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Suit and tie, dark glasses, briefcase and severe look. The "Men in Black", as are known as experts from the International Monetary Fund and the European institutions are back in Athens for two weeks. Their mission: to scrutinize the country's overburdened public accounts and the first assessment of the official plan of 110 billion euros for Greece in early May. If they judge that the government of George Papandreou meets its commitments, a second payment of 9 billion euros, will be completed in September.

The Greek Finance Minister George Papaconstantinou, is not afraid of men in black. "The second tranche of the plan will be paid if we have achieved the targets" by the international community, he said this weekend in an interview to a Greek newspaper. "These conditions were replies and we've even gone ahead with the vote of the pension reform.Greece adopted in June a postponement of the age of retirement at age 65.

"Progress"

The International Monetary Fund had also considered a report published in mid-July, the Greek authorities' making strides to redress public finances. " Athens was required to reduce the deficit by 39% in the first half. He did much better than that, reducing it by 46%.

"They were the hardest, reducing public spending more severely than expected," Judge Jean-Francois Robin, rate and currency strategist at Natixis AM. "In terms of fiscal consolidation, they are on track to be the best European students in the class and should succeed in reducing their deficit to about 9%." Good student in 2009, Ireland is in contrast to the penalty this year and could be weighted with a deficit of 12% in late 2010.

Uncertainties on Revenue

In Greece, if the goal seems far exceeded expenditure side, the revenue side "is more uncertain because revenues depend heavily on economic growth and tax base," Philip Sabuco shade, an economist at BNP Paribas., Philip Sabuco shade, economist at BNP Paribas. The government has managed to find only 7% of additional revenue to date, well below the target of 13, 7%.

Greece will not be judged solely on controlling the budget deficit. The IMF will look very closely the progress of privatization of public enterprises, the state (disastrous) finance social security, the release of occupations "protected" (trucker, notaries, architects, etc..). Records of which Athens is late.

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Place the masons and painters! Members of the Committee on Social Affairs of the National Assembly completed late Thursday afternoon, discussing the draft law on pensions, with a few hours ahead of schedule. Members will now leave the Palais Bourbon completely delivered to artisans, who have already begun the usual summer work. Return scheduled Tuesday, Sept. 7, even on Monday night at 6 for a special session will begin by examining the same text, but this time in the Chamber.

"It is in times of transition, summarized perhaps one at the Elysee. The real battle will take place from September. "The for Sarkozy are well aware that this first parliamentary stage was a formality. Not surprisingly, the debates have been looped smoothly."The Socialists have just wanted to make a coup by breaking the lock-in twitter discussions with their phone," is a counselor. What the left willingly admits. For now, she preferred surf the weakening of Labour Minister Caught in the case Bettencourt. Godsend for the Socialists, who are careful not to request his resignation.

Paradoxically, the majority seemed more worried by the progress of the case and its component Bettencourt Woerth that by the turn of the debate on pensions. "The left is going clubbing Woerth in September. He held up? "Wonders already a Minister. The Elysee hopes that the summer break will reduce the pressure. Nicolas Sarkozy and François Fillon reiterated that Eric Woerth defend indeed the text on Sept. 7. In other words, he will not be driven to resign by then."It is quiet because we know there is nothing in the record," says the Prime Minister.

"Everything will be decided in September. We are ready for battle. But it also depends on the mobilization in the streets, "says one seat in the PS. Clearly, the left hopes to build on part of the public. Even if the opponents and proponents of reform are divided into two shares more or less equal bad credit pay day loans.

Unions united

Unions, too, prepare to maturity. For September 7 will also be a new day of strikes and protests against the reform that SF has, once again, on Thursday asked the "withdrawal". In reality, most organizations do not believe and do not even dream to win concessions on key points, beginning with the postponement of the age to 62 years.However, they have not conceded the changes on other aspects of the text during the parliamentary debate.

They rely for that on the "pressure" of the street. Will they go over the two million demonstrators, after 1.9 million announced on the evening of the last day of action – successful – last June 24? Not easy to mobilize massively, just days after school starts. Therefore, the central plan to continue their campaign throughout the summer, beach tour in the CFDT distributed a booklet "educational" on reform and its "alternative" possible, the CGT.

The unions will have an advantage: their unity restored. Having refused to sign for months, FOR has joined its competitors, and the CFE-CGC has done the same.It is the only organization to accept the decline of legal age, but she believes that the conditions there pose – including a strong financial closure of the reform – are not met.

