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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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"SPECIAL CASE – Greece, a challenge for Europe

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.

Diplomatic relations between Switzerland and Germany could still suffer. After the controversial purchase of a CD from Switzerland containing lists of suspected tax evaders in Germany launches massive search operation in the German subsidiary of Swiss bank Credit Suisse. Objective: to update the 1100 alleged customers of the bank suspected of evading taxes, and employees of the bank suspected to have helped.

The raids took place simultaneously in 13 cities and were conducted by 150 officers. Credit Suisse, which remained silent on the subject, has finally reacted by saying "cooperate with the authorities." "This is an ongoing investigation, so we can give more information," says the facility.

Unsurprisingly

Since March 19 this year, the Dusseldorf prosecutor's office suggested that he was investigating cons these clients in the fight against tax evasion carried out by the government. The purchase of the CD has already led almost 12.000à denounce himself, according to last count, in late March.

Credit Suisse is not the only Swiss bank in the sights of German authorities. UBS industry leader, is also subject of an investigation, not prosecution, but the authority of financial sector supervision Authority (BaFin).

Negotiations stalled

These searches involved in full discussions between Bern and Berlin on improving the exchange of information between the two countries payday loans in 1 hour. Both governments wish to reach an agreement that also aims to avoid double taxation.

In late March, the finance ministers of the two states signed a convention in this sense, but it is still not signed. Both governments face difficult issues such as control of German assets placed in Switzerland. A working group has also been mandated to expand the proposals and make findings in the fall.

Meanwhile, the convention is not in force, allowing Germany to put pressure on Swiss institutions. The spokesman for the German Finance Ministry wants yet reassuring: "We assume that the negotiations with Switzerland will continue to be constructive and to unfold in an atmosphere of mutual trust." He says they will, if successful, to "render obsolete" files using File Swiss bank clients stolen and resold.

The German technique is the same as that adopted in respect of Liechtenstein. In 2008, the Secret Service had bought a CD of stolen banking data, to 4.2 million euros. Having conducted several surveys, they managed to uncover many fraudsters, including the former boss of Deutsche Post, Klaus Zumwinkel. Under pressure, Liechtenstein was finally ratified an agreement on exchange of information on German assets located within the principality.

This is a total war being waged now Google and Apple, opening the front lines in all areas of mobile Internet. Mobile advertising terminals via the operating system and applications, the giant online research and computer manufacturer will not release one ounce of ground to their opponents. That's why Google, who made a fortune during a decade in marketing advertisements on its search engine, is preparing to start selling music online.

The Dow Jones is expected to open up 0.67% at 10,206 points. The index futures are predicting a slight increase in opening of U.S. markets. Shortly before the opening of Wall Street, futures on indices Standard & Poor's 500 and Nasdaq 100 advanced 0.76% respectively at 1093.30 points from 0.65% to 1854.50 points.

Caution remains the watchword. The statistics emerged mixed Friday, with an index of consumer confidence than expected for the month of June, but the announcement of an unexpected decline in retail sales in May The Dow Jones closed up 0.38% at 10,211 points while the Nasdaq gained 1.12% to 2243 points.The three major U.S. stock indices ended the week in the green since the S & P 500 closed with a gain of 2.5%

In this session of transition marked by an agenda very quiet and a euro that has just crossed the $ 1.21 mark, investors could resume, however, slowly, some appetite for risk, encouraged by the improving market Asian and good consumption figures published last week in the United States.

Real estate, consumption and inflation on the agenda

They eagerly await the remarks on Wednesday held Federal Reserve Chairman Ben Bernanke on financial sector reform.We know already that the crisis of sovereign debt in Europe has pushed the timetable of the next Federal Reserve decision affecting its basic rate, as provided Monday James Bullard, president of Fed St. Louis.

Before that, the functions of building permits (Tuesday) and housing starts (Wednesday) will be monitored closely. But these indicators should have a real strong correction with the end of the tax credit.

On Wednesday, the industrial production should instead show strong growth for the month of May, while producer prices (same day), then consumer prices (Thursday), should confirm the absence of inflation United States.

