The banker of 64 years, member of the Academy of Athens since 2006, will thus lead a transitional government, bringing together ministers and conservative socialists. After more than a week of political crisis, punctuated by daily twists, under pressure European and international Papademos was the only man accepted by the entire political class and the best position, given the circumstances, to become the eighth technocrat to take the reins of the executive Greece since the beginning of the twentieth century instant payday loans.Lucas Papademos has worked alongside Jean-Claude Trichet as the deputy governor of the European Central Bank, it enjoys an international reputation and credibility with creditors would be Greece.

If he is charged a lack of charisma, his discretion is unanimously recognized. It is "primarily a support person for the two major parties and Greek will reassure the markets. He is one of those who have allowed Greece to enter the euro area. So he knows the issues and mechanisms of the system. It is critical right now. Then, it is the only one able to ratify the European Agreement of 27 October, "Takis decrypts Bratsos, economic analyst.

Francois Fillon said last week that the restoration work and housing continue to benefit from a 5.5% VAT. But there are other sectors taxed at the same rate (books, food, water …). This pattern of a VAT has the advantage of antidélocalisation consistent with the government's strategy to improve competitiveness.Many big names of the majority favor this option, as revealed by Le Monde Wednesday payday loans for bad credit. But the subject is politically sensitive.

At Bercy and Matignon, we refused to comment Wednesday, reaffirming that decisions depend on the outcome of EU summit.

However, it seems almost assumed that the new austerity plan will include an increase in corporate income tax, most likely via a surcharge, which weigh down for a few years the current rate of 33.3%. This surcharge would be targeted at large companies (those falling within the scope of the social contribution to the IS and therefore paying more for 763,000 euros IS). For cons, the Elysee remains opposed to a reduction in payroll tax relief for 35 hours.

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If the prospect should be revised to "negative", this would imply that Moody's would likely lower the rating over the medium term, most often at a maturity of three to twelve months.And France would become the new big country, after the United States to lose its prestigious rating that allows it to borrow on the current market conditions very favorable.

A budget supervision

In reaching its decision, Moody's analyze the ability of the French government to meet its budget commitments. She stressed that if the financial strength of the French government remains very high, it "has weakened since the economic and financial crisis worldwide has led to a deterioration in its debt ratios, which are now among the lowest in AAA-rated. "In addition, "France could face a number of challenges in the coming months, such as the need for additional support to other European countries or its own banking system, which could increase significant commitments that must support the country's budget. " The remark came just after the adoption by the members of the guarantees provided by the French in the process of dismantling the Franco-Belgian bank Dexia.

Moody's said that this review is part of its annual financial statements for France and it is not yet a decision on the rating of the country. But after this warning, the marathon budget to the Assembly for consideration of the budget 2012, which begins on Tuesday, should be closely watched.France 2 last night, Prime Minister Francois Fillon warned it would take "new measures" austerity if France did not record a "minimal growth of 1.5%" in 2012 because the proposed budget is "built on a projected 1.75% growth, but it works with a minimal growth of 1.5%."

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The boost will cost the charges because the state just over 200 million euros. Effort that the government wants to compensate for not widening the deficit. As announced in Le Figaro, the doubling of the tax on sugary drinks should help.The state estimates that from a euro cent to two cents per can, he should recover over 120 million euros. And the remainder, Bercy wishes to the agricultural sector contribution.

Movement of the plane 10%

To do this, the Ministry of Finance, armed with his plane, went through the 40 tax loopholes enjoyed by farmers. Two possibilities were considered. According to Les Echos, the reduction of capital investment (DPI) would be a first option. In its report on tax loopholes, the General Inspectorate of Finance (IGF) emphasized that the device "does not respond only partially to its original purpose to help finance investment." It allows however to 110,000 farmers to reduce their taxes, and farmers are very attached.The government should turn to another niche: the tax benefit for the use of heating oil as fuel. The fuel is taxed at 5.66 euros per hectolitre, against 42.84 euros for diesel, and that niche cost one billion euros per year. So the government is considering a movement of the plane by 10%.

The construction further penalized

To justify this possible movement of the plane, the General Inspectorate of Finance argued that this advantage is at odds with environmental goals, even if it contributes to competitiveness. She also points out that the niche overlap with the tax rebate on energy products, another niche that costs 150 million to the state.

