For summer 2012, Greece seems any destination found. Each French, the centenary of the infant, does he not have a credit of just over 1000 euros? This is because the amount of debts of the French state vis-à-vis Athens. These figures naturally attain a new flavor since the output of the euro in Greece is no longer a taboo subject.

The amazing thing is that their magnitude and surprise us that the public do mine to discover. Certainly, the record may seem terribly technical. Quite wrongly. Because at the end for the aid to Greece, they pass through the ECB or the European Financial Stability Fund (EFSF) was created in 2010, is always reduced to public funds made by the States and their taxpayers.

Just before leaving his post as finance minister, Baroin said so too cursive that if Greece were to fail, there would be a "net" loss of 50 billion for our public finances. The potential risk actually rises to 66.4 billion euros if we take into consideration all the circuits in which the French state is involved. Nor our partners Euroland (each depending on the size of its population), but not less.

Three-stage rocket

We use here the estimate we have communicated Eric Dor, the research director of the IESEG School of Management in Lille, which has the merit of being comprehensive. You have to imagine a three-stage rocket. The first and simplest is direct bilateral aid, decided in May 2010, when it came to light that Athens could no longer finance its debts in the financial markets. The total program is 80 billion euros, 52.9 billion were actually loaned, the French share standing at 11.4 billion euros.

The second stage uses a more sophisticated financial techniques. The European Financial Stability Fund (EFSF) borrow on the markets and relending to countries in need. But this is just a dummy account. If Greece should become defective, the EFSF would turn to the states that are the guarantor, and they should bail out pronto. French commitments in respect of Greece now total 22.5 billion euros.

The third floor, the tip of the rocket, is the Sioux and for the European Central Bank. Central banks are often presented, especially in France where we love to believe in miracles, as "deus ex machina." Do not they have the power to create money "from scratch" and fund banks, and why not states, as would today Francois Hollande? The ECB has paid with his person in two ways. First, she bought in the markets of Greece's debt to the tune of 45 billion euros. In case of default, such securities would lose much of their value if not all. The ECB would have to be recapitalized by its shareholders (Banque de France, Bundesbank …), their own properties States. Where a potential loss of 9.8 billion to French taxpayers.

Second channel used by the ECB, it helped Greece even more heavily in providing liquidity to commercial banks in Greece. This was done in exchange for securities that served as collateral (collateral in technical terms). In total, these contributions amounted officially to 104 billion at March 31, 2012. If Greece were to leave the euro and adopt the drachma, the collateral would be worth almost nothing. The potential risk for the French is estimated at 22.7 billion euros.

A "solidarity principle" sacrosanct

This is so schematic, the public debt of France. These elements of analysis are quite formal. One only wonders why the parliamentary assemblies have never produced a complete synthesis.

"It is our collective money is at stake. An attack on one country is an attack on the entire group, "explained Christine Lagarde, Minister of Finance, the National Assembly in spring 2010. This reminds the billboards to "sell" the Russian loans to investors of the Third Republic: "Lending to Russia is to pay to France."

In September 2011, the National Assembly voted as one man French participation in the second bailout in favor of Athens, on behalf of a "solidarity principle" sacrosanct. A senior ECB official told us recently his amazement, when he visited a prominent official of the Finance Committee of the National Assembly: it does not even remember the amount of commitments made by France EFSF!

This is "the unbearable lightness of being" French politician who reasons in terms of symbols always and forever depending on the nature of things. It is far from substantive discussions of the Bundestag and the Constitutional Court in Karlsruhe, presented in France as troublemakers around in circles. While they are only defending the principles of law and fact, the German public was heard of the case. "Avalanche, would you take me in your fall?" Sighs one with us.

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Since Friday, the plant Fralib is occupied by its employees. A situation that is denounced by the president of Unilever France, Bruno Witvoët. "This is unacceptable in a constitutional state, says in an interview in Paris-Today-in-France. Such a coup with hooded individuals armed with baseball bats and batons, it is not of union action, it's a commando! ". The boss of Unilever France claiming the expulsion "immediate and prompt action with law enforcement" employees, has also filed a complaint for "physical threats" from the police. "From fabrications," Olivier replied Leberquier, CGT union. According to the police of Aubagne, intervened at the scene, there would have been no collision.