Faced with this united front, the government has chosen to keep the ballast drop. He has done at this stage, no specific proposals on issues which he is willing to develop: difficulty, and long careers polypensionnés.

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The Chairman of the Board of Directors and former CEO of L'Oreal Lindsay Owen-Jones afflicts some 3.3 million euros per year pension, according to Capital magazine, which published its last issue in a ranking of "retreats Gold bosses.

At 64, Lindsey Owen-Jones – CEO from 1988 to 2006 – which last year received two million euros of annual salary as non-executive chairman of the world leader in cosmetics, "already has a pension of 3.3 million euros per year, "wrote Capital.

The magazine's ranking, which evaluated from annual reports of the pension groups already affected or hats come from bosses, ahead of Lindsay Owen-Jones CEO Franck Riboud of Danone, which should reach 1.8 in the future million euros in annual rent, and that Axa's Henri de Castries, the pension provided, when he was 55, is 1.1 million euros annually.

Behind them are the CEO of reinsurer Scor Denis Kessler (800,000 euros per year), former president of Sanofi-Aventis Jean-Francois Dehecq (779,000 euros) and Henri Proglio, which besides a pension of 769.000 paid by Veolia Environnement, affects 1.6 million euros a year as CEO of EDF, said Capital.

"Under pressure from the public and shareholders, companies have significantly planed pensions hats they give to their leaders," the magazine notes, however, that assesses the average annual pension of "30 most spoiled" of them at 720,000 euros.

"The retirement of the CEO is generally calculated on the basis of its last three salaries (including bonuses), when ordinary workers must produce his best 25 years, also falls Capital, which said that the groups are saving for pouring the future pensions promised.

The business use of email is now widespread. Number of employees plébiscitent this tool, finding that 70% provides increased productivity, if we are to believe a study commissioned by the Australian company Dimension Data. Snapshot to contact several people at once and keep a written record, the mail seems to have installed as a means of communication in the company unbeatable.

And yet it does not benefit. Virtual, the massive use of electronic mail in particular has a tendency to dehumanize the management staff. "Some managers think they can coordinate and manage their teams from their messaging, notes Chevallet Romain, researcher at the National Agency for the Improvement of Working Conditions (Anact). But the mail does the illusion of coordination.The quality of the email exchange is no comparison with that which was in a meeting or simply between colleagues, "he says. Eric Albert, president of the French Institute for Action on stress (IFAS), reported a striking example of this dwindling trade. "You go account, it reports does one, two assistants who work in the same office send each other e-mails!". A phenomenon that is a real loss to the company. For dialogue face to face brought an emotional dimension that allows more adjustment to the other, to find compromises or to generate ideas …

A loss of 10 IQ points

The immediacy of the mall also has its downside."This permanent stress distracts the employee," Roman Chevallet analysis shows, supporting evidence, that the quality of work it is impacted, "A study of the London Institute of Psychiatry shows that go well with perpetually one task to another induces a loss of 10 IQ points, the equivalent of a sleepless night! "he says. Not to mention the stress caused by the influx of applications to which the employee is not always cope. A stress that tends to increase with the increasing demands of stakeholders, often owners of smartphones, which anticipate the responses of more and faster.

What, therefore, to use its smart messaging?

1. Introducing a hierarchy where the chronological order prevails. "It should restore priorities, stop confusing urgent and important," says Romain Chevallet.To do this, mails received may be classified according to their interest. By clicking on the flag that symbolizes a high importance, or creating files, theme, folder, or by importance. From this point of view, the mall has a definite asset. Although classified and easy to find, it can be a real list, and a database.

2. Cleaning up as and so as not to overload his mailbox and duty in the emergency delete messages surplus "with a machete. To save time, you can introduce filters that automatically redirect such unwelcome emails to the trash. Or select the messages by keyword to classify them in a folder. But be careful in this case not to lose sight of your overall messaging.Remove or archive emails as and also allows you to more easily find an important message.

3. Do not plug your mail to you, if your work permits. "The manager should set as a rule not to seek a collaborator with him," said Romain Chevallet. Especially since many employees, under pressure from management or a strong competition among colleagues, are needed to respond as quickly as possible, even to jeopardize their privacy.

4. Log out regularly. "In England, some companies have introduced a day without e-mail Wednesday," notes Roman Chevallet. Without going that far, it may be useful in order not to lose concentration, to force himself not to look at his mail every five minutes.Periods of disconnection from 1 to 2 hours can boost your productivity, provided that your manager is willing to wait this time to receive a response.

