• On the principle of austerity plan

To: "Rigorous, that means we are trying simply not to spend more than we earn, defended Gilles Carrez (UMP), General Rapporteur of the budget to the National Assembly. This is still the least serious. It's been 35 years since we spend more than you win. "

Cons: Attention Cycle "infernal restraint, lower growth," warned the Socialist Michel Sapin, close to François Hollande.(…) Must be avoided that there is more possibility of moonlighting. "

More broadly, the self-entrepreneurs fear that their services are subject to VAT, which would increase the cost to the customer and complicate their efforts. "If the specific regime of VAT on maintenance, repairs had to be increased from 5.5% to 7% to meet the economic challenges in Europe and that of the euro", the Union of self entrepreneurs ( UAE).

• Taxing more large companies

To: The boss of bosses Laurence Parisot is not opposed to the principle: "It is possible to consider things temporary, exceptional measures, time adjustments. But we must not imagine a device that would be sustainable.

Creditor banks in Greece will have to accept losses "substantial" in the new bailout of the country, known to be substantially revised over the deteriorating economic situation, warned Saturday the European Ministers of Finance. At a meeting of central bankers in the euro zone on Friday night, "we agreed to say that we had to have a substantial increase in the contribution of the banks' rescue of Greece, as a impairment of their claims, said the leader of European finance ministers, Jean-Claude Juncker.

According to diplomatic sources, the ministers agreed to effectively negotiate with the banks at a discount of "at least 50%" against a target of 21% decided on July 21 with the banking sector.They thus de facto endorsed the conclusions of an expert report which was presented by the troika of donor funds in Greece (EU, ECB and IMF). The paper believes that a discount of 50 or 60% hope to stabilize Greece without having to increase in the amount of gigantic international loans that have already been promised.

A "discount" is the term used in relation to the financial depreciation of the value of loans taken by creditors in this case private banks and investment funds that hold government debt. A discount of 50% of the private sector, the second program of public financial support pledged July 21 to Greece, however, should be slightly revised upwards with government loans (Europe and IMF) to 114 billion euros, against 109 billion euros at the time scheduled.To maintain the envelope of 109 billion euros unchanged, it would bring the discount to 60%, according to calculations by experts.

"It is also an effort by the private sector"

In any event, the second bailout in late July, just after the first amounting to 110 billion euros agreed in spring 2010, will have to be redesigned. "It's pretty clear that we need a substantial discount on Greek debt," also said Saturday the Swedish Finance Minister Anders Borg on his arrival in Brussels for a meeting with colleagues from across the EU."We will now work on a new plan in Greek and this new plan is true that there is a substantial effort to Greece again, there is an effort by European countries and will also require an effort of the private sector" said his Belgian counterpart Didier Reynders.

The question is whether the banks that have so far dragged its feet to give the pot, will accept a negotiated settlement does not pass through a default of Greece said "messy" serious consequences. "It's a negotiation s'entame," said Didier Reynders. In return for the effort required on the Greek claims, it is intended to recapitalize European banks to the tune of nearly 100 billion euros.The subject was Saturday in the agenda of the ministerial meeting, before a meeting in the evening between French President Nicolas Sarkozy and German Chancellor Angela Merkel and the EU summit on Sunday.

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Getting started in the world of work is ever more difficult task. To put it mildly. In its latest report on youth unemployment, the International Labour Organisation (ILO) provides an alarming. The generation of a "traumatized" by the tightness of the labor market.

At the height of the economic crisis between 2008 and 2009, the number of unemployed youth had increased in an unprecedented way: 4.5 million additional young people came to swell the numbers of job seekers, when the average change is usually the order of 100,000 people a year. Since then, youth unemployment has dropped. In 2010, he touched 75.1 million people, or an unemployment rate of 12.7%. In 2011, this trend will continue according to the ILO, and the number of unemployed youth as low as 74.6 million people, 12.6%.

But this is good news in appearance, the organization warns. These good figures actually underestimate the extent of a growing number of unemployed youth withdrawing from the labor market, discouraged. The rate of young workers fell from 49.4% in 2009 to 48.8% in 2010. In Ireland, the same phenomenon would reach dramatic proportions. By including the discouraged unemployed, the rate of youth unemployment, which rises already at 27.5% (against 9% in 2007), culminate in fact almost 47% payday loans with no fax. Similarly in China, Austria and Hong Kong, the real unemployment rate is double the official figure.

