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The Socialist Prime Minister George Papandreou said today to be sure that his party would leave Greece to the economic crisis and debt at the national conference of the Greek socialist party (PASOK). "We continue the battle, not only because we believe that there is no alternative, but because we trust in our capabilities in the capabilities of Hellenism, in the possibilities of our country .I'm sure we will succeed, "he said in his speech.

2013 Goals

"People will judge us in 2013, and until then, we not only managed to get Greece to the crisis, but we have also implemented many important reforms that will lay the foundation for a different evolution of Greece in the future, "he said, cutting short the rumors of early elections.

The Prime Minister also accused the previous Conservative government to be primarily responsible for the current financial crisis. The spokesman for the main opposition party New Democracy, Yannis Mihelakis, immediately reacted. "He (George Papandreou) recognizes the economic impasse, but says nothing about its policy, which destroyed the economy and society," he retorted.In a report released Wednesday, a parliamentary commission of experts also found that the debt was low rates payday advance.

"Satisfactory progress"

Last year, Athens has received an aid package of 110 billion euros of the European Union (EU) and the International Monetary Fund (IMF). At their summit on 21 July, the euro zone countries have agreed to pay a new loan, plus a share of the private sector on a voluntary basis, for a total of 50 billion euros. Representatives of the "Troika" (EU, ECB and IMF) mission in Athens Friday to advance structural reforms in the country.

Several media have interpreted the departure precipitated considered representatives of the EU, the IMF and the ECB as a clash with the Greek Government on the extent of the effort to provide rigor to continue fiscal consolidation.But such a break was denied both by the Ministry of Finance by the troika.

She spoke in a statement of "good progress" in talks, saying had "temporarily left Athens" to "allow the authorities to complete their technical work" related "to the 2012 budget and structural policies to strengthen growth."

(With AFP)

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After one week on the black market European markets, policymakers in the euro area seized by the horns of the question. Nicolas Sarkozy must indeed meet this Friday with German Chancellor Angela Merkel, then with the Spanish Prime Minister Jose Luis Zapatero. These exchanges aim to take stock after the bear market in Europe yesterday. The head of state has already mentioned this yesterday with Jean-Claude Trichet, president of the European Central Bank (ECB), which failed yesterday to restore calm on financial markets.

In their discussions, the three heads of state should include mention the announcement by Olli Rehn, Commissioner for Economic and Monetary Affairs this morning of a new stage in the debate on European bonds (Eurobonds). The news was welcomed on the European financial centers.After an open down sharply by 2.5%, the Cac 40 has reduced its losses one hour after opening.

A report on European bonds issued after the summer

Anyway, the official European, the European Commission will, in fact, a report on the subject "after the summer," putting on the front of the stage waving and debate divides EU officials for two years. This idea is not new in itself, proposes to issue debt securities to common European states. These securities are guaranteed by all Member States of the euro area, to allow countries unable to borrow on the markets on terms acceptable to the markets, to finance themselves. In short: it would be to issue debt on behalf of the European Union, as can the U.S. Treasury to communitarise debts of the countries of the euro area.The creation of this type of debt across the euro area would therefore raise the fears of investors about the creditworthiness of a particular state.

In addition to its economic dimension, the project also presupposes political choices instant payday loans. It is indeed based on the principle of mutual assistance in euro, which hit the sensitivity of some countries, notably Germany, which does not hide its hostility to the project. Main complaint: the countries financially "healthy" could only suffer through the European emissions, their solidarity with the countries most in need. In short, Germany does not want to take the weight of debts of some of the euro area.Note however that according to the draft presented by the Luxembourg Jean-Claude Juncker and the Italian Giulio Tremonles, advocates of the project, Eurobonds would not intended to replace the national debt.

Halt in mid-July

After being ignored for six months the project had been emerged from the closet in early July. But 15 days later, a new setback: Jens Weidmann, the head of the German central bank (Bundesbank) has criticized the project, saying that "there was nothing better to destroy a rapid and sustained strong making fiscal policy a common responsibility for the debts of States.This is exactly what some politicians and economists to offer Eurobonds to solve the problems of Greece. "

Whatever the conclusions of the report of the European Commission in September, the debate on the desirability of strengthening the political commitment at European level promises to be more agitated.

