If the current situation is rather gloomy, the atmosphere, in the late 1990s, was euphoric to say the least. The tech bubble that began in 1995 with the IPO of Netscape – sensational – escalated beyond reason with the explosive growth of telecommunications (France Telecom was by far the largest accumulation of ACC 40) and the phenomenon of start-ups. The world has welcomed the Internet as a revolution that would change the world, characterized by prosperity, easy money and speculation.The shares were outbid unconnected with the reality of companies' accounts.

When the time has come to the realization, the descent into hell has begun. On March 13, 2000 in New York, the Nasdaq index of technology stocks at the time (eBay, Yahoo, AOL …) suddenly picks up and puts an end to five years of consecutive increase. The European market will suffer a few months later and will suffer the same mass layoffs.

They fell in July from 27.2% to 3.83 million annualized units, their lowest level in more than 15 years. The fall is twice stronger than expected. A nasty surprise while growing doubts about the strength of the U.S. recovery, and while the labor market overseas and yet still shows signs of weakness.

Emblematic of Wall Street widened its losses and European stock markets suffer the consequences. The Dax drops 2.19% to 5879 points, the London FTSE coward 2.24% to 5117 points.In Spain, the Ibex lost 2.57%, the Belgian BEL 20, 1.63% and the FTSE Eb Italian, 1.68%.

In addition, industrial orders in the eurozone rose slightly more than expected in June, according to statistics released Tuesday by Eurostat. The control inputs in the sector rose 2.5% from May and 22.6% compared to June 2009. Economists and analysts on average expected for June increased 1.5% from May and up 22.9% over one year.

Values follow

Accor announced Monday the signing of a Memorandum of Understanding regarding the sale of walls 48 of its hotels in Europe for $ 367 million, Predica, insurance subsidiary of Credit Agricole (-2.03% 9.95 euros) and the Land Walls, a subsidiary of Land regions (-0.68% to 71.50 euros).Titles leapt 1.54% to 23.72 euros this morning and remained alone in the green mid-session, up 0.21% to 23.410 euros.

Danone (-0.37% to 41.34 euros) Immédia acquired the company, number three French juice mixed with fruit (smoothies), whose turnover is around four million euros, reports the Tribune.

The Ministry of Sustainable Development and Bercy warned on Monday evening Regulatory Commission of Energy (CRE) and the Higher Council of the energy of their intention to decline by 12% the purchase price by EDF (-0 , 02% to 31.795 euros) of photovoltaic electricity.

The bank Societe Generale (-1.88%) and BNP Paribas (-1.80%) are among the largest declines.

Lafarge unscrews 3.08% to 36.95 euros.Bank of America-Merrill Lynch downgraded its opinion on the title of "neutral" to "underperform" and lowered its target price of 53-42 euros.

The euro was down 0.32% against the greenback at 1.2618 dollar. The European currency reached its lowest level since 8 years against the yen. The dollar is worse than 15-year low against the yen.

LE FIGARO. – Are you not preparing a tight budget?

Francis BAROIN. – When developing a budget, there must be serious and make sense. Our meeting last Friday about the president and prime minister had intended to make choices to reduce public spending in order to achieve the 6% deficit in late 2011. It is the cornerstone of our policy.Everything must work towards this goal: we have an obligation to return as quickly to deficit levels before the crisis. This is a critical issue for our economic growth. The debt and deficits are the major topics of concern of the French, and we must demonstrate our ability to reduce, which will restore their confidence in the future and encourage them to consume and invest in return.

Why have revised down growth for 2011, while the activity was better than expected in recent months?

Economic activity in the first half of 2010 was in line with our expectations, and we should finish the year with growth of 1.4% or even above. For 2011, we forecast a proactive and realistic.Aim for 2% growth, consistent with the OECD projection is proactive because it's better than 2010, but is also realistic because we must not forget that a recession ever went there and that all countries that have suffered will take time to erase the traces.

Are you worried about the credit ratings of France?

No. Over the past two years, it was vital to sustain economic activity by injecting public spending. The revival in France, was very well calculated, and I see that despite large deficits our country continues to borrow at historically low levels on the markets. This indicates that investors have confidence in us.They know we have great resources at our disposal such as a savings among the highest in Europe.

If growth is higher than expected this year, can we expect increased revenue for the State and Social Security?

The good news critical of the first term is the creation of 60,000 jobs. The recovery of the labor market is expected to generate about 2 billion of additional social security contributions. In mid-September, we'll do the exact point on this revenue to build the draft law on financing of Social Security in 2011 on a solid and sincere.

