Eagerly awaited the release of the envelope is part of the plan of 110 billion euros agreed in May 2010.This decision allows especially on track to the second rescue plan prepared in late October, to be finalized between the Greek Government and private creditors in early 2012 best payday advance.

A sign of confidence

For the new Greek government, this decision is also similar to a pledge of confidence in the euro area for the implementation of austerity measures which the aid was conditional. Athens has also worked hard ahead of the meeting date. In a statement released this afternoon, Evangelos Venizelos, Greek Minister of Finance, has assured that "all the necessary conditions" for the new aid program had been met.

It must be said that the release of the tranche was delayed several times.

Rights and duties

"We can not, we can not afford to get into a spending strategy. The real answer requires a transformation of social policy, "said Nicolas Sarkozy. He wants to rights of insured persons are duties. He confirmed that the beneficiaries of the RSA (RSA) should now work seven hours to the community, as announced by the Minister of Solidarity and social cohesion Roselyne Bachelot, September 22. "It should not be a system but a worthy charity," he added.

He announced the creation of a High Council of the financing of social protection "will have to work before the end of the year," to think about solutions. "A third of our GDP is devoted to social protection.

The location of this money is currently undetermined fast cash advance. According to sources close to the investigation, it may be that these funds are still held by banks that handle client funds.The group, which peeled the accounts receivable of MF Global, was alarmed by the disappearance of certain funds.

For now, neither the group nor its leader Jon Corzine, are explicitly implicated by the investigation is still in its débuts.Ils refuse to comment on the matter, the newspaper said New York.

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Few people see it as a sensitive topic. Employees who never raise this issue at work (38% of respondents) said first adopt this attitude of discretion, because they feel that their political views do not watch them. They are only 22% see it as a source of conflict, and 7% fear that their careers will be affected by the opinions they have issued.

However, many employees perceive that the limits are not exceeded.A large majority (60%) judge and moved to a colleague to explain why he should vote for a candidate or party rather than another. Similarly, distributing a leaflet, wear a badge or paste a poster on the politically charged workplace is overwhelmingly considered unacceptable.

If the policy is no longer taboo, employees are also not willing to discuss the subject with anyone. Colleagues are privileged interlocutors. In contrast, only 29% of respondents speak with their political boss, and 15% with customers of their business.

* Poll conducted from September 21 to 29, 2011 among a sample of 1013 employees and officials.

"Testimonials – And you, are you talking about politics at work? Speak your political opinions? Are you afraid to be detrimental to your career? Share your experience in comments below or by email at temoin@lefigaro.fr.

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Technically complex and politically inglorious to the extent that members of the euro area rely on foreign savings failing to show solidarity with each other, the project outlined this weekend in Brussels would be a real barrier fire.The strike force "would be the height of Spain and Italy," said Gilles Moec, an economist at Deutsche Bank in London.

The proposed scheme is to leverage both the capabilities of the European Financial Stability Fund (EFSF) and to mobilize capital from financial surplus. First and foremost, China and emerging countries but also in advanced economies such as Norway and Japan. These contribute in trusts, administered primarily by the IMF, which will not put himself in the pot, says we are.

The highlight of his EFSF 440 billion euros, which have been entrusted by the countries of the euro area – the envelope will remain unchanged – no longer be content to make its guarantee to the issuance of securities, as it has already done for Ireland and Portugal.It will also play the role of "credit enhancer," according to a model used in the United States, for better or for worse, for local authorities and housing loans. This type of intervention will return to ensure a certain percentage of potential losses to purchasers of government securities guaranteed payday loan. A new role for the EFSF: "He was supposed to guarantee loans, it would ensure ex post losses," said Bruno Cavalier, economist at Oddo Securities.

Assembly at several levels

Klaus Regling, the director of EFSF, was responsible for establishing an assembly at several levels in order to create a maximum leverage. According to the recipe holdings cascade in private groups.

On one level will be set up special funds supplied in part by the EFSF, which would bring its security, and other states.On a second level, you will find a special fund involving purely European private capital, always with the guarantee of EFSF. A third channel is considered, on the same principle, but this time shareholders will be provided by non-European states, in a "trust" administered by the IMF – what others call a "special investment vehicle". Note that the IMF has experience of this device, through the Poverty Reduction and Growth Trust, which raised $ 13 billion for the poorest countries.