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Wall Street played the yoyo on Wednesday, a sign of great excitement. In early trade, the Dow edged up 0.09% at 11,878 points, but half an hour later, he lost 0.32% to 11,829 points. It finally closed on a small increase of 0.25% at 11,896 points. Nasdaq and S & P ending respectively on gains of 0.89% to 2693 points and 1260 points to 0.50%.

The day before, the Dow Jones had not been reassured by the vote of Congress, which has yet avoided a last-minute failure to pay the United States. The index feature New York had dropped 2.19%, still below 12,000 points."The U.S. indices have not even seen a technical rebound in the final hours of trading, as usual … Not since October 2008, the subprime crisis, to find such a sequence of declining U.S. indexes" analysts said Aurel BGC.

The threat rating agencies

In fact, the tension is not ready to fall in markets on both sides of the Atlantic. Despite the adoption by Congress of the Agreement on raising the national debt, the rating agencies maintain pressure on the world's largest economy. "The lowering of AAA to AA + rating from the U.S. would be a major shock for the world's largest economy, one that most creditors on the planet, says Stock Exchange on Barclays.Financing costs would increase the country, making more difficult the control of its huge debt. "

Moody's has already held that the agreement was manifestly inadequate and that the note of the United States could actually be lowered. The AAA highest possible rating currently assigned to the United States, is now accompanied by a negative outlook. Moody's is the second agency to assign a negative outlook on the triple A rating from the United States, according to Standard and Poor's on April 18. The third major rating agency, Fitch Ratings, maintains a stable outlook for now.

Another rating agency, but Chinese Dagong, has already lowered the credit rating of the United States after the vote of Congress, by passing from A + to A with a negative outlook.A decision that should be only for the time being very relative impact: the rating agency, in fact follows a methodology different from that of U.S. agencies Moody's, Fitch or Standard & Poor's. Unlike the three U.S. agencies that provide the United States sesame AAA Dagong does not in Washington this maximum score, and in November had lowered from AA to A +.

The ISM services disappoints

In this context, the macroeconomic agenda of the day, to say the least fleshed out, was watched closely, a sign of investor concerns about growth in the U.S..

At 14:15, the consulting firm HR ADP unveiled its traditional and highly anticipated monthly report on employment. Higher than the 100,000 new jobs expected by analysts, job creation in the U no fax pay day loan.S. private sector employment reached 114,000 in July.

In contrast, growth in the services sector in the United States recorded a surprise slowdown in July, according to the index of purchasing managers released Wednesday by the Institute for Supply Management (ISM). ISM non-manufacturing index stood at 52.7 last month, falling to its lowest level since February 2010, after 53.3 in June. Analysts on average expected a 53.6 index.

Orders for the industry fell 0.8% in June in the United States, driven down by gloom in the transport sector, said Wednesday the Commerce Department. Economists on average had expected a decline a little less strong, 0.7%. Orders were up 0.6% in May

Oil prices have again fallen back sharply Wednesday in New York as the market worried about demand for crude in an economic environment deteriorates.On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for September delivery finished at 91.93 dollars, down 1.86 dollars compared to the previous day.

Concerns about U.S. energy demand were boosted by the expected increase in official reserves of oil in the week ended July 29.According to figures released by the U.S. Department of Energy (DoE), crude oil inventories rose as expected 1.0 million barrels, those of gasoline rose more than expected 1.7 million barrels against the 100,000 barrels estimated by analysts.

Half year results: Comcast did better than expected

On the corporate side, several large quarterly publications are expected throughout the day, which should, once will not hurt, however, be overshadowed by the acute problems of sovereign debt and economic downturn.

The publications program began as microeconomic 13 hours, with, among others, the results of the second quarter of Time Warner (-1.18% to 33.60 dollars).Net income displayed increased 13.5% to 638 million.

At that moment, were released the results of Comcast (0.18% to 22.77 dollars), who, with a net profit up 16% to $ 1.02 billion, is slightly better than expected.

Garmin (-2.03% to 30.89 dollars) announced quarterly earnings down due to a fall of 19% of sales of navigation systems for cars and mobile devices. Before the opening, title Garmin gave 14%.

It will however wait until 22 hours to find out the half-year figures of Activision Blizzard (1.11% to 11.82 dollars).

Beyond the semi-annual publications, Amag Phamaceuticals (11.19% to $ 16) received an unsolicited offer to buy back the private equity investment MSMB Capital Management, valuing the pharmaceuticals group around $ 381 million.The offer, $ 18 per share offers a premium of 25% over the closing price of Amag Phamaceuticals Tuesday at 14.39 dollars.

