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Officials will be more affected by rigor. The government decided on Tuesday: one day waiting period will be established for employees in case of sickness. Earlier in the day, the Prime Minister, François Fillon, was tried before the House the case "reasonable." This period corresponds to the time at the beginning of the stop, during which the insured does not receive allocation.

In private, the waiting period is currently three days. But under the austerity plan, the government plans to bring it to four days, stated Valérie Pécresse and Xavier Bertrand on Tuesday. A measure subsided, according to the entourage of the Minister, by which pension arrangements are provided 70% of employees, which may reduce or eliminate this delay.

Stops short penalized more

This extra day would represent a saving of around 200 million euros.

The president Nicolas Sarkozy is scheduled to visit tomorrow, Tuesday in the Creuse to meet the farmers. The daily Les Echos, they confirm that occasion a very expected: a decrease in payroll of approximately one euro per hour at the minimum wage. This reduction would occur in 2012 and aims to improve the competitiveness of industries that use lots of labor, such as fruit and vegetables. This announcement, however, could be accompanied by a far less popular.

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 –

Germany "means that Greece is a member of the euro area", reaffirmed on Monday a spokesman for the Ministry of Economy … who quickly added that Athens was coupled with the necessary reforms "loosely controlled". A phrase that sums up how Berlin is losing patience.

An internal document in German Ministry of Finance, taken by the newspaper Handelsblatt, illustrates the degradation of the opinion of the Germans against the Greeks: "The Government will further Papandreou promised much to its partners, to access a new tranche of credit, but it will not happen, "it said. And his conclusion is clear: Germany is preparing seriously to stop helping Athens.

In fact, Berlin is now considering a very real insolvency of Greece.Finance Minister Wolfgang Schäuble is no longer small sentences like this weekend when it was hammered out of the question to continue paying for Greece as it does not fulfill the conditions set by its creditors.

The post-bankruptcy in the study

In gray and cream long corridors of the Ministry of Wilhelmstrasse, the teams of the latter were already working on the management of post-bankruptcy. According to Spiegel, two scenarios are discussed – the output of Pure and simple in the euro area. The Department neither confirms nor denies. But in an article published yesterday, the Minister of Economy, Philipp Rösler, openly spoke of a possible bankruptcy of Greece.

Yet next scene, the CDU denies pessimism. For the president of the parliamentary group in the Bundestag Volker Kauder, "an exit from the euro area is not a solution."The party's general secretary, Hermann Grohe, Cassandra pin that inflame the debate: "We need to encourage the Greeks. We help are people in this way. "

Chancellor Angela Merkel sticks, meanwhile, delivered the remarks Sunday in an interview with the daily Tagesspiegel, saying that one can not "fix overnight what is not done for years" . On Monday, after his meeting with José Manuel Barroso, it simply just a terse statement on the importance of the euro.But if his spokesman said that the government's official position is to rely on the conclusions of the troika (EU-IMF-ECB), which experts arrive Wednesday in Greece for a thorough audit, he added that Germany Greece would not help that "in very strict conditions."

Ruling coalition isolated

Within the ruling coalition in Berlin, the Christian Democrats are isolated. The brothers enemies of Free Democrats and the Bavarian CSU common cause. When Philipp Rösler, also chairman of the FDP and thus vice-chancellor, said that one should "refrain from further consider an orderly insolvency of Greece", the patron of Christian social applauds Horst Seehofer, "content that these thoughts are expressed out loud. "

The CSU has also adopted an important resolution yesterday internally.In fifteen pages, it will detail the conditions it deems necessary to accept in the future to vote on plans to assist countries in need. It says this sentence murders: "States which are not able to stick to common rules, and put the euro area in difficulty should expect to leave the currency area." In Germany, the time of indulgence is over.

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"CRISIS SPECIAL: fear of debt

The plight of employees Sodimedical continues. For three months, the German group Lohmann & Rauscher, who owns the manufacturing company of medical equipment, refuses to pay the salaries of its fifty employees, says the "Parisien in France Today" on Friday.

A retaliatory measure following the invalidation by the court in February of the social plan concocted by management, who wanted to relocate its production to China. Considering the economic reasons cited by Sodimedical as unjustified (because the company depends on its parent, very profitable), the high court of Troyes was the beginning of the year pushed the rules of redundancy.