"Holland must keep its promises"

"Closing a plant is always a very difficult decision, Bruno recognizes Witvoët. But in some cases – including tea bags – we have overcapacity. This is justified in stopping this site ". He said Unilever has taken responsibility in the case of employees of Fralib, accepting "to add additional resources for the revitalization of the local employment" as required by justice. "Funds for creating new jobs has increased from 1 to 1.5 million euros" and "each dismissed employee is entitled to an internal transfer, pay the same conditions, in one of six other plants in France , "he said.

This new twist, the 592nd day of the conflict comes as 80 of the 103 employees still struggle, of 182 initially received their letter of dismissal. At the same time, a moving company came to do a quote on the site, and management proposed the CGT to move out of its local business, or in organizing the escorted access, for reasons of safety concerns, dismantling machinery. A scenario rejected by the union, which wants to keep the tool working on site to implement an alternative plan of recovery of activity.

Given this situation, unions are demanding the intervention of Francois Hollande. During the presidential campaign, President-elect said: "Nothing is done, nothing is guaranteed and if victory comes, I will also be at your side, President of the French Republic, to get your site live, had he launched at a meeting of employees Fralib in Paris in February. "The company is now under the control of the CGT and the Netherlands should keep its promises. His election is a ray of hope, "says Olivier Leberquier. The standoff between employees Fralib and its direction is far from over.

Presidential in major cities Paris | Leeds | Lyons | Toulouse | Leeds | Sheffield | Liverpool | Bordeaux | Lille

 

The Japanese video game just accused its first loss since its IPO. Nintendo has been hit by a sharp decline in sales of its game console Wii aging room, to 9.8 million units, against 15.1 million for the previous fiscal year, ended March 31, 2011. In addition, sales of handheld 3DS are slightly below expectations at 13.5 million copies. Especially to reach this level of sales, a net reduction in price has been paid on this handheld that broadcasts stereoscopic images without needing to wear glasses. The free 3D has not generated the expected benefits. Instead, it was the source of problems.

In total, sales fell 36% to € 6.4 billion for fiscal year 2011-2012, which just ended. And the operating loss of 37.3 billion yen (370 million) over the period.

Recover the revenue, and return to profitability

Nevertheless, Satoru Iwata, Nintendo's CEO, is betting on a recovery in activity. Performance should not regain their 2010 level, however: the turnover is expected to rise by 26%. In addition, the group is betting on a return to profitability.

The key to the recipe for recovery is called "Wii U", the new generation of console gaming lounge, which combines a touch screen console. It should be presented in its final version in June, at the show E3 video games in Los Angeles. Combined with the lower prices of 3DS allegedly curbed by lower production costs, the group should reach nearly 200 million net profit for the fiscal year that just started.

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Nicolas Sarkozy retorted tit for tat. Questioned Tuesday by Anne Lauvergeon in an interview published by L'Express, the Head of State, on Friday invited to iTV, has applied to meet about the former president of Areva. "All this is of politicking," he judged. "What makes it less credible that Lauvergeon said was that she waited to be put out to challenge a system that she wanted to continue to participate in the first place as president of Areva," Nicolas Sarkozy has argued low fee payday loans.

He also underlined the political commitment of the former CEO, also old Sherpa Mitterrand: "It is now the president of Liberation, with a known commitment to the left". Lauvergeon has headed the supervisory board of the newspaper in July 2011.

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The CEO of Geodis would flip-flop. According to Libération on Monday, the freight subsidiary of SNCF should ultimately maintain its takeover offer Sernam. "I say again very clearly that we have made an offer with the intention to resume Sernam. [...] We will present in court Tuesday, "assured the head of Geodis, Pierre Blayau.

These comments contrast with those held this weekend in the columns of the Sunday newspaper. Pierre Blayau there considered "not dramatic" the hypothesis of a carrier's bankruptcy. And remember that Geodis accompanied its takeover offer on two conditions.