"More difficult years"

As for those who manage to integrate the labor market, what they find is often "less than ideal."Part-time, for example, rose sharply, by nearly 9 percentage points in Spain, 17 points in Ireland … "The magnitude of the peak recorded since the beginning of the economic crisis suggests that many young people have taken what they could find. This is confirmed by the increase in the rate of underemployment among young people, "the report said.

And the future painted by the ILO is not much brighter. "Uncertainty in the economic environment, coupled with the greater sensitivity of youth unemployment in the economy makes the recovery in employment for this category highly uncertain. This can announce several more difficult years, "says the ILO. The organization also warns governments continuing economic difficulties could generate a distrust of young people towards political and economic systems."This factor played an undeniable role in the Arab Spring," says the ILO.

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After the events of spring Arab countries that have stirred strong tourism such as Tunisia and Egypt, it is time to first results. As part of the Institute of Economic Forecasting of the Mediterranean world (IPEMED) led by Jean-Louis Guigou, the Mediterranean Travel Association (Meta) published assessments that it may take a little balm to the heart of tourism professionals present in this region.

"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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It's already Christmas in the "civet"! The government has made on Friday, a nice gift for tobacconists. Their pay on each pack of cigarettes will increase from 6.5% to 6.9% of the selling price. This increase will begin in January 2012 and will be spread over five years, the duration of the new "future contract" signed between Valérie Pécresse, Minister of Budget and Pascal Montredon, president of the Confederation of tobacconists. This is in addition to various support measures for tobacco shops located near the border and in rural areas, estimated at 320 million euros.

The increase in compensation benefits, it at all tobacco shops alike. Paradoxical, because "the sale of tobacco as aids have allowed your average income increase by 57% between 2002 and 2010," as recalled by Valerie Pécresse to tobacconists, who held their annual conference in Paris Friday."In total, more than 1 billion euros that came with your support and profession, which has also benefited, for many of you, the effects of the reduction in VAT in catering."

"At least 10 cents more per pack"

In early 2003, a sharp rise in prices had collapsed sales and forced the closure of nearly 5,000 retailers. There remains 28,000. But since 2004, the price increase regular, moderate (6% per year since 2009) did not in fact impact on the number of cigarettes sold in tobacconists, to the dismay of supporters of tobacco control and Department of Health. As a result, sales of tobacco outlets rose year after year at the rate of inflation of cigarettes for their benefit as for that of tobacco, and especially of the state, who pocketed 80% of price of a pack, which brings in each year over 10 billion euros credit score.

While the additional gift to tobacconists would have no direct impact on government accounts. In all likelihood, the increase will be offset in compensation not to lower fees charged by Bercy, which closely monitors its accounts, but rather by a decrease in compensation of the tobacco industry, as was the case in the previous contract for the future.

To the extent that tobacco companies have no intention of making less money, they will offset the decline in their pay on each packet by an increase in their prices. "To erase an annual decline of 0.1% of our earnings should be increased by at least 10 cents the price of a package," says one manufacturer. "It's a vicious cycle that will strengthen the cause of the difficulties of cross-border tobacco shops," adds another.

Tobacco companies can increase their prices at the beginning of each quarter.Their next rate adjustment will occur not necessarily next January, to the extent that prices will rise by 6% already on Monday, October 17 or 10, as decided by the government. The pack of Marlboro will then 5.90 to 6.20 euros.

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Bernard Bigot, High Commissioner for Atomic Energy and alternative energy, draws lessons from the catastrophe of Fukushima.

The FIGARO. – Germany and its industry turning its back on nuclear power. Do you regret that choice?

Bernard BIGOT. – The German decision is final. The choice of Siemens, it makes sense: even a very large international company has no choice but to follow the policy direction of his home country. Yes, of course, we regret this shift: the nuclear returned to 20% in the German energy mix and it will therefore increase the use of fossil fuels to make up the loss. The need for electrical interconnections will also grow to increase import capacity, which will weigh even more on costs.

The cost of this decision has recently been estimated at 250 billion euros for Germany.What would happen if France were to make the same choice?