Director sequestered

But since then, the situation of employees of Plancy-l'Abbaye, in the Aube near Troyes, stronghold Baroin, has not arranged.As of May, Sodimedical no longer paid the salaries of its employees guaranteed payday loans. "The employees are without work and without income illegally," said Mr. Brown, their lawyer.

Despite several convictions by the courts, forcing the company to pay wages on pain of penalty, financial difficulties accumulate. "The state is unable to enforce court decisions. We met with the Minister of Economy Baroin, who returned the ball to the prefect, "said an employee on a daily basis. Without success.

Twice in June, employees have unsuccessfully tried to succeed by sequestering their manager, later released by police.The Commercial Court of Troyes should again today to decide the fate of employees Sodimedical.

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After losing more than 8% over the last seven sessions, and have plunged dangerously, this morning, falling 1.8% to 3460 points, the Cac 40 limited its losses slightly in mid-session, down from 0.40% to 3508.71 points. The index featuring Paris is nevertheless on track to sign an eighth consecutive day of decline.

On other European financial centers, the Footsie-100 from the London Stock Exchange 0.97% to 5663.10 loose points, the DAX 30 Frankfurt Stock Exchange lost 0.83% to 6740 points. But stock markets in the South, the more destabilized the previous day to resume mid-term: 20 PSI of the Lisbon Stock Exchange will stop over as well, only 0.05%. Milan bounces more frankly about 1.15%, and Madrid, 1.59%.

Juncker meets with Italian Minister of Finance

The European sovereign debt and U.S. continue to weigh heavily on the trend.Yield spreads between bonds to ten years Spanish and Italian over German bonds widen. They stood at 402 basis points respectively (13 bps) and 386 basis points (12 bps). Italy and Spain are again under pressure from the markets fear a contagion of debt. Their governments are mobilizing to stem the panic even if Brussels has ruled out any discussion of a bailout for those countries. The Italian Finance Minister Giulio Tremonti and the leader of the euro zone, Jean-Claude Juncker, today concluded their discussion by considering that the reflection on the debt crisis was to continue "calmly."For its part, the Spanish Prime Minister Jose Luis Zapatero on Wednesday convened a meeting on "market movements".

China increasingly perplexed vis-à-vis the dollar

Investors also remain worried about the strength of U.S. growth. And, although the Senate has ratified Tuesday the plan to raise the debt ceiling. Insufficient agreement by Moody's which could lower the rating of the country. The closing down sharply on Wall Street Tuesday night also confirms the markets in their choice to continue to withdraw.

China, for its part welcomed the adoption of very hard this plan. Beijing said it would continue to limit its dependence on the dollar, whereas the U.S. has failed to defuse "the bomb of debt." The rating agency Dagong China in the wake downgraded American.Wednesday morning, Asian stock markets, with the exception of Shanghai, changing all down sharply.

Eurozone: activity in services slows further

On the macroeconomic front, the growth of activity in the services sector continued to slow in July to register their slowest pace since March 2010. The PMI index reached 54.2 against 56.1 in June.

The same goes for the euro area and for Germany: the composite index stood at 52.5 against 56.3 respectively in June and 51.1 against 53.3 in June.

For the euro area, retail sales rebounded 0.9% in June compared to May, where they had fallen by 1.3%, said Wednesday the EU statistics office Eurostat.Eurostat revised down its initial estimate for the month of May, initially announced at 1.1%.

In the U.S., investors will also pay attention to employment figures in the private sector in July (2:15 p.m.), the industrial orders in June (16 hours), the ISM services in the month July (16 hours) and weekly inventory of crude oil (16.30).

Bic flies, Societe Generale sinks

Air France-KLM: + 0.38% to 7.86 euros

The airline plans to delays or cancellations of flights, from Paris, following a strike by technicians responsible for maintenance of its aircraft.

Total: -0.64% to 36.56 euros

The oil company and its CEO Christophe de Margerie were returned to correctional late July for "active corruption" in the investigation into the UN program "Oil against food" in Saddam Hussein's Iraq from 1996 to 2003 officials said a judicial source.

Danone: + 0.01% to 49.51 euros

The dairy group has unveiled a proposed acquisition of 250 million euros in nutrition in India to expand into the Indian markets for infant nutrition and medical purposes.

Societe Generale: -6.91% to 30.26 euros

The bank chaired by Frédéric Oudéa posted net income down 31% to 747 million because of writedowns on loans Greek past.Greece forced Societe Generale has given up its goal of net profit of 6 billion euros in 2012.