And for the state?

Tax revenues are in line with our expectations. This is particularly the case of corporation tax, which is a very positive signal. The crisis resulted in 2009 by a collapse of social security contributions and tax revenue. We go out.Any additional revenues from the economic forecasting will be fully allocated to deficit reduction.

Nicolas Sarkozy announced Friday a cut of 10 billion in tax and social niches. Is not that a tax increase in disguise?

Absolutely not. No one is forced to use a niche tax to reduce his tax: it is a personal decision. In contrast, a general increase in taxation would penalize everyone. There is no question of doing so. We will not increase taxes, whether VAT, income tax or corporation tax. It is a very political choice, which corresponds to the commitment made by Nicolas Sarkozy during the presidential campaign. To reduce deficits, we have decided to act primarily on the expenditure, including that which passes through structural reforms.In a country where public expenditure accounts for over half of national wealth, is where are the flexibilities consistent.

All the niches are not "chosen". Some tax cuts meet family responsibilities, to situations of handicap, disability, age. Will they be trimmed as well?

Similarly we have not touched the RSA and social minimum, the vulnerable population will be spared by the plane or the removal of niches. Family policy will also be preserved. But it is true that the reduction of niches is an exercise in subtle and difficult. Found 10 billion in savings over 75 billion tax and spending 45 billion on social niches represents a substantial effort. But necessary. For years, the niches have been the choice of the facility.Sometimes washed sand.

The movement of the plane there will be enough to keep your goal?

First, I note that we have actually a little less than 2 billion to find the niches. For decisions taken in the context of pension reform and the level of those to be on the Cades (Sinking Fund of the social debt) will yield a total of over 7 billion. And, of course, we will also with a plane that will reduce by 10% the tax advantage of a number of devices. But this is not the only tool used. Some niches will be deleted. Other tax cuts would be concentrated or have their revised calculation method. The idea is to share the effort between businesses and households. We make our decisions be final in mid-September.

Investors fear being heavily utilized.Are they right?

One of the successes of the French economy is the savings of its households. We will be very careful not to destabilize it. In general, we want to protect the purchasing power of the French.

How to pay off the debt that Social Security has widened during the crisis?

Along with bills of state finances and Social Security, this fall, I will defend an organic bill to Parliament which will define the terms of repayment of 35 billion debt to Social Security that we will transfer to Cades . This organic law proposes to extend the four-year life of Cades, which is currently scheduled for late 2021. We also will allocate 3.2 billion euros of additional resources each year to Cades to be learned from the reduction or elimination of certain niches.Finally, Cades benefit from the recovery of the pension reserve fund which it will draw some resources.

You will increase the margin tax on certain investments of life insurance or income from movable capital (bonds, shares …) to finance the Cades?

It is a trail to the study among others.

Some members of the majority will once again seek an increase in the DRES …

We expect this debate during the fall, which is legitimate. But by offering 10 billion euros in savings on tax and social niches, we will show members that we have the means to finance the Cades without having to raise the CRDS.

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In all the advertising for France Televisions would reap 390 million euros in revenues in 2010, against 311 million budgeted. Consequently, the group's finances could be awarded in 2010 while the business plan projected a deficit of 44 million.

Unless of course that the state decides to take some of that pot as he did in 2009.Indeed, last year on $ 110 million surplus advertising, the state had taken 30 million.

If the state decides to take over all or part of the pot, it will reduce the budget of 450 million euros it pays for each compenserl'arrêt advertising after 20 hours. The state would be more tempted to reduce the budgetary resource that taxes on private broadcasters and telecom it had put in place to finance this package are much lower than expected.

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The two behemoths differ as much in their diagnoses of the French market. When Century 21 evaluates to 8.5% average increase in prices over the last twelve months, Fnaim reported an almost stagnant (+0.1%).

As regards property each looks after their own door, because nothing is more difficult to measure changes in prices of existing homes, all different from each other by definition. For its part, Century 21 invokes a simple method."No transaction is forgotten: the collection of information is done automatically from the software used when signing the preliminary contract (promise of sale)," said Laurent Vimont, network chair. Then simply compare the average price per square meter of transactions between two time periods to calculate the evolution.

