonce Paolini also a development project of international series with Luc Besson, for now still in limbo. For his part, Jean Reno is not opposed to a sequel but it intends to hire "for a limited time" so as not to sacrifice his career in film.

Traders are torn between fatalism and resignation. According to the ninth wave of the observatory shops conducted by Ifop for the retirement of independent mutual Medicis, 86% of traders are worried about the French economy. 70% are for the future of their trade. These figures are up sharply over 2009 and 2008.

Many find that a very real way the economic downturn. Observe a 43% drop in attendance of their stores. An increase of 9 percentage points compared to May 2011. Two out of five professionals interviewed explained that their revenue has fallen since January. 46% expect their turnover is stable.

Traders have a positive on various measures taken by Nicolas Sarkozy since the beginning of his term in April 2007. 77% qualify as "good" tax exemption for overtime, the 67% increase in the age of retirement. 61% favor the elimination of business tax. But they are only 51% to defend the introduction of VAT at 7% in restaurants. They are hostile against the increase of 1.6 percentage points of VAT. 62% feel it is a "bad thing".

Reduction of charges

Concerned about the future of small shops they fear of losing, traders are worried about their retirement and for their welfare. Little interest in the presidential election, they condemn the indifference of political leaders towards them. 81% feel that the candidates for president do not understand their professional concerns.

Almost one in three believes that candidates are not aware of the weight they represent in the French economy: France has 750,000 merchants employing 2 million people and generating 343 billion euros in turnover. Asked about their expectations, 73% required a reduction of charges. Specifically, almost one in two merchant would be they who lower employer costs. More than one in three plead for a lower wage costs. But they are only 23% want trade to be protected and promoted by measures. A minority (8%) asked for more financial aid from the government and banks to hire or grow. Only 4% consider it a priority the defense of "Made in France" or the taxation of imports in favor of French products.

Not surprisingly, Nicolas Sarkozy remains their preferred candidate. 37% say they would vote for him in the first round of the presidential election when they were 44% in the first round in 2007. Francois Hollande is second with 19%. It is followed by Marine Le Pen (18%) and Francois Bayrou (16%).

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As for the AEF, the report by Martine Martinel denounces the "unrealistic financial trajectory proposed by the AEF and accepted by a confidence that can be described as blind by the State." Particularly with regard to advertising. "This led the AEF has requested a budget increase in 2011."MP sees this as the main cause of the lack of perspective of the state as the group itself that led the General Inspectorate of Finance to intervene in the summer. However, the member is concerned that "the national representation there is still no access."

It also criticized the management of the CEO, Alain de Pouzilhac, saying "the list of errors of management is already long enough and sufficient breach of trust used to put an end to the appointment of Mr. Alain de Pouzilhac ".

In the process, the MP also questions "the merger of RFI and France 24, it considers reform conducted forced march and which neither the need nor the utility are proven." However, Martine Ravinel advocates rapprochement between France and the 24 public group France Televisions.

France Televisions, however, is not immune to the report of the Socialist MEP.The latter believes that the 2008 reform has been to reduce advertising on France Televisions has a balance sheet "very negative". She asserts that the reform had a "zero impact of the abolition of advertising on the audience." It also is concerned "to a funding threatened and does not guarantee the necessary visibility to the group" as the organization itself of the company. It is particularly cautioned the government against "a lack of reference to employees" within the "single undertaking". Finally, Martine Martinel denounced at once "no channel dedicated to youth" and the need to "modernize France 3".

Explosive, this report could nullify in advance of the Commission's thinking on foreign broadcasting, chaired by MP Michèle Tabarot UMP. Yet its members do not want to change the schedule."Before giving our conclusions, we firstly audition Alain Juppe, foreign minister, who said he wanted to get involved in the matter, but also about the findings of the Inspectorate General of Finance," says Christian Kert , UMP deputy of Bouches du Rhone.

However, the options are continuing to clarify:

-Members of the opposition and the majority still stand on the issue of the merger of France 24 and RFI, as the two solutions would they be supported and at the discretion of the government.

-Governance structures to isolate the CEO of the AEF of different operational functions to avoid a repetition of the pattern Pouzilhac / Ockrent.

-The Commission may recommend synergies in terms of content between France Television and France 24.In this case, France Televisions could be invited to the board of the AEF.

-Finally, the Commission could recommend only the tutelage of the Ministry of Foreign Affairs.

This is the week of Nov. 24 that the Commission could then make its own report.

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 next step should come from Brussels. The European Commission said Friday that it would present "in the days to come" proposals for a coordinated recapitalization, which should help to reassure markets worried about the resilience of the European banking system to the crisis. It could soon make its findings on Monday.The European Banking Supervisors (EBA) should also provide estimates of the impact of a sharp depreciation of the Greek debt on bank balance sheets.

With these data in the hands of the leaders arrive for summit of the European Union and the euro area provided 17 and 18 October in Brussels. They will then give a "clear signal" on the subject, said Angela Merkel. The idea is to display a "consensus" on the amount and schedule for building banks' capital. For we must recognize that, as regards the amounts, blur still dominates: the figure of 100 billion to inject capital is the most commonly cited, which is much less than 200 billion euros mentioned a few days ago even by the IMF free business cards.

The next step in the operational implementation of the European financial stability should have been ratified by all parliaments by mid-October: Malta decides before Monday Slovakia on Tuesday. Aid to Greece will be released.

"Acting quickly"

Throughout this long process, Europe should remain under pressure. In recent days, Obama has returned several times to the load on the resolution is too slow for his liking of the crisis in the eurozone. European leaders must "act quickly," pleaded the U.S. president, hoping that a "very concrete plan of action" would be presented.He believes that the crisis in Europe could have a "very real" in the United States.

