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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Lefigaro.fr – The Mouth of Employment, Dominique Cros documentary, highlights humiliating recruitment practices. Is this common?

Geraldine Rieucau – No, of course. Recruiters are not disrespectful majority of candidates. Otherwise, they failed to provide proper offers. As everywhere, there are good and bad recruiters. But even if we should not generalize, this documentary is still evidence of practices that exist: infantilization of candidates, the will to destabilize the discrimination of certain profile, a contempt for the job seeker is attitudes that we observe, more and more.

Why?

There is always a balance of power between the recruiter and the candidate. The nature of recruitment created an inequality between the two parties. But several factors have increased the imbalance.The economic crisis first, which has intensified competition among candidates, and allows the recruiter to demand more from them.

And then for various reasons, recruiters are placing more and more importance to the personality of the candidates, so that this criterion sometimes takes precedence over qualifications and skills. And the grounds to see how a candidate is resistant to pressure, some were quick to destabilize or to make uncomfortable.

Consequence of these two factors, the motivation of the applicant has become an essential criterion payday advance low fees. But behind this concept, what the recruiter wants to know is whether it will be often enough finally available and ready to work overtime, etc..

Recruitment firms are more they implement these bad practices?

No, I do not think so. An employer, an HR department is just as likely to skid.But it is true that firms, whose service is costly, are often called upon to fill management positions in CDI. The recruiter will then spend more tests, more pre-select candidates … But be aware that less than 3% of hires are made via a recruitment agency. Conversely, 40% are the result of an unsolicited application.

The discourse on the fight against discrimination mean in reality?

For 10 years, recruiters are clearly more careful not to discriminate on criteria visible. But there are forms of indirect discrimination that persist and are very difficult to control. When an employer requires its future employee lives near his work, for example.

Overall, large firms have more ways to avoid discrimination.This often led to further standardize recruitment, to centralize procedures. The human resources sector has benefited: the U.S. example, the size of the sector and the influence of RH increased sharply with the policies of "Equal Opportunities".

The crisis in the euro area would feel it more outside the monetary union in its midst? In any case, Washington, Beijing or London that seem to come now calls the most vibrant in the action. The most brutal too, sometimes. "I see the European leaders roll up their sleeves," was exclaimed and Sunday on the BBC, the British prime minister. "The eurozone is a threat to itself, but also a threat to the UK economy and a threat to the global economy."

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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The government, which this Tuesday the draft budget law for 2012, based his entire equation on a growth forecast of 1.75% for next year-until last August, he hoped it would reach 2.25 %. Despite the turbulence of increasingly stringent in Europe, Bercy firmly believes this new hypothesis.

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.

LE FIGARO. – Are you satisfied with the performance of Pernod-Ricard during the exercise?

Pierre PRINGUET. – Congratulations to the teams of Pernod Ricard. The group has an excellent performance, with both a strong acceleration of growth of our business and our operating profits. For the first time ever, our net income exceeds one billion euros. These figures show the relevance of our premiumisation strategy and innovation. Our high-end bottles account for 71% of our sales, against 69% last year. Our new products (Wild Tea Absolut, Malibu cocktails …) our limited series and our innovations in advertising and packaging met with success.With a new bottle of Ricard sales increased 5% in France, a market of aniseed stable.

You get ready for a worsening economic environment?

No, I fear neither slowing growth in emerging countries or return to recession in mature markets. The world faces a problem of public debt, with a unique in Greece, the country most fragile. But the political dimension is at least as important as the economic dimension. Everyone was betting on an acceleration of growth in mature markets: the targets are scaled down, but countries will experience low growth in 2011 (1.5 to 2%). And there is no reason for the dynamic growth of emerging countries is slowing. For 2012, the objectives are still serene. IMF sees faster U.S. next year. You can always play to be afraid.But the psychodrama of the summer on the state of the banking system has nothing to do with the situation of 2008 and the general crisis of debt at the time. It is a political problem, but not macro-financial.

There will be no effect on the growth of your business during the current year?

We expect continued moderate growth in mature markets for the fiscal year beginning in July (1.5% last year) and continued strong growth in emerging countries (17% last year) . These will drive our growth: built on solid economic fundamentals, these markets are naturally attracted to our premium brands.

The tension in the markets makes it more difficult to manage your debt?

For our bank debt, we have no due before July 2013.We have an active management of our debt, with two bond issues last year to EUR 1 billion and $ 1 billion respectively. Interest rates remain particularly low, we will seize every opportunity to issue bonds. We will continue our debt reduction, with the aim of achieving 30 June in a net debt / EBITDA of close to 4.

You will be able to resume your acquisition policy …

Does not expect to purchase several billion on 1 July. In the meantime, we will conduct no strategic acquisitions. However, we can make tactical acquisitions, such as tequila Avion in July. It is both a start-up and a brand ultrapremium, sold between 40 and 60 euros a bottle, which allows us to expand our portfolio in the United States.This is the type of operation we will focus in the immediate future. Acquisitions of Brazilian cachaça or baijiu Chinese are possible options. In our business, this is not the type of product that counts, but the brand. Pernod Ricard could also create one from scratch. This is one of the objectives of our internal team called BIG (Breakthrough Innovation Group), whose current head of our German subsidiary, Alain Dufossé, just take the lead.