It is quite normal that the competent institutions are seeking to quantify the opportunity cost from the current nuclear power generation for everyone to measure the financial consequences of the choice that was made out of nuclear power in 2022. We must examine the assumptions, but the figure quoted seems a reasonable order of magnitude. As for France, whose nuclear is more than three times larger than the German fleet, I believe that at this stage, no figure can reasonably be argued, because alternative resources are not the same . The impact may be even heavier than the simple application of a rule of three.How much is an open question.

Is it possible however that the French nuclear production back?

Our country has decided to preserve its energy independence as much as possible, and nuclear power contributes significantly. In 2003, energy imports have cost 23 billion euros to France, or 10% of its export income, all economic sectors. In 2010, this figure rose to 48 billion, or 25% pay day loans. This year, we should surpass the 60 billion. Suffice to say that without nuclear energy costs explode in unprecedented proportions. This does not mean that we should give renewable energy: in the next five years, CEA proposes to double its budget and staffing in this area, respectively, to the tune of 300 million euros and 1,800 people.The government wants the CEA adopts renewables the same approach as for the nuclear namely stimulate research and encourage the emergence of powerful industrial sectors.

In addition to France and six months after the catastrophe of Fukushima, the world nuclear power is still flickering it?

Such an accident in a large industrial country known for its industrial skills was seen as a legitimate shock wave in the world. Today is the time for questions: what are the reasons for this catastrophe on the one hand, how to protect the other. Meanwhile, a barrel permanently installed above the $ 105, the differential change unfavorable to consumer countries and the strengthening of climatic requirements lead to the need to maintain nuclear.All countries are conducting security audits: complementary investments in facilities that should result in increase their robustness.

The first reports on the stress tests suggest they think that plants are safe?

Two points can be distinguished. First, the facility design: it shows a good resistance in most countries, which involve changes at the margin. However, the chain of exploitation, which covers both human organization that the reaction of the authorities, should be carefully checked to ensure that safety is ensured at all times. In Japan, it was deficient, and valuable time was lost: 100 m³ of water per hour, that is to say a quarter of a fire truck, would probably permit the early hours of to avoid radioactive releases into the air.

Despite the decree issued this summer, which gives greater freedom to set rates to SNCF to fix its price list, the maximum rate "will always be capped." Asked in the daily Le Parisien, Aujourd'hui en France, Nathalie Kosciusko-Morizet wants to be reassuring and reaffirming that "the objective of the decree is to give more flexibility to the operator so that better meet its trains by increasing the discounted prices "with attractive offers last minute, she says. Minister refutes the idea of ​​a systematic increase in ticket prices during peak hours "if the trains would empty," she says.

Nathalie Kosciusko-Morizet now provides 80% of travelers already enjoy discounted tickets and the "cheap tickets Prem's up more than a TGV ticket sold in ten."In response to the survey of consumer association CLCV which revealed that 87% of the French TGV are too expensive, the minister said that "high speed train in France is 10% cheaper than in Spain and 33% cheaper than in Germany business cards. " It recognizes that there is still room for improvement particularly on the transparency of the fee schedule. To remedy this, she wants to hold in 2012 the operator to display on its website, and for each link, the price the cheapest and most expensive, excluding promotions. The station will also pledge that half of the passengers pay a price at or below the reference price set by the state traditionally. "This will be controlled with Thierry Mariani, the Minister for Transport.We will monitor closely "assures Nathalie Kosciusko-Morizet.

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At the opening of the New York Stock Exchange, the Dow Jones advance of 0.65% to 11,635 points and the Standard & Poor's 500 and Nasdaq 100 rise of 0.76%, respectively, to 1222 points and 0.81% to 2597 points. U.S. investors, it seems, was reassured, once last night, by the tone of "minutes" of the last monetary policy committee of the Fed. This report has indeed confirmed that the U.S. central bank did not rule to use new tools of monetary easing to support growth ever more threatened. A perspective that also prompted the European markets to rebound on Wednesday morning, when he had closed the previous day on a mixed note.Also in the interests of peace, the United States, President Barack Obama said on Tuesday that the U.S. economy had a "heart attack" she was recovering at a slow pace as he prepares to unveil a new stimulus package.