For her part, Angela Merkel last week has dampened hopes for a reform of the international monetary system from the G20, saying the work on this subject will not be completed. But the Cannes summit will probably be enough to do with the subject of the European crisis.

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The new rescue plan foresees an expansion of European powers of the fire in the euro area, the Financial Stability Fund (EFSF), and increased its capacity from 440 to 780 euros milliarsd. "The German MPs have overwhelmingly demonstrated their sense of responsibility," responded the French Minister for European Affairs, Jean Leonetti, in a statement.

Of 611 votes cast, 523 of 620 deputies voted "for", said the chairman of the meeting Norbert Lammert. Only 85 deputies voted against and three abstaining.As expected, two of the three opposition parties, the Social Democrats (SPD) and Greens, have made their voices.

More importantly, 315 members of the coalition voted for the building according to the AFP and a Conservative MP quoted by Reuters. Clearly, Merkel would not have needed the votes of the opposition guaranteed high risk personal loans. This was not a foregone conclusion, the majority having spread its divisions, the previous weeks on this subject.

If the Chancellor had failed to gather his troops, the German government would have been seriously destabilized, fueling doubts about the survival of the coalition. Angela Merkel would have indeed been "made in Germany as a loser," said Holger Schmieding, of Berenberg Bank.

Germany is the eleventh country to approve the reform of the rescue plan initially set up in 2010 to assist countries in the euro area in need.Berlin, because of its predominant economic weight in Europe, will be the first contributor.

The vote of the Bundestag is the first in a series of three crucial. In the coming weeks, he will speak on a second plan of aid to Greece and early 2012, on a permanent rescue mechanism (MES) to succeed the EFSF.

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The weekly jobless claims rose unexpectedly during the week of Aug. 20, at 417,000 against 412,000 the previous week, according to data from U.S. Department of Labor unveiled at 14:30. What foster uncertainty and investor concerns about the health of the world's largest economy, while analysts had forecast 405,000 registrations.

Wednesday night, orders for durable goods in the United States had rebounded in July, prompting stock markets to rise, on both sides of the Atlantic. "But the indicator of business spending showed the U.S. economy remains fragile," do, however, keep stock analysts from Barclays. In a context marked by the end of the indicators is misguided, or worse in reality than it seems, investors are clearly on their defense.

Meanwhile Jackson Hole

Especially since tomorrow is Friday that Ben Bernanke will speak from Jackson Hole on Friday in 16 hours. We will then know whether a possible third last monetary easing, on which markets have been speculation this week, will be decided. Otherwise, investors will likely welcome the continuation of low interest rates.The second estimate of U.S. GDP for the second quarter will also be unveiled.

The growth rate of the world's largest economy in the spring, which had greatly disappointed a month ago, could then be revised down 0.2 percentage point to 1.1%.

As for commodities, oil prices ended up in a small New York. A barrel of "light sweet crude" won 14 cents to 85.30 dollars.

Values ​​of the day

The title of Apple, the Apple brand famous, lost 0.65% to 373.85 dollars after the announcement of the departure of its founder, Steve Jobs, Tim Cook replaced. The title, which had plunged by 7% in electronic trading after the close of trading, limits the breakage, while the name of Steve Jobs was closely linked to the success of the giant consumer electronics. The markets were confident in the group's ability to continue growing.August 9, the computer giant had a happy time at Exxon Mobil's first-place capitalization in the world in full trading day before falling on the second step of the podium payday loans in 1 hour.

Bank stocks, meanwhile fly, first Bank of America, which ended up 9.44% to 7.65 dollars after surging 25% in early trade. The markets welcomed the surprise announcement that Warren Buffet announced an investment of $ 5 miliard in Bank of America through his Berkshire Hathaway fund. The bank is facing many challenges including the accumulation of legal proceedings against him related to mortgages "inherited from its subsidiary Countrywide. She plans to eliminate 3,500 positions during the quarter.

JP Morgan Chase lost 0.31% to 35.72 dollars after gaining 7.2% on opening. Citigroup gained 5.10%, Wells Fargo and Morgan Stanley 1.43% 2.72%.Goldman Sachs sells 0.46%

Google (-0.62% to 520.04 dollars) on Thursday announced a new agreement with a French publisher to digitize books, this time signing a contract with La Martiniere, which is between 5,000 and 10,000 works not reprinted. Wednesday night, we learned that the search giant online had agreed to pay $ 500 million to settle a dispute related to its advertising activities in the United States.

The manufacturer of the phones Research In Motion (-1.23% to 28.22 dollars) plans to make its new models of Blackberry smartphones compatible with the application platform Android for Google, Bloomberg reported, citing sources familiar with the project.

The aviation sector also suffers from fears about Hurricane Irene threatens to hit the east coast of the United States, especially the city and the airports of New York at night from Saturday to Sunday.Yield 2.97% American Airlines, Continental United 2.91% 4.15% US Airways.

Applied Materials (-4.84% to 10.81 dollars) Wednesday reported results above expectations as part of its third quarter, but forecast judged disappointing for the last three months of its fiscal year have reduced its activities in the transactions electronic. For the current quarter, the Group expects adjusted earnings between 16 and 24 cents per share, against a Reuters consensus of 30 cents.

Big Lots (-0.62 to 32.18 dollars) Thursday raised its profit forecast for the year after having exceeded expectations in the second quarter, with earnings per share excluding items of $ 0.52. The Thomson Reuters consensus was counting on $ 0.44. The group now expects fiscal 2011 earnings per share between $ 2.90 and 2.80 (consensus: $ 2.89).

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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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