This summer, Patrick Ricard, non-executive chairman of Pernod Ricard, said at that point the group should aim for first place in the spirits market. What is your strategy to achieve this?

This is the purpose of our project Agility. The goal is not size for size, but the growth momentum. Our sales have grown faster than our competitor's last year. We must repeat that performance this year.We take the market, we are the most innovative, we are well placed to achieve this.

Alexandre Ricard was promoted a few weeks ago. It is well positioned to succeed you …

Two things are certain. One is Alexandre Ricard has an excellent track. That's why I named Executive Vice President in charge of distribution networks. The second is that I leave my post January 31, 2015, when I turn 65, according to the statutes of Pernod Ricard.

The CAC 40 is risky there twice this month. He was immediately returned. The threshold of 3000 points, as seen on the Paris market was down on Thursday 11 and Friday, August 19. On Monday morning, the Paris index recurred, opening down 0.85% to 2989.60 points. But again, it started to rise immediately after slipping below 3000, and closed on Monday evening at 3051.36 points (1.14%), having flown over 3100 points During the session this afternoon.

The level of 3000 points may well not be a technical threshold (it does not automatically trigger a sell order or purchase), it still plays a role of "support" on which the market arises before rebounding .Daniel Gravier, Head of Sales Trading at XTB France, believes that "this psychological level is transcribed in the courts and thus returns to a technical threshold."

The cross downward psychological sounded an alarm in markets which do not have a habit of getting carried away by their feelings. Professional traders define their purpose of orders passages through complex mathematical calculations, generated by high-powered software that constantly scan the share price indices, securities, commodities and all that is listed in order to predict the best time to invest or sell. And to build the software, the banks are recruiting the cream of engineers. But in this world of numbers, there is also a psychological dimension.So, see the CAC 40 fell below 3,000 points spurred the market to recover.

"This is a symbolic level, for its part says Harry Sebag, an analyst at Saxo Bank. In times of great nervousness, while visibility is poor, investors cling to benchmarks in the short term instant credit report. It's an excuse to reposition itself for purchase. This morning, we felt that the markets began to rebound because the shares had suffered a significant discount. " And hope for regime change in Libya was a good news for oil companies operating in the country, making a breath of excitement to the Paris Bourse.

"Safeguards" but also to accelerate the panic

"These thresholds are safeguards on which the market rebounds," says Harry Sebag. But the psychological effects of contracts may jégalement ouer a role accelerator panic attacks.The violent stalls indices observed recently on global stock markets have shown. In Paris the CAC 40 fell by 32.4% since July 1, affected by short-term concerns (the debt crisis in the euro zone, bad macroeconomic indicators in the U.S. and deteriorating debt rating for American Standard & Poor's), but not only. "In late July, the market downturn downward was rational, said Jean-Louis Mourier, an analyst at Aurel BCG. However, the extent of movement and the high volatility experienced by markets in recent days show an overreaction. "

The index in Paris he could sink even lower? The scenario is possible if the disappointing macroeconomic indicators continue to grow and corporate earnings in the third quarter does not reassure investors, said Harry Sebag.Saxo Bank analyst would watch while the threshold indicated by the software, around 2850 points or even 2500 points. "But I hope we will not get to that," he adds.

The advertising slogan 'type' Baidu ', and you will know "has been transformed by the Internet in China' type 'Baidu' and you spend money." China Central Television has attacked the advertising practices of the search engine in a program aired earlier this week on the economic chain CCTV2. The show has accused Baidu, which accounts for nearly ¾ of the market for Internet search in the country, selling fake tickets, which have been losing money for users.

"Baidu is clearly not able to solve this problem by demonstrating self-discipline. The primary motivation of this company is to make profits, "said Wu Yue, the presenter of the program. "If there is no law or regulation in place to limit this, it is difficult to improve the situation at the base," she said.

Questionable advertising practices

This is not the first time that the official media attack the Chinese firm. State television has already Baidu suspected to force the big companies who wanted to appear at the top of the sponsored links when searching on the Internet, to pay large sums of money daily. However, this new attack is much more powerful, because it affects the credibility of the brand name Baidu. People's Daily, the official newspaper of the Chinese Communist Party, he also criticized the company in an editorial, arguing that the search engine could be abandoned by users if it focuses only on its short-term profits. "It's time for Baidu to shoulder social responsibility," says the editorial quick payday loans.

Caught in a wave of criticism, Baidu had formally apologized at a news conference Friday.Wang Zheng, vice president of sales for the company apologized to the "users victims of fraudulent information," adding that the company will strive to better filter the information that is illegal.

One way to take control of the Internet?

The scandal coincides with the launch of the CCTV's own search engine and auction of its annual advertising screens, which has led some observers to think that this is a way for the giant Chinese television discredit a formidable competitor.