Crédit Agricole: -1.53% to 7.87 euros

The bank said it had sold its commercial finance Eurofactor in Britain to GE Capital.

Suez Environnement: + 1.87% to 12.82 euros

The group specializes in water management and waste released on Wednesday a net profit down 43% to 221 million euros in the first half. Suez Environnement, however, reaffirmed its financial targets for 2011-2013.

Bic: + 4.62% to 64.34 euros

Bic raised its growth target for the division of pens, lighters and disposable razors, to "greater than 5%" against up to 5%.Instead, the group anticipates a decline of about 10% growth for its advertising and promotional products division against 5% previously.

Hermes: -2.50% to 237.50 euros

The Association for the Defence of Minority Shareholders (Adam) wonders why the saddle spends as much to buy back its own shares, whose price has reached a new record this week, said Tuesday its president Colette Neuville.

Renault: -0.06% to 35.34 euros, Peugeot: + 0.66% to 24.43 euros

American manufacturers have announced their sales figures on Tuesday night. Chrysler reported a 20% increase in sales of new cars in the U.S. in July, while Ford saw its own increase by 9%.French car values ​​rebound sharply in mid-session.

Accor: -0.80% to 28.59 euros

Accor announced the signing of the sale of catering group Lenôtre Sodexo following the favorable opinion of the works councils of both groups.

After-hours trading, Vilmorin and Cegedim must publish their annual turnover for the first and second quarters respectively.

The U.S. stock markets open lower again on Friday. The Dow Jones down 0.87% at 12,134 points and the Standard & Poor's 500 and Nasdaq 100 recede 1% respectively in 1287 and 0.96% points to 2740 points. Thursday, Wall Street recorded a fifth straight session decline.

The bad news on the front of the U.S. economy weighs heavily on the trend of economic growth the U.S. has slowed sharply in 2011 to 1.3% annual rate in the second quarter in a first estimate published Friday by the U.S. government.This growth rate, below analysts' expectations (1.8%), is particularly low given the significant revision of the first quarter, now estimated at 0.4% against 1.9% in June

U.S. markets are also penalized by the current political impasse in Washington, where Democrats and Republicans compete on the thorny question of raising the federal debt ceiling and deficit reduction. Just a few days of August 2, after which, according to the Treasury, the U.S. may default a blocking this weighs heavily on investor sentiment.That night, the U.S. House of Representatives postponed the vote on the plan of raising the U.S. debt ceiling.

Barack Obama will speak this Friday at 16.20 Paris time.

This new failure could, under the new Executive Director of the International Monetary Fund, Christine Lagarde, affect the value of the dollar. "One consequence is a decline in the dollar as reserve currency and reduced confidence in the dollar," she said in an interview with PBS.Some 14 patrons of banks, insurance companies and other financial institutions on Wall Street Thursday wrote to President Barack Obama and members of Congress to "call upon to reach agreement this week."

Moody's lowers rating outlook for Spain

Adding to the nervousness of the markets in Europe, the rating agency Moody's is considering lowering the rating of Spain. On the foreign exchange market, the euro was immediately dropped below the 1.43 dollar. Around 11:00, the European currency was worth 1.4276 dollars against 1.4324 dollars on Thursday night. Oil prices also retreated in the late morning. A barrel of Brent North Sea crude for September delivery was trading at 117.10 dollars on the Intercontinental Exchange (ICE) in London, down 26 cents from the close of Thursday.In electronic trading on the New York Mercantile Exchange, a barrel of "light sweet crude" (WTI) for the same maturity fell by 52 cents to 96.92 dollars.

On the macroeconomic front, investors will be watching today's first estimate of gross domestic product (GDP) of the United States in the second quarter.

The side of values

Starbucks (-1% to 39.58 dollars) unveiled for the third quarter of its fiscal year profit up 34% to 279 million and a turnover of 2.9 billion dollars, up 12% and 8 % same-store thanks to an increase in traffic (6%) and average ticket (2%).CEO Howard Schultz commented: "We hope to achieve our EPS growth of 15% to 20% in fiscal 2012. ".

For his part, Metlife (1.48% at 40 and 40 dollars) recorded operating income of $ 16.9 billion, up 33%. Premiums and other revenues increased to 11.8 38U billion, following the acquisition of Alico, while investment income jumped 24% to $ 5.1 billion.

Chesapeake Energy (3.77% to 34.69 dollars) realized in the third quarter earnings per share of 0.76 dollars against 0.75 dollars excluding special items.