Meanwhile, the volume still low despite the likely return of holidays for most investors, however, reflect a cautious market that continues. The current rebound, often excessive, thus remain fragile, the sudden relapse is, at every moment possible. And the meeting this Wednesday is evident, in this regard, not without risks.

The employment figures highly anticipated

The private sector in the United States slowed its hiring in August, creating 91,000 jobs over the month, less than expected by analysts, according to figures released Wednesday by consulting firm HR ADP.These new jobs, slightly lower than in July (109,000, revised), are lower than analysts' forecasts, which projected 100,000.

The Chicago PMI index of industrial activity for the month of August, from 3:45 p.m., will also be closely monitored. Orders to industry for the month of July (1600) and the weekly oil inventories (16:30) conclude the list of publications of macroeconomic days.

On the corporate side, the American phone AT & T (0.57% to 29.79 dollars) pledged Wednesday to repatriate to the United States currently filled 5,000 jobs in its call centers overseas, If green light to the acquisition challenged T-Mobile, the U.S. subsidiary of Deutsche Telekom.These employees will be "well paid", assured the group in a statement, recalling that he was the only major U.S. telecom operators to accept unions in its stores.

Bank of America (0.99% to 8.20 dollars) is about to further reduce its scope of activity in the mortgage, by stopping the sale of mortgage loans through independent agents, said Wednesday the Wall Street Journal , citing people familiar with the matter.

Hewlett-Packard (0.81% to 26.26 dollars) will temporarily restart production of its TouchPad Tablet, whose sales soared since the U.S. computer giant announced mid-August that he would cease to manufacture. HP announced on August 18 a sudden change in its strategy, through the cessation of production of its new tablet and its smartphones using the operating system of Palm webOS.HP also plans to separate its activities from production computers to refocus on software.

American billionaire Warren Buffett wants his share of sacrifice to help America reduce its budget deficit. In an article published in The New York Times, the head of Berkshire Hathaway investment fund called on parliamentarians to raise taxes on Americans with annual incomes exceed a million dollars, and even more taxing those who earn more than ten million dollars per year.

He said it does not hurt to use or for investment, while helping to clean up the country's finances. "Our leaders have called for shared sacrifice, he writes. But when they did ask, they spared me. I checked with my friends to see which mégariches sacrifices they expected.Them either were not affected. "Warren Buffett has led his small survey: last year's tax rate accounted for 17.4% of its taxable income, while that of 20 workers in his office was between 33% and 41%.

"While the poor and middle class fighting for us in Afghanistan, and while many Americans are struggling to make ends meet, we, the mégariches, continue to benefit from special tax exemptions," says the American billionaire.

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Friday night, two days after intervening in Parliament without presenting concrete and after two weeks of falling markets, Silvio Berlusconi announced a drastic revision of budget targets. He was accompanied by his Minister of Economy, Giulio Tremonti: both showed a facade of unity after publicly bickered on the eve of the ECB's role in the crisis, which had a bad effect.

The new roadmap is binding. Parliament will be asked to register immediately the "golden rule" which prohibits any deficit in the Constitution. The balance of public accounts will advance to 2013 instead of 2014, deadline too far in the eyes of the markets. This means emerge from 7-8000000000 new resources in the form of budget cuts and reductions in structural costs.In this context, the Minister of Administration, Renato Brunetta, estimates that the deficit target to 1.5% of GDP next year and 0.2% at end 2013 is achievable. The government is also considering a new Labour Code introduced more flexibility in wage bargaining, tax reform, growth-oriented and cuts in government spending. It remains to translate these intentions into decrees by the Cabinet, so that Parliament can approve the final quarter of 2011.

Historically high rates

The pressure has paid off. Brussels and the ECB have joined forces this weekend to make the government realize that the time for procrastination was over. Rates have exceeded 400 basis points with the German Bunds, a historically high level. Italy has urged the ECB to acquire Italian government securities on the secondary market.Frankfurt on Sunday night welcomed the efforts of the country. The German Government considers that it is first in Italy to prove the seriousness of his reforms.

A crucial week therefore expects the peninsula. The social partners will be informed of the contents of the measures of fiscal austerity plan Wednesday. On Thursday, the budget committees and Constitutional Affairs will shorten their vacation to hear Giulio Tremonti.