In addition, the role of Communist propaganda is important for the media in Beijing, and the campaign against Baidu could be a prelude to the implementation of measures designed to "rectify" the politically lcorrect Internet, somewhat chaotic.In recent years, the Chinese government has more and more difficult to control what is said by the Chinese blogs.

"The main players in the Chinese Internet, like Sina, Youku, Tencent and Alibaba, should consider whether the target of the campaign of CCTV, is Baidu," said Bill Bishop in his blog, an investor based in Beijing. "There may be other firms involved", he says it.

The company Baidu is one of the largest global Internet values, with a capitalization of $ 48 billion (33.6 billion euros). Its shares have lost more than 14% from Monday to Thursday on the Nasdaq, the index dominated by technology of the New York Stock Exchange.

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.

Lefigaro.fr – Since his triple gold medal at the European Championships in Budapest in 2010, Camille Lacourt has increased its advertising contracts. How does the commercial success he started?

Jean-François-Salessy After his success in Budapest in August 2010, Camille has indeed come to me with Fabien Gilot Ménart and William, all three members of the Swimming Club of Marseilles, so we work together. In less than 24 hours in September 2010, and even if I was going to take a year off, it was decided. Camille's situation was a bit special because it suddenly goes from darkness to light, and was approached by many brands, especially in the beauty and cosmetics.We are closer to Clarins and their way of approaching things convinced us to work with them, rather than with other brands, less respectful of the requirements for driving a top athlete. The first six-year contract (to 200,000 euros per year, ie), indexed on the results of Camille and with a conversion clause, was based on what competitors offered. It was a beautiful first contract. We have also partnered with the OEM Tyre, which is unusual since Camille involved in the development and technical improvement of products it uses. He is also interested in the sale of these products, between 10 and 15% of sales according to the ranges.

French swimmers are they becoming future footballers?

I do not believe, and I do not want to turn into Camille Lacourt Christmas tree.We will announce in September a new partnership with a ready-to-wear, but it should be the last. He is now fine partnerships should not be wasted by "selling" in all directions. When talking about total earnings of Camille Lacourt (estimated this year to 700,000 euros ed), we forget that it is barely a month's salary football star. On the other hand, it is undeniable that the French swimming much more interested in brands and sponsors that there are six or seven years. I think Camille can say thank you to Laure Manaudou, who opened a gap, taking the very strong public support. It is no secret: it has made this popular sport, which attracted the public, media and sponsors. Today these brands look like a real sport discipline of competition, with major events and boys and girls out of the ordinary …who is a potential advertising. In a few months, these boys and girls who emerge may tell themselves, thank you to Camille Lacourt!

Jeremy just Stravius, who also athletic Tuesday, he may steal the show with brands?

It is a bit simplistic to look at it that way. Each swimmer to his personality. Camille Lacourt someone is authentic, casual and simple, has a rather glamorous image. This is not a scoop. But by winning yesterday with Jeremy Stravius ​​his world title in 100 meter backstroke, he also confirmed that he had not physically beautiful, he had another dimension. Which was very important to us because being European champion was not enough.If that fails, many would have indeed been delighted to say that he had lost in the advertising contracts and partnerships! The next objective is to confirm the sporting dimension to the London Olympics in 2012 (which would also provide the swimmer performance related bonuses as part of its contracts with Clarins and Tyre, ed.) For his part, Jeremy Stravius ​​has the best performance of his career. I am not his agent but I think its position corresponds to a different segment than Camille. His image more reassuring, more associated with strength, may be of interest to companies in the energy sector, banking or insurance. Like Alain Bernard for example, and partnerships with EDF Assurances or April.

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Little relief on the side of Greece in the night from Tuesday to Wednesday, the Greek Parliament gave its confidence in the socialist government revised last week – 155 votes for and 143 against (or all members present of the Opposition). Prime Minister George Papandreou will be able to set up a new austerity plan, prerequisite to release a new loan tranche of 12 billion euros, which is vital for the country.

The Prime Minister asked the members' confidence to continue to deal with the crisis and the deficit, avoid bankruptcy and ensure the maintenance of Greece in the core of the euro "was heard.The statesman had also explained that the government is committed to "putting all his strength to overcome the crisis (…) there is a perspective, a path set, we have the support and assistance of the international community and the European Union with a loan mammoth. "

This vote was also welcomed by the President of the European Commission. José Manuel Barroso said that "the vote tonight in the Greek Parliament removes an element of uncertainty into an already very difficult. This is good news for Greece and the European Union as a whole. "

For its part, the new finance minister, Evangelos Venizelos, has committed to go beyond the requirements of the European Union and International Monetary Fund, to address his country.He said Athens' needs a parallel restructuring plan "that is consistent with the objectives set by the troika, but also to enable" better on the budget, growth and social justice. "

But before that Greece must vote before June 30, the austerity plan that provides savings of 28.4 billion and 50 billion privatization until 2015. Has yet to convince the public. In fact, the call of "outraged" Greek camp to parliament, several thousand protesters gathered outside Parliament to protest against the policies of austerity and privatization of government booed the vote of confidence from Parliament.

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