The decision could, however upsetting beyond the agricultural sector. More than the farmers, are in fact the public works professionals who take advantage of this niche.They pick up about 550 million of tax benefits, against only 450 million (300 euros per vehicle) for farmers.

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"GAME NEWS –

Concordant sources, in fact, Dexia, the Deposit Bank and postal workers, under the watchful eye of the state, to create a new bank, public, local communities. Friday, none of the parties did not wish to make comments.

The new entity will take over long held by Crédit Local de France (CLF), ancestor of Dexia, with mayors, councils and other French regions.Its creation would be an opportunity to ease the minds of elected officials, heated by the explosion of interest on certain loans "toxic", including underwritten by Dexia before 2008. The new state-owned bank could put forward a much more wise.

Above all, his arrival on the market would open the tap of credit to local communities. In a financial crisis, Dexia and its competitors, such as savings banks, Societe Generale and foreign banks have largely abandoned this market in recent months.

The Postal Bank and the Caisse des Depots would hold society together, Dexia that may remain a shareholder.They should also take control of all or part of the loan portfolio of existing communities with Dexia French (70 billion euros) and Dexia Municipal Agency: such operators shall ensure, by means of mortgage bonds, the refinancing of the commitment of Dexia. A new ownership would bring also the financial strength necessary to maintain its "AAA" rating.

Pirouette history

For Dexia, the operation could be an opportunity to significantly reduce its balance sheet totaling more than 500 billion euros guaranteed online personal loans. It has already been reduced by 15% year on year, thanks to the divestment of assets made in the first half. But despite this recent treatment, the group remains fragile, especially in the current distrust of markets against financial groups in Europe.

"The idea is on the table.Its terms are far from being arrested, "said a source familiar with the matter. The role of Dexia, the volume of the transferred assets, their quality – particularly with regard to loans that are the subject of disputes with communities who have subscribed – all of which are still on the table. Many criteria which depend then the financial terms of the transaction.

The reactive pattern of lines of inquiry explored from 2008-2009. Even then, the idea of ​​the deposits of La Banque Postale deal with Dexia loans (assets of French local authorities are placed in the Treasury) was considered. The arrival of the CDC in the capital of La Banque Postale has facilitated the project. The project has also the flavor of a sacred spin the story to the Fund: Crédit Local de France was born of a branch of the Caisse des Depots, which then end up twenty years after a historic activity.But for the CDC, the issue is complex: it has (with the NOC) 20% of Dexia, it has recapitalized with the Belgian shareholders in 2008 to see the action rolled back in recent months. Perform an operation which finally reduces the bank's balance sheet and liquidity requirements would constitute a significant step forward. This is what its proponents would argue with the board, including representatives from Belgium, possibly as early as next Tuesday.

Like European and Asian stock markets, Wall Street is not immune to the anxiety surrounding the health of the global economy. This pessimism has been going on yesterday and pessimistic of the U.S. central bank. The Fed has held that the U.S. economic recovery was "slow" and threatened by "high risk". The central bank, in this context, announced an operation to extend the maturity of the assets it holds up to 400 billion dollars by June 2012."You can interpret this decision as the Fed's will not to launch three quantitative easing (monetary easing to boost the U.S. economy, ed) immediately, says Arnaud Poutiers, executive vice president of IG Markets.

The general concern about global growth has been reinforced by concerns about the economic situation in China. Manufacturing activity in the country has deteriorated in September, reaching its lowest level in two months, according to preliminary PMI bank HSBC said on Thursday. PMI Purchasing Managers calculated by HSBC in September reached 49.4 against 49.9 in August, knowing that a figure below 50 means contraction.

In France, the growth of private sector activity in September fell to its lowest level since the beginning of the recovery in 2009, while in Germany, the composite PMI, which includes industry and services, has emerged to 50.8, its lowest level since July 2009 against 51.3 in August.

The U.S. Treasury Secretary Timothy Geithner also said Thursday in Washington that the slow economic growth was a challenge "greater" than the debt and that the governments around the world should give priority to support growth .

On the issue of European debt disturbing fact, little progress.Greece has just announced yesterday it will launch new austerity measures to get the funding it needs Troika in October to avoid bankruptcy.