The financial strength seems clear on the business side rather than states. Illustration of the disastrous state of American finances, the new number one smartphone, Apple has nearly $ 76 billion in cash and U.S. 73 billion. This represents what the world's largest economy may still spend before reaching the limit of the debt secured by the U.S. Congress (14.294 billion U.S. dollars).

Apple has just completed a record quarter with increases of 125% in profit and 82% of its revenues.With a market capitalization of $ 362 billion, the group "at the apple" appears as the second wealthiest company in the world stock market behind Exxon Mobil and its 395 billion market capitalization.

While Republicans and Democrats are torn in several weeks on the issue of debt, U.S. companies their bets. "One reason why companies put so much money aside is that they want to shelter financially cope with financial uncertainties in the U.S.," said Laurie Simon Hodrick, professor at Columbia University . He added: "As long as the threat of default by the U.S. government continues, U.S. companies will have to pay any interest that way." The war chest of U.S. companies is estimated at 1.2 trillion dollars.

It is an agreement to both the financial and industrial software publisher based in Sophia-Antipolis, near Nice, has just concluded. The Japanese company Canon will spend 8.6 million euros to acquire 15% stake in publicly traded small business since mid-May By the way, he brings 2 million additional cash.

But it is mostly a vast geographical diversification and access to complementary technologies that the Japanese manufacturer of cameras and office systems gives Median Technologies. "Canon is located around the world and is highly complementary to our society in the imagery. It offers solutions such as MRI, while the expertise of Median Technologies is rather centered on the scanner.He also has a data management activities ("Data Management"), which will facilitate the deployment of our offer cloud computing ("computing pooled at a distance"), "said Fredrik Brag, founder and CEO of the company founded in 2002 .

Canon has already invested in Supersonic

Median develops software for interpretation of medical images in two and three dimensions to facilitate the detection, diagnosis and monitoring of cancers. LMS solutions, approved by the Health Authority (FDA), are already used in hundreds of hospitals in Europe, the United States, Australia, Korea. Median Technologies installs but also in the market for clinical trials conducted by major laboratories."Our solutions help them to evaluate responses to treatment at first and then develop tests companions (of tests to segment the profile of patients)," said Fredrik Brag. The SME has already reached an agreement with three of the ten leading pharmaceutical companies and preparing to sign a new contract with another giant before expanding its outreach to other health actors. Its sales – which amounted to only 1.1 million euros last year – to more than triple within the next two years and then explode.

Canon, whose 2010 revenues totaled $ 45.8 billion, relies heavily on imaging in the health sector. The Japanese giant announced earlier this year it would invest $ 9 billion by 2015 in medical technology companies.Before turning to Median, in December he participated in fund raising 34.5 million euros in Supersonic Imagine, a small d'Aix-en-Provence who has developed an ultrasound system to ultrasound.

The consultation ends on dependency. Roselyne Bachelot and Marie-Anne Montchamp participated in the last debate on Monday in Strasbourg. Yesterday, the Minister of Solidarity and the Secretary of State received the reports of working groups. The opportunity to review the options, when the decision phase starts – Nicolas Sarkozy is expected to decide by mid-July.

• The trails open

Roselyne Bachelot refuses to contribute the only people dependent on a recovery via succession. On behalf of the job, it excludes an increase in contributions Safely weighing on wages. More broadly, she refuses to "seek too assets" and conduct an overall increase in taxes, hence the rejection of a general increase in the CSG, as expressed last week by François Fillon.Finally, the "pattern Axa 'mandatory private insurance is also rebutted by the prime minister – incompatible choice to keep a" floor of solidarity "public.

• Funding potential

This base should look like the current personal autonomy allowance (APA), improved. To finance, the minister mentioned three tracks. First, the alignment of the CSG pensioners (6.6%) of the assets (7.5%). Then, up the "solidarity contribution for autonomy" (employer tax) in exchange for a second "day of solidarity" worked by employees, and / or its extension to independent professionals and retirees.Finally, taxation of all legacies and donations (1% suggested by the Economic and Social Council).

• Law or no law?