Shortly loaded results, the agenda will be dominated by Wall Street setting CBOE Stock Exchange, the last U.S. platform independent.The price of the introduction should be provided on Monday night.

In addition, FedEx (Wednesday), the cruise Cardinal (today) and Best Buy (tomorrow) will publish their quarterly results.

Moreover, the U.S. administration is stepping up its action against the British oil and wants to confiscate the group dividends. A threat to the stock.

The Awards have finally found the way up. The CAC 40 has changed course several times in the morning to finally get its act together in the afternoon, encouraged by Wall Street. After six consecutive sessions in the red, the CAC 40 advanced 1.96%, to end the session at 3 446.77 points, a turnover of around 4 billion euros.

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.

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.

New figures from the Council Guidance pensions are only confirm if the government goes to the end of his intentions – to save both the PAYG and straighten the public accounts – it is unclear how the French could avoid working longer. This does not mean that other levers should not be operated. A review of parameters.

Reduce the level of pensions

Nicolas Sarkozy was the first to dismiss the idea in January. Unions do not want anyway, to hear about it. The employers itself displays its reserves, even though Laurence Parisot asked to "boost capital" in addition to the PAYG.If pension levels, in absolute terms, increases over the years – especially for women whose careers are becoming more comprehensive and low wages that benefit from the introduction of minimum social benefits – the replacement rate (pension on final salary) back. This particular effect Balladur reform, which increased the load on the best 25 years instead of 10, and the slow erosion of returns supplemental Agirc-Arrco, which allowed them to avoid deficits until very recently.

All stakeholders agree that going further would risk provoking a crisis of confidence: the active young will eventually refuse to contribute if they are not guaranteed to receive in turn, once retired, are of decent.The CFE-CGC requires such registration in the law of a minimum pension, as a percentage of final salary.

Increase contributions

This is the easy way: one more point here and instantly additional 4 to 5 billion per year for CNAV (basic scheme of private). Companies do not want this additional burden, on behalf of their competitiveness. If it is the employees that support the increase, they lose purchasing power. Some unions are ready, subject to obtaining compensation and guarantees. But their primary focus new resources: FOR, for example, claims to find 20 billion by taxing more stock options, participation, incentives – the risk of killing these devices – or profits not reinvested enterprise.

CGPME and UPA are open to charges "bearing not only on labor income, as the CSG, which is already funding some of the pension. Labour Minister, Eric Woerth, closed the door Monday at any general increase in premiums or the CSG, while claiming to open "a few additional contributions here and there" should involve some capital income payday loan.

From later

It is the only lever capable of creating community wealth, "says Bercy. So far, the route chosen was to extend the contribution period required for a full rate of contribution: currently set at 40.5 years for those born after 1950 will reach age 41 in 2012 (those born after 1952 ). The effects are slow on the effective age of retirement.It has just begun to rise in 2009 (61.6 years for private sector employees). Explanation: because they started working young, or through "bonus" (two years of contributions per child for mothers), three quarters of people reaching age 60 have already contributed enough to achieve the full rate. 52% of private sector employees who have liquidated their retirement last year to 60 years had the same eight quarters longer than necessary to get a full rate. In other words, even lengthening the contribution period of two years, they would probably still 60 years left to "pile"!

That's why raising the legal age – a taboo Supreme unions, except CFE-CGC – relates more to the pension funds in the short and medium term, which was made the contribution period.Skip gradual retirement at age 60 to retire at 61.5 years would reduce from 4.4 billion euro deficit in the general scheme in 2020, had calculated the ROC in 2008. Push too far this track would be "extravagant," felt a week ago, Jean-Christophe Le Duigou (CGT), given the low employment of older workers. For the government and MEDEF, is precisely by delaying age that companies will take the habit of betting on older rather than dispose of it.

The relocation of another terminal is planned, which would probably be very effective but very difficult financially symbolically see the age at which an employee receives a full rate pension, regardless of length of contribution. It is currently 65 years.This is the age of 13% of new retirees last year, and 21% of new retirees (the women likely to have interrupted their careers to raise their children, often need to reach this terminal to take advantage of full rate).