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"The idea that the austerity measures could cause stagnation is incorrect", said on Thursday Jean-Claude Trichet. In an interview with Repubblica, the president of the European Central Bank (ECB) is opposed to all those who, like Barack Obama, say that plans to reduce public deficits adopted in Berlin, London or Paris, will kill the recovery in the egg.

The U.S. president has sent a letter last week to warn his European counterparts against a premature withdrawal of stimulus policies. It will look this weekend at the G20 summit in Toronto, to convince its partners to soften their plans rigorously.

Wolfgang Schauble, the German finance minister, told him Thursday morning in an article signed for the Financial Times. "Germany knows its responsibility towards global growth," he told the British business daily."Our contribution will be through a role as an anchor of stablity and not digging the debt."

Unlike Bush, Trichet argued that "under present circumstances, policies inspiring confidence will strengthen and not hinder the economic recovery because trust is a key factor today." In this regard, we welcome the German example, "he added. Berlin has presented an austerity plan of 80 billion euros over four years. Italy, following his example, is on the right path, according to the president of the ECB.

The ECB estimates that the eurozone is "within an environment (…) unusually high uncertainty" as stated by Jean-Claude Trichet during his last press conference, June 10"The degree of uncertainty and the level of growth is not writing, it also depends on us." And so, in part, plans rigor that should reassure markets.

However, the billionaire investor George Soros has spoken out against the plans of rigor at a conference on the euro in Berlin, Wednesday evening. They provoke a cycle of deflation (falling prices and slow growth) which will endanger the European project, by the American. A threat that does not believe Jean-Claude Trichet: "I do not think that such risks could materialize, inflation is well anchored."

The European Central Bank has revised down growth for 2011 in early June, as many economists believe that consumption will be greatly diminished because of plans to reduce deficits.The ECB now expects growth in a range very wide ranging from 0.2% to 2.2%, against 0.5% to 2.5% previously estimated.

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European Banks Are they healthy? The question that torments the markets will soon find an answer. Indeed, European leaders have agreed to the request of France and gave the green light to publish the detailed results of stress tests (stress test "in English) which are subject garndes their banks. The 27 hoping to reassure markets worried discover surprises.

These reviews are intended to reflect the ability of banks to withstand extreme financial and economic conditions. Currently, those made at European level on a score of major banks remain confidential.Last year, only general trends were made public, including the fact that European banks were sufficiently capitalized to face a severe deterioration of macroeconomic conditions.

First published in late July

Nicolas Sarkozy has confirmed at his press conference that the publication of these tests would take place in late July as desired by Paris. Earlier in the day, Christine Lagarde, French Minister of Economy, had told Reuters: "I am very positive about this publication. There is nothing worse than the rumors and doubts about the banks. " The Minister is confident, remembering that French banks have so far yielded positive results. These displays of the solvency ratios for the time, satisfactory. In the opposite case, Christine Lagarde said the banks to recapitalize.

Madrid triggers debate

The day before, the Spanish central bank had announced the forthcoming publication of the results of these tests. The newspaper El Pais had found the ad "unprecedented in the euro area. The Madrid Institute hopes to dispel the doubts now hanging on the strength of its banking sector. The Spanish governor of the Bank believes that the current rumors greatly amplify the difficulties of the Spanish financial industry. He hopes that the markets "are fully aware of the situation in the Spanish banking system."

Banks reluctant

Further to the announcement in Madrid, the German government long reluctant, finally decided to give the green light too. But Berlin has yet to convince its banks. German institutions showed far opposed the publication of these results.

Successful tests of Moody's

The European Central Bank will also favors the publication of these tests. In the eyes of the central bank, the operation of transparency is able to reassure the markets. And regulators have reason to be optimistic. Indeed, European banks have recently passed the tests of strength by Moody's. The rating agency has increased the stress tests to thirty European banks from ten countries, and concluded that they have a level of capital sufficient to take further losses.

The computer maker Dell said Thursday after the close on Wall Street have spent a sum of $ 100 million to settle charges related to an investigation by the Securities & Exchange Commission (SEC), the regulatory authority of U.S. markets , about his relationship with Intel and its accounting practices.

The legal provision pushed Dell to revise downwards its forecast for first quarter 2011. Net income for the company is reduced by $ 100 million to 341 million dollars. In turn, earnings per share decreased by 5 cents to $ 0.17 Easy Pay day loans.The result before exceptional items is not affected.

The SEC investigation into accounting practices and financial Dell and its business relationship with Intel, accused of anti-competitive practices, the computer maker said in a statement. Dell said it is in discussions with the SEC to settle amicably the investigation, adding that this did not imply recognition or denial of suspicion.