The first, on the € 642 million illegal aid demanded by Brussels, has been fulfilled. The European Commission agreed Wednesday that the buyer does not inherit Sernam the repayment obligation. But the second, concerning the financial health of the carrier and the state of its cash, however would default. Geodis claimed that Sernam to work only for 30 to 45 days, which would require a cash of about 30 million euros.

Government pressure

Earlier in the week, Pierre Blayau, who considers the financial position of Sernam very poor, had signified to the unions that the recovery was compromised. "It made us realize that it will not be able to maintain its offer," explained Alain told AFP Wednesday Delpuech CGT carrier. According to Libération, Pierre Blayau has even said that the resumption of Sernam could "endanger jobs at Geodis."

For the newspaper, citing several sources, only pressure from the government would explain the reversal of Geodis. "The Elysee has called this weekend for Blayau maintains its offer," says a source close to release the file.

The transport minister, Thierry Mariani, has so far invested actively in this matter. The effect of the liquidation of an enterprise of 1441 employees on the eve of the presidential election is considered disastrous. The Commercial Court of Nanterre travel Tuesday its decision on the future of Sernam.

 

If Air Mediterranean, the French company in difficulty which had relocated to Greece part of his job by creating a local structure, is the perfect illustration of what is wrong with the management of aircrew in France, according to members of the Federation National aviation market (FNAM). Thursday, members of the employers' organization presented a dozen proposals to candidates in the presidential election.

The first of these is to reduce labor costs in the airline industry for companies based in the Hexagon. "Once a company is engaged in a third country with fiscal conditions of the country of origin, the competition promotes the competition governed by social charges and taxes lower," regrets Pascal de Izaguirre, president of the Economic Committee of FNAM. The French sailors cost 20% more on average than elsewhere in Europe, according to Lionel Guerin, President of FNAM.

To restore the French flag in the skies over Europe, members of FNAM require "a shift in the social security contribution base of other taxes and a reduction of employers' costs especially for the sailors, pilots, hostesses and stewards. " Clearly, the French companies require a social framework "harmonized" to address critical gaps between European countries. "In return, we could expand our business and create jobs," says Pascal de Izaguirre.

Maintaining night flying

Air France made its accounts if the company was based in Amsterdam, it would save 750 million euros due to the difference between the tax and benefit systems between France and the Netherlands. "The goal is to avoid seeing happen in the air what happened in the shipping industry where employment is now completely relocated," says Lionel Guerin, also CEO of Transavia, a subsidiary low -cost airline Air France. The answer candidates for this proposal is surprisingly consensual. Nicolas Sarkozy's advisers have estimated that this track orally should be studied. For his part, Francois Hollande replied in writing that "state aid and tax breaks" should go "to companies that invest in our country, who will locate their operations. However, it is clear that future developments should respect the need to balance our accounts. "

Among other proposals, the decrease in security tax, currently borne by passengers; the establishment of a European regulatory framework facing international competition to avoid the payment of state aid in favor of certain carriers, maintaining night flights, easier access to hub airports, but also investing in research to prepare energy developments.

Members of FNAM, who had already launched similar proposals five years ago, hoping this time to be heard. "At the time, Air France and other companies were going well, the price of fuel was half the price … Today, we take the alarm. In five years, we can not say that we had nothing planned, "says the chairman of TUI France.

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In these times of crisis, fuel prices at the pump are endlessly to climb. New records were achieved in France last week. Diesel, which represents about 80% of fuel sales in France rose to 1.4584 euro per liter, according to weekly surveys posted by the Ministry of Sustainable Development. It has surpassed for the first time his previous record dating from 2008 to 1.4541 euro.

As for gasoline, a liter of unleaded 95 (approximately 15% of French consumption of motor fuels) euro jumped to 1.6451 and that of unleaded 98 (5%) to 1.6883 euro, beating and both of their records dating back to the previous week, respectively 1.6211 and 1.6610 euro euro.