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"SPECIAL CASE – Retirement: Issues of reform

"Pensions: 72 to 115 billion" hole "in 2050

Tereos (Beghin-Say, The Parrot), second European sugar, wants to empower his ambition of becoming a major player in ethanol, a very strong market growth worldwide.

The cooperative group, obtained in 2002 from the merger of Beghin-Say and Union SDA, announced Monday the creation of a new subsidiary, Tereos Internacional, which will consolidate its processing of cereals and sugar cane, including participation in Guarani (69%), its Brazilian subsidiary. Tereos Internacional is a Brazilian company, but she expects to be listed in Paris and Sao Paulo and raise money on both platforms. In Paris, he was one of the few operations IPO since the start of the financial crisis. "This dual listing aims to strengthen the international anchors the group" welcomes Philippe Duval, CEO of Tereos.Part of the operation will be reserved for its 12000associ?s cooperators. Tereos, advised by Rothschild and the firm Linklaters, will remain the majority shareholder. The parent retains its status Tereos cooperative is refocusing on its roots, beet processing in Europe (France, Czech Republic, Spain).One area in which the maneuvers have already taken place.

"Scaling"

The creation of a subsidiary consolidate its transformation is the result of a diversification strategy initiated fifteen years ago both in its products (starch, alcohol, ethanol, energy) as its geographical coverage (Europe, Brazil , Indian Ocean) cheap payday advance.

Tereos Internacional, which counts among its clients manufacturers like Coca-Cola, Kraft Foods and Unilever, will become a "world leader" of bioenergy and food with an annual turnover of 1.86 billion initial d ' euros. In the crosshairs of the group, emerging markets, where the potential for long-term growth markets of sugar, starch and ethanol, has something to dream about.After more than doubled since 2003, global consumption of ethanol, led by Brazil and the United States, is expected to double again by 2015.

In Brazil, the largest producer of sugar, Tereos inherited two plants Guarani upon redemption of Beghin-Say. Since then, four plants were built, making the fourth Guarani sugar in the country and number five in the production of ethanol. "We see a huge change of scale in this country," notes Philippe Duval. There, more and more cars run on ethanol. Groups such as Dreyfus and Shell, combined with Brazilian producer Cosan biofuels, broke into the country, encouraging Tereos to accelerate its development and to participate in industry consolidation.Elsewhere, particularly in Asia, the consumption of starch, which should increase by 50% by 2015.

Engaged in an active policy of acquisitions, the latest being that of sugar in the French Quarter Meeting, Tereos cautiously advance his pawns. In less than ten years, its turnover has doubled. And the president has not hidden at the beginning want to double in size within five years.

After starting the week very uncertain, Friday's meeting marks a consolidation of most Asian stock markets in a very active market with the approach of the end of Japanese fiscal year March 31.

With the exception of the Stock Exchange of Hong Kong who abandons 0.20% to 21,288 points, all major Asian markets closed the session up: Tokyo, whose flagship index, the Nikkei 225 is pressed over of 10,800 points, closing at 0.69% at 10,811 points.

From the other side areas, fire is almost green at the end: Singapore rose 0.34% to 2923 points, Bombay climbed 0.21% to 17,555 points, Sydney advance of 0.19% to 4872 points, Seoul ended up 0.59% to 3540 points and Taiwan concluded a small increase from 0.04% to 7 cheapest personal loan rates . 889 points.

U.S. indicators released Thursday had to reassure Asian markets. Only Hong Kong so this ends up on a bad note in a difficult situation between China and the United States.Chinese leaders have asked their American counterparts not to "politicize" the issue of the exchange rate of the yuan, on pain of "complicating" the situation.

Crude prices were down Friday in electronic trading in Asia, reflecting the stronger U.S. dollar, dealers said.

In morning trading, a barrel of light sweet crude for April delivery yielded 29 cents to 81.91 dollars while the barrel of Brent North Sea for May delivery dropped 26 cents to 81.22 dollars.