Following the announcement, as Dell was losing 2.5% in trading after-hours trade.

A year after the VAT reduction in catering, where are the conservators of commitments with the government? In the context of reduced public expenditure, where the measure put in place by 1 July 2009 is being challenged for its cost – about 3 billion euros – one of the main unions of restaurant firmly defends the record of restorers.

On the lower prices promised the advance Synhorcat containing figures from INSEE, reduced by 1.7% in prices. Far, indeed, the 3% promised at the signing of the contract establishing the future VAT at 5.5%. But better than the forecasts of the Secretary of State for Trade, Herve Novelli, who requested last December restaurants to limit their price increases, given the economic crisis, the level of inflation.

A decline also practiced mainly by large chains, which have clearly made this issue a sales and communication. Today Synhorcat not hesitate to praise the French restaurant as "cheap": "80% of meals in France costs less than 15 euros," he said beforehand. Not sure the French, whose purchasing power remains a major concern, hear it that way.

An agreement "historic" on wages

On the employment front, too, success is not free No teletrack payday loans. While restaurant owners had agreed, in consideration of the reduction in VAT, to create 20,000 permanent jobs and 20,000 contracts for professional learning or within 2 years, Synhorcat announces that for the moment creations 5700 jobs.The objective, however, seemed difficult to achieve in terms of economic conditions.

The only real success of the VAT reduction: the agreement on wage conditions in the restaurant, described as "historic" by Hervé Novelli. "We are hiring today with a salary 25% above the law", welcomes the Synhorcat. Wages have indeed been reassessed 5% when the non-frames increases leveled averaged 1.1% in 2009. A mutual health has been created, and employees receive an annual bonus equivalent to 2% of their annual salary, capped at 500 euros.

Employees are however not the only benefit from the reduction of VAT in 2009, the catering market has indeed registered a positive growth, and an estimated turnover of 72.5 billion euros, posting also Synhorcat.

The market for nuclear reactors following "an upward trend," according to Mitsubishi Heavy Industries (MIH). The conglomerate of Japan believes that dozens of these reactors should be located in Europe by 2030. And he does not miss the boat. The group is announcing Wednesday the signing of a letter of intent with the Spanish group Iberdrola Ingenieria y Construccion. His goal: to increase its chances of winning several bids for the construction of nuclear power in Europe. "We hope thus to accelerate the introduction of our advanced pressurized water reactors EU-APWR in European countries," MHI said in a statement.

Specifically, the agreement provides that if a contract awarded, MIH supports the manufacturing facilities and the provision of essential equipment.For his part, Spanish will be responsible to install, the grouping of devices and materials that their test. The offer of MIH is based on a pressurized water reactor of 1,700 megawatts (MW), whose rights have been designed for the Japanese market, and adapted to European standards and regulations.

MIH is not his first partnership with a European group. The Japanese already collaborating with the French Areva in a joint venture called TDD, which is developing a medium-power reactor for countries wishing to launch their first nuclear power.

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If the political debate in Germany is keen on supporting Greece, no such thing in France. The Socialist Party will vote in the state next week's Budget Act that allows Paris to pay 3.9 billion euros in Athens in 2010. And this Wednesday, the hearing for two hours, the budget minister, Francois Baroin by the Finance Committee of the Assembly took place in a consensual atmosphere. "Everyone agreed it was necessary to go fast. We can not let go of Greece, especially since the effort required of his people is heavy, "recalls Jerome Cahuzac, Chairman of the PS Committee. Alarmed by the weakness of governance of the euro area and lamenting, for some, the absence of a European monetary fund, members hoped that the rescue is accelerating. "Many were disappointed that the summit of heads of state that takes place May 10," said Gilles Carrez, the general rapporteur UMP.What the minister said "it would be even more dangerous to yield to a form of precipitation.

Debate on the interest rate

The only objection was on the interest rate of 5% which Paris ready to Greece three years. The Socialists, Fran?ois Hollande and Henri Emmanuelli it was too high. But Jerome Cahuzac is more nuanced and noted that this rate is the result of a compromise between heads of state.

Still, the French government should actually earn money in the transaction, since borrows around 2.13% at five years. Baroin has been noted that the plan for Greece "is not an expense to the taxpayer! Is this why the consensus in France? "I believe above all that unlike Germany we have a culture of state intervention," said the UMP J?r?me Chartier."It is logical as German citizens, who have made sacrifices to repair their public finances, are more reluctant than the French, who were not virtuous," says the centrist Charles de Courson.

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