No one seems yet able to determine the exact allocation of funds that could be offered. Knowing that it is 250 billion euros of capital available, according to a diplomat, the EFSF would likely raise at least five times that amount on the basis of an insurance rate of 20%. Many technical issues remain.In particular the involvement of such a system on the debt of the guarantor countries, including France and its "triple A".

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"The attendance figures, down in the first eight months of from 40 to 50% from a year 2010 already bad, should be better in the second half of the year," said Stephen Pauchant, president of the Meta. According to his calculations, the outlook for 2011 should reflect a fall of 15% of international tourist arrivals (27.3 million) in the area between Morocco and Egypt.However, for the entire perimeter of the Mediterranean, Stephen Pauchant expects an increase of about 2.17%.

The sense of security is "acceptable"

The price reductions, promotional campaigns, the arrival of new customers came from Eastern Europe and Asia do not explain everything: the sense of security has improved in these countries bad credit payday advance. Probing of tourists, the institute noted that TravelSat indices had improved. "Now the feeling of security is considered" acceptable "," said Olivier Henry-Biabaud, president of TravelSat, the index is comparable to some European capitals during a short stay because the stress of city life can be important ".

The fact that in Tunisia, during the Arab spring, no hotels have been attacked, no tourist was concerned, adds to the perception of safety.Important source of foreign exchange, tourism is expected to return in the long term growth. "The tragedies of past attacks demonstrate that the concept of resilience is strongly rooted in these countries, says Maxime Weigert, expert on tourism in IPEMED. Not only tourists return after tragedies such as that of Luxor in 1997 (58 tourists killed), but the learning curve reaches the same level as if nothing had happened. "

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On the macroeconomic front, the ISM manufacturing index in the United States has, however, unexpectedly increased to 51.6% in September (the consensus of analysts expected 50.5%) and construction spending rebounded in the month of August 1.4% (against 0.5% expected).These publications serve to mitigate the concerns about U.S. growth occurred even as the markets again questioned the ability of Greece to meet its budgetary commitments.

But the crisis of public finances continues to produce its harmful effects on the markets. Bad news yesterday in Europe, where Greece has announced that it would lack its budget deficit targets. The second Country Assistance Plan will be the focus of several summit meetings this week: Monday, finance ministers of the euro area were meeting in Luxembourg hours from 5:30 p.m. and Tuesday, those of the entire European Union.This will then be the turn of the Franco-German debate the future of Greece and "ways and means to accelerate economic integration in the euro area".

A new week promises to be tense on Wall Street, where investors are worried more about a possible erosion of corporate earnings, without the support of foreign demand. Past two years, export sales have averaged 30% of the turnover of listed companies in the S & P 500, allowing the results of many of them to exceed the expectations of analysts. In addition, many U.S. multinationals have benefited in recent months the relative weakness of the dollar to support exports.But the euro shows a quarterly decline of more than 7% against the greenback, depriving companies of the damper.

The U.S. ISM better than expected

Most analysts have already lowered their expectations of results. According to Thomson Reuters data, earnings for the third quarter are expected up 13.3% over the same period of 2010, against an expected increase to 17% in early July.

On the macroeconomic front, the manufacturing sector has grown stronger than expected in September in the United States, according to the purchasing managers' index released Monday. This index, calculated by the Institute of Supply Management (ISM), stood at 51.6 against 50.6 last month in August and 50.5 expected.

Construction spending rebounded against all odds in August after falling in July, according to official figures released Monday by the Commerce Department.They rose 1.4% year on year to stand at 799.15 billion dollars, while analysts expected a decline of 0.3% following a decline (revised) 1.4% the previous month.

Oil continues to fall and the dollar to strengthen

Oil prices have closed lower in New York lundisoir in the wake of the stock markets, despite the encouraging figures on manufacturing and sales of automobiles in the United States. On the New York Mercantile Exchange, a barrel of "light sweet crude" for delivery in November lost $ 1.59 from Friday's close, and accounted for 77.61 dollars.

On the currency markets, the dollar continued its rise against the euro, the euro falling by 1.46% to 1.3192 dollar.