Bad news on employment front

The announcement of a rise in weekly jobless across the Atlantic is not reassuring. According to the U.S. Department of Labor, 423,000 people registered as unemployed during the week of September 10 to 17. The consensus of analysts expected 420,000 new applications for unemployment benefits.

Other important indicators, such as managers' index index advanced sprix estate, are in the program.

In this context, oil prices plunged more than 5% Thursday to open in New York, returning to their lowest levels in a month.On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for November delivery traded at 81.28 dollars, down 4.64 dollars (5.4%) compared to the previous day. On the currency markets, the euro continued to sink against the dollar: the euro back below the $ 1.35 dollar to 1.3462 (-0.82%).

Values ​​to follow

On the corporate side, Bank of America (-5.02% to 6.06 dollars), Wells Fargo (-2.02% to 23.23 dollars) and Citigroup (-4.47% to 24.38 dollars) should still suffer from the deterioration of their rating by Moody's. The agency that the state may fly to their rescue.

Fedex (-10.15% to 65.14 dollars) has reported an EPS according to the consensus of $ 1.46 in the first quarter, a turnover of 10.52 billion dollars.

United Technologies (-7.16% to 69.51 dollars) will buy the equipment manufacturer Goodrich Aviation (10.06% to 120.50 dollars) to $ 16.5 billion (12.2 billion euros) cash, a transaction that would be the largest acquisition of U.S. industrial giant in 10 years.

The director of the institution states that "the weak growth and fragile balance sheets, those States, financial institutions and households, reinforce one another, fueling the crisis of confidence and slow demand, investment and job creation. " For Christine Lagarde, "there is too much debt in the system.The uncertainties in the States in all advanced economies, the banks in Europe and on households in the United States. "

To "common front"

Since this vicious circle "is gaining momentum," the IMF said that "the time is not the withdrawal, to halftone or palliative No teletrack payday loans." One solution can work: the "common front". More alarming than ever, Christine Lagarde warned that "if the developed countries fall into recession, emerging markets will not be spared. In fact nobody will. "

Wednesday already, Christine Lagarde called for the establishment of a "collective action, immediate and bold." She asked especially to countries that have the fiscal space to support growth. "My role is to ensure that this call to action is heard. I can not believe that governments do not share my opinion, "she explained.He added that "countries have an incentive to act collectively in the interest of the economy."

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The foreign sales amounted to 34.76 billion euros, up from just 100 million euros a month. "The strong sales of intermediate goods and automotive (…) is in fact largely offset by significant declines in aeronautics (sales and production programs for Airbus)," note Customs. The Airbus sales were $ 1.18 billion in July, after 2 billion in June. These figures are very volatile and depend on the delivery of the industry.In terms of client countries, exports to the EU declined, but remain dynamic to America no teletrek payday advance. They pack down to Asia and the Middle East.

Imports have increased their share of over one billion euros in July, reaching 41.22 billion euros. Much of this figure is driven by purchases of oil and gas products, that is to say the energy bill. But "a return to the trend of supply aircraft (Airbus program)" boosted purchases of transportation equipment, within Customs. A trend that explains the same time heavy imports from Germany, rebound largely due to imports of parts for Airbus. This is accompanied, however, "an increase in purchasing automobiles, chemicals and industrial machinery, 'the Customs.

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Like the Asian markets, the benchmark index of the Paris market is supported by the slight increase in U.S. markets, reassured by the Federal Reserve. Investors are indeed more and more convinced of the will, confirmed last night by the U.S. central bank to act to restore growth.

In addition, the Atlantic, financial markets are close to their level of January 1, which could be an equilibrium point.Also an element of support for the Paris Bourse, even if it is far from that level (3847.63 points Jan. 3, 2011).

Chapter macroeconomic, investors will learn in 12 hours of agricultural price indices in July. United States, the employment figures for August will be published in the early afternoon, followed by the index of industrial activity in the Chicago area and in industrial orders in July and inventories crude oil.

On the currency front, having been an upward trend since the beginning of the week, the euro fell slightly against the dollar on Wednesday after the announcement Tuesday in a poor indicator of the European economy weighed on the currency European.In mid-session in Paris, the European currency was worth 1.4441, up 0.02%.

Values ​​to follow

In a market with relatively low volumes since the beginning of the week is a new salvo of publication of results, broadly in line with expectations, that drives the third weekly session.