Expedia (3.48% to $ 30) recorded an adjusted earnings per share of 0.55 dollars in the second quarter against 0.44 dollar a year earlier. Revenues jumped 23% to $ 1 billion.Gross bookings increased 19% and the number of transactions increased by 15% while advertising revenues rose 27%.

McKesson (0.60% to 80.08 dollars) made from earnings per share for the first quarter of 1.27 dollar against 1.16 dollar last year and a turnover of 30 billion dollars in 9% increase. The company raised its earnings per share target to 6.09 – 6.29 dollars against a previous estimate of 5.55 – 5.75 dollars.

Motorola Mobility (-5.06% to 21.75 dollars) has issued an earnings per share for the second quarter of 0.09 dollars against a loss of 0.3 dollar per share last year. Sales rose 28% to $ 3.3 billion.

After his sister Moody's, the rating agency Standard & Poor's sanctions Greece. It announced on Wednesday the downgrade of the country to "CC" with a negative outlook. Athens is found in two notches of default. The aid plan presented last Thursday by the European leaders will put Greece in a de facto situation of "selective default", argues the agency.

The plan, which provides a 20% loss to investors holding voluntary debt Greek, "is not investor friendly," said Standard & Poor's (S & P). "Although no date was given for the launch of this plan, we understand that it will not take place until September at the earliest. When it announced a deterioration in the notes to the rank of "selective default" (SD) should occur, "warns S & P.

In addition, Standard & Poor's believes that if the European Financial Stability Fund (EFSF) acquires large-scale debt securities on the market at prices planed, the country will also be in default selective. Note of Greece will be raised when the buybacks and debt restructuring will be completed.

But S & P remains cautious. After this first failure, the risk that the country face new fault "remains high". The head of the country rating agency launched statements in that Tuesday morning. "We plan to grant Greece a low rating in the speculative grade", that is to say high risk, he warns. The debt would still represent more than 130% of GDP at the end of 2011 and growth prospects, S & P notes, remain uncertain.

The President of the European Central Bank took the defense of Greece, shortly before the announcement of S & P. Speculate on a failure of Greece, he said, "would be the surest way to lose money after the decision last Thursday," giving new aid to the country.

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After the surprise announcement Saturday of the candidacy of Israel Stanley Fisher for the leadership of the International Monetary Fund (IMF), the French Minister of Economy and Finance, Christine Lagarde, seems to consolidate his lead in leadership contest the institution. After a world tour in emerging countries to reassure them about their future place within the institution, the French candidate has received further support. Last Friday, the Congolese Minister of Finance Matata Mapon announced in Lisbon in support of Africa Christine Lagarde. Sunday, Egypt and United Arab Emirates (UAE) have joined the ranks by announcing to turn their preference for the candidate. Significant support, Egypt has a representative among the 24 members of the Board of Trustees.

The same day, Indonesia has also persuaded her."Personally I support France," said Minister of Finance of Indonesia, Agus Martowardojo the sidelines of an economic conference in Jakarta, highlighting the professionalism and competence of the French minister "in the interaction between organizations, and that his "high integrity and expertise small personal loans."

Operation successful seduction

In his world tour, Christine Lagarde said his vision for a reformed IMF to give more weight to emerging countries. Remains in the race to succeed Dominique Strauss-Kahn, the final choice remains in the hands of large economic powers, which have not yet formalized their decision. Among them, the United States and Japan. The Japanese archipelago has only 6% of votes in the IMF. The United States, themselves, hold the largest share.

The choice of Russia is also expected in the coming days.On 27 May, Prime Minister Vladimir Putin held "quite acceptable" and "very serious" the French minister's candidacy. Decisions of Brazil, China and India, all three visited last week by Christine Lagarde, should be more evenly too wait. The results of the nomination process for this term of 5 years are expected by June 30

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The battle will be tough on Tuesday at the Assembly: MEPs adopt or reject the amendment to the UMP famous Marc Le Fur taxing works of art to the ISF. The election be close, so the measure is controversial. It was passed Wednesday in the narrow circle of the Finance Committee with the votes of the Left and some elected majority, despite opposition from the general rapporteur of the budget, Gilles Carrez (UMP).

And the government is opposed. Sunday is Frederic Mitterrand, the Minister of Culture and Communication, which is mounted to the plate in an interview with Journal du Dimanche. "The taxation of works of art would mechanically collapse art market," he said.And added that the IRS can not afford to make checks, "the collection is so uncertain that it is not even encrypted by the Ministry of Finance."