Also note, the protest movement against the excesses of Wall Street gains momentum.The New York police said on Sunday that most of the more than 700 demonstrators arrested Saturday as they marched down the Brooklyn Bridge to protest against the excesses and other finance had been released. Further rallies are planned.

Yahoo! Alibaba in the crosshairs

Alibaba China Internet group would be "interested" in acquiring a large U.S. shareholder Yahoo! (2.73% to 13.53 dollars) and has been approached by private equity firms interested in mounting such an operation, said on Monday the Wall Street Journal. Yahoo! is the main shareholder in Alibaba, with 40.5% of its capital, but relations between the two companies are very tense for months.Alibaba has in the past tried to buy this participation, but the direction of Yahoo! there is still refused, partly because of the importance of the contribution for its own market capitalization. The group, which has dismissed its CEO, Carol Bartz, is valued around $ 17 billion in stock. Alibaba is not listed but the whole group is valued around $ 30 billion.

Intel (-3.35% to 20.62 dollars) will acquire Telmap, an Israeli company that designs software for mobile browsing. Details of the agreement were not disclosed, but Israeli media reported that the semiconductor giant would pay between 300 and 350 million dollars (224 euros 261 million).Telmap will become a 100% subsidiary of Intel, retaining its brand, its management and 210 employees.

For its part, Citigroup (-9.78% to 23.11 dollars) would be subject to an investigation by Japanese authorities for lack of information on financial products, according to Reuters. The Japanese Financial Services Agency seeks in particular to know if Citi did not breach disclosure requirements. It also attempts to determine whether the bank is not involved in laundering operations.

Also note, WellPoint (-4.53% to 62.32 dollars) has increased its budget share repurchases of $ 5 billion more.

David Cameron is well echo the words of Barack Obama, who had created great excitement in the European ruling class last weekend.Europeans "through a financial crisis that frightens the world," declared U.S. President who is critical of the inertia of the Old Continent: "They never really occupied the challenges facing their banks," he explained.

Sarkozy-Merkel meeting

Both critics respond course to domestic policy concerns. Faced also with a very fragile economy, David Cameron and Barack Obama have a field day to continental Europe as a scapegoat. Still, they express anxiety was widely distributed across the planet. Meetings of the IMF and the G20 a week ago in Washington were the sounding world. "Europe is at a critical moment in its history.(…) If the decision comes too late, some members of the euro area will leave, "commented Saturday the People's Daily in China, setting the tone of urgency that the entire planet seems to inspire European leaders.

In the economic sphere too, the difficulties of the euro area crystallize the fears. What happened to Friday on Wall Street the big U no fax cash advance.S. bank Morgan Stanley is a striking illustration. Its action was unscrewed from 10.5% in a session on rumors of "exposure" to European banks.An "unofficial source" had to say that Morgan Stanley was exposed either to France or to its banks, the same tone that he employed was not so long on the market to talk about the subprime and other toxic assets! Also appear as irrational and epidermal such reactions, they show how much confidence moved against investment in the euro area.

It is therefore under considerable pressure that EU leaders will engage in an October "marathon". The meetings of finance ministers from the eurozone and the European Union on Monday and Tuesday should not be decisive. The meeting between Nicolas Sarkozy and Angela Merkel planned-probably 9 – will be much more. The Franco-German partnership will give "the" strategy of the euro area, for the top 17 and 18.With three main points on the menu: the treatment of Greek case, the strengthening of capacity of the European Financial Stability Fund, and the terms of consolidation of the banking sector. Part of this last chapter, however, also be written by the European Central Bank, possibly as early as its meeting on October 6. Indeed we expect the ECB to provide more oxygen to the banks as loans at least one year. Europe, she was again meeting with the rest of the world, November 3, G20 Cannes.

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U.S. investors have not received so favorably that the approval on Thursday afternoon of the German parliament to extend the relief fund of the euro area (EFSF).

U.S.: GDP growth rate revised upwards

On the macroeconomic front, the growth rate of GDP of the United States has been officially revised up Thursday, slightly more than analysts thought.Second-quarter U.S. gross domestic product grew 1.3% annualized compared to the previous three months, said the Commerce Department, revising and up 0.3 point its growth estimate released in late August .