Alleviate the "rest dependent" people who are very dependent in retirement homes, relieving departments – the first funders of the APA – in need. These "emergency requirements" will be answered in the fall, confirms Roselyne Bachelot, who estimates that one billion annual funding required. Measures included in the budget of the social security, which can only accommodate financial arrangements. The working groups have launched other ideas, starting with better coordination of stakeholders around the dependent person (our Monday editions). Nicolas Sarkozy will decide whether the subject the campaign of 2012 or if it retains some now. In this case, should be considered a separate act, in a crowded parliamentary timetable.Marie-Anne Montchamp argues that meaning is: "A law would provide visibility, draw perspectives, we will show later that clogging effects of the crisis, as the Head of State wished" . In this case, it could be a framework law, setting guidelines, and perhaps initiating experiments.

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Too big banks are no longer popular. International regulators working on a way to discourage institutions to reach a critical size, representing a systemic risk. The aim is to avoid repeating the situation in 2008 when, at the height of the crisis, governments were forced to come to the rescue of the banks described as "too big to fail", ie plants with failure could endanger the financial system.

The Basel Committee on banking regulation, which will meet next week and consider the implementation of specific measures to the thirty largest banks, reported Bloomberg and the Financial Times. The idea would be to impose new capital requirements higher than other institutions through the application of a new specific prudential ratio.If these measures are validated, the additional reserve capital that institutions would be selected will earn 3.5% of their risk-weighted assets according to Bloomberg, or 2.5% reported the Financial Times. Restrictions in addition to 7% imposed under the Basel III standards.

The new ratios would be imposed on institutions sliding scale depending on the size of banks and their links with their competitors. The Bloomberg stressed that the highest ratio of 3.5% is not applicable today. But it would serve to discourage institutions to grow further.

France wants to exclude Crédit Agricole and Societe Generale lists

In total, nearly 30 banks that would be an increase in their capital reserve requirements. The most severe restrictions relate eight institutions including BNP Paribas.Four other European banks (Deutsche Bank, HSBC, RBS and Barclays) and three U.S. (Citigroup, JPMorgan and Bank of America) are also involved free business cards. They would be forced to comply with a Core Tier 1 ratio, an indicator that measures the equity of 9.5%, the Financial Times. A second level would include four other banks.

But the list of banks involved are not yet fixed. The French regulator to try and ensure that Crédit Agricole and Societe Generale will be free of these new rules.

In addition, regulators have not defined the means by which institutions can be put in order.The arsenal of new rules imposed specifically to institutions "too big to fail", whose size deemed critical obliges the authorities to intervene in case of bankruptcy, should be ready for the next scheduled for November G20 stated Mario Draghi, chairman of the Financial Stability Board, in April.

But these new laws should not prevent banks from merging. "Institutions should already get the green light from regulators before any merger, the new ratios will be charged an additional constraint," says a corporate lawyer at the agency Bloomberg.

Little reaction in the markets

These ads have little impact on the shares of French banks. In the morning, the folds of the securities of banking stocks are less important than their benchmark index, the CAC40.The banks operate in a pocket-handkerchiefs: Company Génarale folds 0.5% 0.4% BNP Paribas and Credit Agricole 0.3% against a fall of 1% for the CAC 40.

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It's like income a year and a half ago. At the time, Renault intends to build its Clio IV in Turkey and not on the site Flins in the Yvelines. The government had to intervene and finally get the direction the car is partly built in France.

Will history repeat itself with PSA that intends to close its factory in Aulnay-sous-Bois (Seine-Saint-Denis) and Sevelnord (North). Except that unlike Renault's 30% owned by the state, the manufacturer, a lion is a 100% private. The scope of government is much smaller.

"These companies are accountable to the nation"

The State is taking this matter very seriously.If the Minister of Industry, Eric Besson, who met Thursday evening PSA CEO, Philippe Varin, said he was "reassured" by the commitments made by the carmaker, Prime Minister Francois Fillon, the move to guérande (Loire-Atlantique), did not hesitate to call the toll paid by the state to help a struggling sector during the economic crisis. At the time, PSA and Renault had received three billion euros each. "Given the large amount of aid made to the French car industry by the government, I would not and would not understand that these companies are not beholden to the nation that has helped low interest personal loan." The Prime Minister will also have the opportunity to discuss this news with Philippe Varin on Saturday, as both men find themselves in the 24 Hours of Le Mans.