Aware that the game is far from won, the Minister of Culture has sent a letter to the elected majority and will meet Tuesday morning. Gilles Carrez also seeks to convince. Some suggest an alternative solution, proposed amendment by Jean-Louis Borloo fall 5% to 19% taxation on capital gains on the sale of works of art. Gilles Carrez, but there is not favorable.

Losers among the highest wealth

More generally, the review this week in the Assembly to reform the taxation of wealth may be an obstacle course Internet Payday loans. Because the amendment on the artworks is just one more … 2000.The Socialists have multiplied the amendments, this reform reduces the ISF and removes the tax shield a political issue.

In its report on the text, Gilles Carrez, however, shows that taxpayers who receive the ISF will lose the shield to the reform, due to the end of the shield. Thus, 1015 households with more than 16.5 million euros of assets and beneficiaries of the shield will pay an average 211,323 euros EWB, against 64,164 euros today. Indirectly, these figures show that the shield divided by more than six bills EWB (429,057 euros before shield, 64,164 euros after). For estates of more than 65 million, the same bill passes 1.6 million to 275,000 euros. Considering that some taxpayers have abused the system by artificially reducing their taxable income (eg life insurance), Gilles Carrez defends removing the shield.However, he worries about the replacement part of the ISF, a tax increase of 11% per year, by inheritance and gift taxes, up 6%. And he notes that the reform leaves a hole of 550 million in 2012.

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"ISF: an amendment that troublemaker right

It's definitely good news. Growth of 2011 has started on a flying, rising 1% in the first quarter, after the tiny increase of 0.3% in the last quarter of 2010, according to figures released Friday by the INSEE. Not only is it much better than what was expected, but it is also the best quarterly performance registered by France since 2006. You almost forget that the institute of statistics at the same time, lowered the growth figures for the previous three years!

The Economy Minister, Christine Lagarde, who blew the whistle on the previous evening, was immediately welcomed this figure, which confirms "that the French economy is set on a path of robust recovery."Jean-Francois Cope, secretary general of the UMP, for his part spoke of "excellent performance".

It must be said that, as the saying goes at Bercy, all the lights earlier this year are "green" to watching a few nuances in detail. Household consumption was slightly accelerated, rising 0.6% against 0.4% over the last three months of 2010. And proof that the expenses do not only with cars and the latest gaming effects of scrapping the service consumption rebounded sharply. Business investment has, meanwhile, performed well.

Click on the thumbnail to enlarge the graphic.

The institute noted however that the balance of trade "contributes negatively again" on GDP growth (-0.4 point), but that "this is more than offset" by changes in business inventories, which contribute positively to 0.7 percentage points to growth.

Industrial production finally jumped 3.4% and `show its strongest growth over the last thirty years," Christine Lagarde welcomes. Which does not specify that this rebound in industrial production is largely due to the production of refined products, which dates back strongly for technical reasons related to the correction of consequences "of social movements at the end of last year" in refineries , said Insee payday loans.

"A little less strong"

The Minister of Economy nevertheless acknowledged "very possible" that the second quarter "a little less strong.""One swallow does not make statistical economic spring," said, in his way, the number two PS, Harlem Desir.

For even if the number of start of the year is a reflection of economic situation improves, the pace may not continue. Rising raw material, exchange rate of the euro, higher inflation that continues in the purchasing power effect of stock-cons, or international situation deteriorates … So many reasons fear a slowdown in coming months .

Bercy, however, confirmed on Friday its growth forecast for 2011 to 2%. The goal now seems achievable because over for the current year is already 1.6%.Traditionally more pessimistic, the European Commission was asked to meet on Friday too, its growth forecast for the Hexagon, 1.7% to 1.8% over the year.

2008, 2009, two years of recession

Each year in May, INSEE revised the growth of the three previous years. This time, it's a bunch down! Growth in 2010 has not reached as planned 1.5% but 1.4%. The recession of 2009 was 2.6% and not 2.5%.But it is in 2008 that the difference is most significant: adjusted downwards by 0.3 percentage points, the year does not end on a growth of 0.1% as announced, but a decline in GDP of 0, 2%, according to Insee

Moreover, the institute has recalculated the slight increase in deficit (state, social security, local) of France in 2010 to 7.1% of GDP at year end as against 7% announced earlier.

As for the debt, it was 82.3%, instead of 81.7% predicted previously to 1 591.2 billion.

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