These sales prices at the pump are national averages calculated by the Directorate General for Energy and Climate (DGEC) from data provided by service stations. But they largely already exceed these levels in some places. Thus, the price per liter of MS 95 has already surpassed last week the symbolic threshold of two euros at the pump of a Parisian park payday advance online.

Since late 2011, gasoline prices beat record after record in France, powered by a dual effect of geopolitical tensions in the Middle East that keep crude oil prices at very high levels, and weakening of the euro against the dollar, which boosts the cost of black gold once its converted value in the single currency.

The surge in fuel prices, motorists hitting the portfolio, has elicited numerous comments and proposals from the candidates in the presidential election. The socialist Francois Hollande wants to block temporarily the price of gasoline, as an incumbent President Nicolas Sarkozy has described as "populism" and "demagoguery."

(With agencies)

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In the Pink City, the label high-tech is not confined to aviation. The textile industry may also be asserted. The Department of Defense – the Pentagon – just choose an SME Toulouse, Paul Boye Technologies, to provide the required protection in nuclear, biological and chemical (NBC).

The contract of 96 million euros over four years concluded after months of effort sounds like a win for that reference SME of 201 people.

"Winning the bid to the Pentagon will help us win other international contracts," Boye hope Jacques, president of the family business, which carries 62% of its sales (63 million euros in total year past) in the area of ​​defense and security.

To succeed overseas, it created a subsidiary in the United States and has partnered with local partners, Tennessee Apparel Corp. and Creative Apparel Associates. "It was mandatory to win the decision in a market sensitive," says Jacques Boye. The contractor does not want to indicate whether a part of the production of combat clothing with high added value or not will be produced in one of his four French factories.

This firm, which already dressed firefighters and some French soldiers, won the famous contract masks to protect from flu "H1N1". This investment of 3 million had allowed a turnover of 70 million. "We managed to be better than the Chinese," recalls Jacques Boye who participated in the conquest of America and coveted markets on other continents.

 

One of two blast furnaces Site Florange ArcelorMittal, stopped for two months, should eventually go back soon. According to Nicolas Sarkozy, invited this Thursday morning France Inter, the steel group had decided to resume its activity in the second half of 2012. "Florange is 2667 employees including 500 in a situation of losing their jobs" if the second blast furnace will not restart, said the head of state.

The Chairman of ArcelorMittal, Lakshmi Mittal, Nicolas Sarkozy met yesterday for "a long working meeting," would also committed $ 17 million in Florange, two million for the restart of the site and 15 million for its modernization. "Seven million euros will be invested in a new gasometer and eight million to develop new products in Florange, for without going into detail, the auto market," said Nicolas Sarkozy. ArcelorMittal has confirmed this information in the morning, however, suggesting that restart "from the perspective of an economic recovery."

Chain liquid always threatened

The Indian group has repeatedly in recent weeks that the closure of the Florange was only temporary, and will ensure "maintaining activity in Lorraine." In a context of declining demand for steel, the group's director in France, Hervé Bourrier, however, lamented last week that the Florange site is less efficient than those of Fos or Dunkirk. And stated that even if you restart the site in the coming months whether to continue or not the activity would be reviewed each quarter, "depending on the backlog."

The new announcement leaves employees skeptical. "Nicolas Sarkozy announces investment for cockerie, which feeds the Dunkirk site, and for automotive production. But these two pathways are not endangered, unlike the liquid stream, "says Patrick Auzanneau CFDT union delegate. Questioned by AFP, MP PS Moselle, Michel Liebgott, advanced further than the two million investment announced for restarting the blast furnace were already known. "They were negotiated by the state in compensation it pays partial unemployment since the beginning of the year," said MP.

Ulcos project

The announcement last week of a state investment of 150 million euros was not better received. "This is something that has already been said for months, it's related to Ulcos project", explained to AFP Wednesday an official of the CFDT. The salvation for over 2600 employees, however, could come from this project, whose objective is to produce steel with less CO2. With a total cost of around 600 million euros, its viability depends on the decision of the European Commission for its funding. Arbitration should not take place before September.

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