The Socialist Party (PS) is however not reassured."I do not have much confidence in his statements (Philippe Varin), says the spokesman of the Socialist Party, Benoît Hamon. Because we see a real transhumance migration of automotive production facilities and their equipment from the west to the east of Europe. " For its part, the Socialist mayor of Aulnay-sous-Bois, Gerard Segura, is confident that "until 2016, when production of the C3 should end in this factory. The industrial director of PSA, Denis Martin, had said Thursday that "industrial, it is absolutely impossible to give a guarantee on a sustainable medium and long terms. We have visibility into our roadmap to a year or 18 months. It is an absolute maximum, "he concludes. No doubt the state will seek to convince SAP to reconsider its plans.

The rigor is no longer appropriate for the big bosses of the banking sector. Aid paid by the state and now repaid their business reaping the effects of recovery, there are incentive bonuses, considering the annual reports and press reports, clearly an upward trend for 2010. While many top executives of French banks had waived their bonuses the previous two years, 2010 has signed the back of generous salaries.

In addition to a salary of 1 million euros, up from last year, the head of Societe Generale, Frederic Oudéa, reaching his first bonus since he took office and the Kerviel affair.Bank boss of the highest paid, he will receive a variable remuneration amounting to 598,400 euros paid immediately in cash, plus a paid deferred until 2015 to comply with European Directive CRD3 applicable since 1 January 2011. In total, the variable compensation paid for 2010 could reach up to 3.2 million euros, according to the calculation of Echos.

It's a little more than Baudoin Prot, CEO of BNP Paribas, which in turn will receive a fixed salary unchanged from the previous year, but a sharp rise in bonuses. About 1.67 million awarded in total, 60% will be paid in deferred over two years with conditions. His total compensation could reach 2.47 million euros as well. Last example, the boss of BPCE, former deputy secretary general of the Elysee Perol, who waived his bonus last year.According to AFP, he will receive 1.05 million euros to this title, for a fixed salary unchanged at 550,000 euros.

Variable pay "balanced"

If the amounts received are variable up substantially, the banks but on the whole complied with certain requirements of European directive adopted in 2010. Transposed into French law by the end of last year, it aims to control the compensation of employees of banks that may affect the risks taken by their institution. To get them interested in long-term results, a fraction ranging from 40% to 60% variable compensation should be paid for example over several years, subject to results.

But according to the directive CRD3, this variable compensation should be "balanced" with respect to the fixed remuneration. And perhaps where the shoe pinches.Because as stated by the MEP "Europe Ecology – The Greens Pascal Canfin this Saturday in Libération, France did not correctly transposed the EU directive, replacing the term" balanced "by one of" appropriate ", denaturing content of the text. He stressed that, therefore, represent bonuses for 2010 "3, 5 or 10 times the fixed fee."

The Ministry of Economy, the entourage said Christine Lagarde told AFP that "France was one of the first countries to transpose the European directive, and after notification of such legislation to the Commission in February , it "made no comment."

The spirit of the directive not respected

It must also be noted that France does not figure in the worst student in the field. British officials are still better off: the new boss of Barclays there has recently been awarded a bonus of 23 million pounds.

Generally, as commented European Commissioner Michel Barnier services in the columns of Liberation, "behaviors have not changed as much as you want. The banks have not complied with the spirit and letter of our directive. " Faced with the inertia of the banking community, the European Commissioner had already threatened in April to further tighten the rules governing executive pay for banks. The newspaper said the European Commission is preparing to "carry out a thorough investigation" on the transposition of the Directive by the Member States of the EU.

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Unusual activity for some time on the roof of the headquarters of Louis Vuitton Pont-Neuf. Above the heads of workers claw LVMH flagship 60,000 Apis melifera busy, flitting between balconies with ardor and green spaces nearby. Up to 3 miles away. A superhuman job. Consider instead: 4 million trips necessary to produce 10 kg of honey!

These bees towns were nestled there by the beekeeper Nicolas Giant at the request of the king of luxury. Hives in the hive after the bags, fashion jewelry, "LV" has become a honey! Purpose: To educate employees on environmental issues and biodiversity.The protection of bees is crucial, the hive cities produced four times more than the hive fields, where intensive agriculture, pesticides and its Asian hornet Maya threaten these benefactors instant payday loan.

"As sweet as honey", Louis Vuitton, the luxury first company to take this initiative, has made about the theme of its windows. In his first major harvest, she received 75 kg of honey, 500 pots rare, reserved not for sale but to employees and friends of the family. Louis Vuitton scratched nectar, but also labeled Honey La Belle Jardiniere, by reference to the roots of the seat. This was a natural …