Century 21 refutes the argument that sellers of "nice apartments" have retained their property during the recession of 2008-2009 winter to put them back on the market in greater numbers in the first half of 2010 when the economy restarts. That does it not distort price comparisons from one period to another? "Not because we are working on samples large enough for this" quality effect "does not play. Our transactions have focused on 23,200 units in France in the first half of 2010, with 1536 sales in Paris, "says one.

Battle figures

Fnaim whose records are also on the "promise of sale", is based on a more sophisticated methodology and relatively delicate absolutely free credit score. "We correct the observed effects of price structures, including the size, location, comfort items, etc. …», explains Nicolas Thouvenin, the Director General of Fnaim. It also boasts a high number of transactions (5000 per month), 10% of the national market.

This method is quite close to the observation model established by notaries, with scientific backing from INSEE for 20 years. Except as notaries, considered the "justices" in statistics, working on sales contracts themselves, so with a delay of at least three months.Other disability, notary fees are not legal obligation to back the information to their rooms (85% do in Paris).

The Housing Secretariat is closely following this battle of numbers. After asking the National Council of Statistical Information (CNIS) a general report on "improving statistics, real estate and construction," which was presented in late March, Benoist Appeared plans to implement some of its recommendations "from the start," says one to his office.

Notaries will now be forced to disclose all their transactions to feed price indices. And they will work on the "pre-contracts" in order to better fit the situation. The reform should come into force from the fourth quarter of 2010 in Ile-de-France and the first quarter of 2011 in the rest of the country, says one.In addition, a device "calibration for private producers of statistics (like Century 21 and Fnaim) would be operational by spring 2011. A sort of tutelage that professionals look more or less enthusiasm and skepticism.

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The first reason advanced by the agency for "the provision of 400 million euros related to the recently announced construction of the Olkiluoto 3 reactor in Finland. The further delay of the Finnish EPR, one of four currently under construction by Areva (with Flamanville in the Channel and two other Chinese), forcing the group to a new provision which would involve a negative operating result for the first half 2010. In total, the group has been provisioned 2.7 billion euros for this site should be completed in late 2012 with four years late.

S & P added that the profitability of Areva would also be affected by a "conflict" is contrasted with EDF about the Georges Besse enrichment plant, in the Drome. Both groups fail to reach an agreement to renew the contract which ensures the Areva uranium enrichment EDF.

The rating agency does have a stable outlook on the debt rating of Areva, convinced that the group should be able to implement successfully the remainder of the disposal plan and its plan to increase capital , strengthening its balance sheet.

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"I also want to stress that exchange rate determined by the market are essential to global economic vitality," wrote as Barack Obama, who is of course referring to China, which Washington believes the currency, the yuan, is artificially under -valued, preparing a showdown with his counterpart, Hu Jintao.

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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.

Other major European markets have also hoisted the green flag. In Frankfurt, the Dax gained 1.98%, and London, the Footsie has won 1.15%. Even mood on Wall Street, where the Dow Jones gained 1.16% and the Nasdaq 1.66% shortly after the close of European stock.

On Wall Street investors were awaiting the publication of the "Beige Book" of the Federal Reserve (Fed), the U.S. central bank, a snapshot report of the U.S. economy.As expected by analysts, the report confirmed a rise in economic activity, but no sign of inflation, reinforcing the idea that the Fed is in no hurry to raise interest rates.

Exports leapt chinoisent

They were also awaiting the speech of Fed Chairman Ben Bernanke, who was to testify before the Budget Committee of the House of Representatives in the afternoon quick pay day loan. Unsurprisingly, Ben Bernanke has confirmed the speech he gave Monday saying that the economic recovery appeared to be "solid" in the United States.

More good news for the markets, a senior Chinese official, the country's exports have jumped by about 50% in May compared to same month of 2009. This figure should be officially released Thursday pushed Asian stock markets Wednesday.If confirmed, it would exceed by far the expectations of analysts who expect an increase of just over 30%.

In Paris, the other major stock markets, investors were engaged in an intense hunt for bargains on financial and cyclical stocks.

Societe Generale, Arcelor Mittal or ST Microelectronics were among the highest increases of ACC 40.

This is the sixth increase in eight years. The price of the stamp for a letter of less than 20 grams had already earned a penny last year. But Post said she "is in the average tariffs in Europe even as the universal service commitments of the post office and geographic constraints are higher in France."

"The rising price of stamps will have a minimal impact on the household budget, or approximately 0.10 ? per month per household," the statement said.In addition, The Post said they considered the economic situation by adjusting charges for companies depending on their situation: there will be no change for major mailers and the increase will be 0.6% Small and medium enterprises.