On a seasonally adjusted, new jobless claims in the U.S. totaled 391,000 in the week of 18 to 24 September, against 428,000 the previous week.

Real estate side, the promise of sale of existing homes fell in August from 1.2% to 88.6, its lowest level since April. Economists polled by Reuters were expecting a sharper decline at -1.8%.

On the foreign exchange market, the euro rose to 1.3593 displayed dollar (0.50%).A barrel of "light sweet crude" for delivery in November gained 93 cents to 82.14 dollars on the New York Mercantile Exchange where he had opened up more than two dollars.

Values ​​follow:

• LyondellBasell (-4.03% to 26.65 dollars)

French employees of the American specialist petrochemical voted on Thursday extended for 24 hours of their strike and blockade on all Group units in Berre (Bouches-du-Rhône), due to the closure of the refinery . Meeting in mid-day general meeting, they voted the renewal of the movement by a large majority.

• Advanced Micro Devices (-13.66% to 5.31 dollars)

The U.S. manufacturer of microprocessors said Wednesday it lowered its forecast for revenue and gross margin for the third quarter, partly because of production problems at a plant in Germany unsecured personal loans.The group now expects its revenue for the quarter ended October 1, increase by 4 to 6% over the second quarter against a previous forecast of 8 to 12%.

• Amazon (-3.16% to 222.44 dollars)

Internet group Amazon introduced its first multimedia tablet Wednesday, the Fire Kindle, sold half as much as the market leader, Apple's iPad, which promises to be a credible competitor. Sold $ 199 (against at least 499 dollars for an iPad) as of November 15, exclusively in the United States as a first step, the Kindle Fire is part of the range of reading lights Amazon Kindle has been declining for four years.

• Hewlett-Packard (2.54% to 23.78 dollars)

The U.S. computer group used the services of investment bank Goldman Sachs to help it defend itself against a possible hostile bid, said Wednesday the Wall Street Journal.Weakened by the collapse of its share price and the recent upheaval at the helm, the group was concerned that one or more shareholders trying to take control, the newspaper business, citing people familiar with the matter.

• Nokia (3.96 to 5.77 dollars)

The world of mobile phones said Thursday it plans to eliminate 3,500 jobs in Romania, Germany and the United States by the end of next year."Nokia plans to close its operations in Cluj, Romania, by the end of 2011 (…) and plans to close (its offices and commercial activities) in Bonn, Germany and Malvern, United States," by the end of next year, the company said in a statement.

• Ford (0.70% to $ 10)

The automaker plans to hire 7,000 people within two years the United States, ruling that the U.S. economy do not wipe recession.

• General Motors (1.71% to 20.76 dollars)

The group said Thursday that the new contract four-year agreement with the United Auto Workers (UAW) would have a financial impact "minimal".

Recently the Minister of Economy Baroin claimed to have "serious reasons to consider it achievable," while his colleague Valerie Pécresse Budget also reaffirmed Sunday that the government's projections were "conservative and realistic."

Yet, scenarios and expert succession, one after the other, come to doubt the probability of the hypothesis-government.Monday is the Institute of COE-Rexecode conditions that drive the point home: it provides a GDP growth of 1.7% in 2011 and 1.2% in 2012-exactly the consensus of economists. Or acceleration or slowdown: after the air hole last spring, COE-Rexecode see activity continue on a pace soft below the trend between 2001 and 2007.

Monitor the distribution of credit

"We do not retain perspective as the most likely scenario that the recessive stock markets seem to play for Europe," says Institute (close to employers), chaired by Michel Didier.But further, he warns, watch in the coming months "the impact on the lending of a possible increase in the cost of bank refinancing and even more difficult access to liquidity," and that "the downward revision of investment programs that entrepreneurs may have to perform under extra care" against the current deterioration of the environment.

COE-Rexecode also cautions that its expectations are based on "the assumption that the interventions of the ECB and the introduction of means of the European Financial Stability manage to break the downward spiral of financial markets and to avoid the contagion of Other States in the euro area and the banking system. "

In this context, reduction of public deficits "is a priority," but "to limit the short-term impact on growth and raise potential growth, cost savings are preferable to increase the tax burden," insists the Institute. Issue of competitiveness.