Bouygues strongly supports the trend. After being briefly suspended trading at the opening, the title of group jumped 12.54% to 25.98 euros. The conglomerate has finally published its results on Wednesday, not Tuesday reported on the acquisition of 11.7% of its shares for 1.25 billion euros, a 30% premium over the closing price of the security last night.In addition, the group published a half-year net profit down 27% to 391 million euros.

Similarly, Vivendi (3.55% to 16.75 euros) said it had doubled its half-year net profit to 2.5 billion euros, with a net gain of $ 1.2 billion related to the settlement of a dispute over the PTC shares in Poland. Its subsidiary, Canal +, 80% owned by Vivendi, reported first half sales of 2.39 billion euros, up 2.8% year on year, operating profit increasing by 1 , 9% over this period easy payday loans.

In turn, Carrefour is the sentence (-3.19% to 18.05 euros), after the group announced a net loss of 249 million euros in its first half.Above all, the group has revised downwards its forecasts, expects 15% drop in its earnings.

Last night, L'Oreal (-1.70% to 75.70 euros) has reported an increase in operating profit of only 2% to 1.70 billion euros in the first half. Its operating margin for its part fell 50 basis points to 16.8%, while analysts expected an increase, on average expected a figure of 17.5%.

Vinci (1.48% to 36.06 euros) for registration in the first half net profit up 15.7% year on year and raised its annual forecast.

Cac 40 off the healthy group Hermes (-0.75% to 262.95 euros) is confirmed.The specialist luxury published net income up 49.5% to 290.9 million euros.

Bolloré (stable at 158 ​​euros) saw its net profit grow by 29%, boosted by a gain from the sale of shares of the maker of seamless steel tubes Vallourec.

For its part, Havas (1.82% to 2.8 euro) reported net income up 8% in the first half thanks to an improved operating margin.

Aéroports de Paris (0.74% to 57.27 euros) it has slightly lowered its forecast for fiscal 2011.

Hi-media (-5.31 euros, 3.39 euros) back into the green in the first half, revealing a net profit of 5.1 million euros.

For its part, the oil reacts little to the continued rise in oil prices, and the strategic agreement signed between Rosneft and will explore together the Arctic and as such invest $ 3.2 billion.Technip wins 2.28%, to 66.45 euros and a total advance of 31%, to 33.59 euros.

For its part, Bourbon wins 1.62%, to 22.86 euros. The oil services specialist maritime published a group net profit halved in the first half, to 41 million euros, but put on a recovery in the offshore oil and gas. It also confirms the objectives of its 2011-2015 plan.

Note that Ruby, Mersen (ex-Carbone Lorraine), April, Lagardère, Outremer Telecom, Eiffage, Stef-TFE, Fleury Michon, Bongrain, GFI Informatique, Gameloft, Sopra, Virbac, Reculex, Mr. Bricolage and reveal their Guyenne et Gascogne half-year after the stock market.

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The newspaper, which lost 32 million euros in 2010, is expected to lose at least fifteen this year. Reportedly, the group does not bend under the weight of debt. It supports about 2 million in payables. In fact, the financing of the newspaper is provided by Alexander Pugachev himself, who regularly feeds the current account of the newspaper to pay the bills.Figaro in an interview last November, he declared: "France-Soir has no bank debt … We lose about 2 million a month and every month I put money on account."

This backup procedure, if accepted by the Commercial Court of Paris, will allow the appointment of an administrator. Its role would be not to negotiate with creditors, but rather to address the structural and economic reasons that make the newspaper is in permanent deficit. France-Soir and will be until the release has not reached the 150,000 to 170,000 copies by the admission of its owner.However, at present, the paid circulation of the title revolves around 74,000, despite the relaunch of the title made in January 2011.

The cost structure

Alexander Pugachev, who has already invested 50 million euros in the title, was prepared to inject 20 million euros in 2011 to run the newspaper and energize. But today, it raises the question of the cost structure of the paper. The selling price, even back 50 to 60 cents, and low advertising revenues do not find a financial balance. The equation is complicated Alexander Pugachev. To reach 150,000 copies, the newspaper needs to invest in editorial quality and a strong distribution. But this is expensive. It might therefore seek partners to share the burden.