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Baroin the stage. He keeps repeating the last few days: it will require further cuts in the tax loopholes in 2012. For now, the government planned to cut $ 3 billion. "It is very likely that we will go beyond, as part of the Finance Act," warns the Minister of Economy. Otherwise, the objective of reducing the public deficit (4.6% of GDP in 2012, 3% in 2013) will not be met. The IMF says the same thing Wednesday, in the final version of his report on France, he warned that without additional effort, the deficit "would decline more slowly contemplated" and still reach 3.8% two years.

However, Prime Minister François Fillon reiterated last week even as the French would not have to tighten their belts further.If the IMF is seeking new revenue – or additional savings – is that it considers the government's growth projections too optimistic. He did not table more than 1.9% next year (after 2.1% this year), where the government is preparing its 2012 budget on an assumption of 2.25% (after 2%).

The cost of Greece and Libya

But that's not really what worries Bercy. Growth at 2.25%? "The account will be," says without a doubt a top official of the Ministry of Economy.

However, Bercy identified several elements that could degrade the accounts. First, the second bailout of Greece. While it will not weigh directly on the deficit of France, as François Fillon stressed. The private sector has agreed to cash a loss equivalent to 21% of the value of the loan granted to Athens.The slate for French banks would exceed 2 billion euros. "We will inevitably income tax on companies and less," admits the Ministry of Economy.

Then "there will be a time when we look at the balance of external operations," Do we loose the ministry. In other words, the commitment of the army in Libya could be very expensive.

Finally, remember that at Bercy Taiwan frigates affair will cost 460 million euros to France. In early June, after ten years of a bitter legal battle, Thales has indeed been ordered to pay more than $ 800 million in Taiwan, for commissions on the sale of frigates in 1991. The State had brought its guarantee in the contract."Public finances must now endure the heavy consequences of the decision in 1991 to pay commissions, unlike the letter of the contract," Matignon had pointed to the announcement of the court decision. This cost was included in the supplementary budget at the beginning of July. It will, however, offset this expense.

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Business leaders of the Hexagon are not moral. According to figures released Friday by the INSEE index of business climate appears down sharply this month. At 105 points, he loses four points compared to June, although it remains above its long-term average. "The economic climate is deteriorating in almost all sectors," says the institute. Apart from the building, indicators of industry, services, retail and wholesale drop three to five points. Only the owners keep the building for hours trust.

Pessimistic without sounding the alarm industry (including confidence indicator increased from 110 to 105 points in July) believe that their past activity has slowed significantly. "The stocks of finished products are considered low," says INSEE. The order books are down, but still sufficient, says the institute."We are not surprised by these numbers wrong, responded to Williencourt Camille, an economist at Natixis. In the first quarter, industrial production was driven by temporary factors, like the last effects of scrapping, or the strong growth in Germany. It is no longer the case, and we must expect a slowdown in this sector activitéde for both next quarter. "

Demand less favorable

Same story in services, where the business folds of four points (to 103 points against 107 in June). Bosses' expect the application to be less favorable in the coming months, Insee said.If they believe that operating income has accelerated somewhat over the recent period, they anticipate a sharp slowdown in the coming months. "To Dominique Barbet, economist at BNP Paribas," the difficulty of the bosses to raise prices will continue to weigh on margins and employment in industry. "

The leaders of the retail and automotive industries also find a slowdown in activity in July. It would continue "under the planned decrease in sales and orders intensions," said the institute. Which notes that "they have also been fewer than in the last question to report price increases of the past."Despite a sluggish economy, retailers indicate that the pace of job creation is expected to remain stable over the coming months.

Given these figures, Dominique Barbet still maintains its growth forecast of 0.3% for the second quarter. But should be "a little more pessimistic" for three months, where he counted on a GDP growth of 0.4%. For its part, Camille Williencourt believes that the activity will continue to deteriorate at a slow fire until the end of the year, assuming zero growth next quarter.

Five days before the end of the selection process for the leadership of the International Monetary Fund (IMF), supports the two candidates, Christine Lagarde, French and Mexican Augustin Carstens, continue to occur. That night, it was Canada and Australia have shown their preference for the Mexican. "Past experience of the IMF Agustin Carstens, coupled with his achievements as Finance Minister of Mexico and his current position as governor of the Mexican Central Bank, the very well prepared to understand and address the challenges facing the global economy, 'the two countries in a brief statement.

Still, while Germany shows loud and clear preference for the French candidate, the support of both countries to Carstens appears more timid.Australia and Canada underline the very strong indeed credibility of both candidates and their "weapons" to ensure the legitimacy of the IMF. This commitment shy, Mexico seems to reap the benefits of an intense lobbying. June 7, after a meeting in Ottawa with Canadian Finance Minister Jim Flaherty and the boss of the Bank of Canada, Mark Carney, Augustin Carstens had already revealed that the country would welcome a new head of the IMF International from an emerging economy. This is now confirmed. Besides these two new support, the Mexican has the support of a dozen South American countries.

For Nicolas Sarkozy, has already achieved success

This joint statement does not seem to really change the forces.Canada is indeed at the head of a constituency (group of countries) representing only 3.61% of the votes in the institution. The only real surprise, Ottawa will generally be the position of its U.S. neighbor … who, in turn, always reserves his choice.

The latest statements by Timothy Geithner, however, argue for a broad preference for the French bid. Through a spokesman, U.S. Secretary of the Treasury has in fact hired Thursday, "strong leadership skills and experience of the Minister," making it a candidate "exceptionally competent" for the position Executive Director. If the United States confirmed this view, Christine Lagarde, who already has the support of Europe (almost one third of the votes on the Executive Board of the IMF), garnering 16.8% of extra votes.French side, the case is already bent to Nicolas Sarkozy, who is already winning his Economy Minister, before the final decision expected by June 30: "A woman at the IMF, is history! And that's us! "The president reportedly said according to remarks reported by Le Parisien.

Finally, the French enjoy today to the disunity of the emerging countries, the so-called BRICS (Brazil, Russia, India, China and South Africa). Faced with their indecision, Carstens strategy to present himself as the candidate of developing countries, seems to have a hard time fly. Especially since his whole campaign, and during his oral exam Thursday at the IMF, Christine Lagarde has repeatedly hammered his desire to ensure, if elected, more representative of emerging countries in the institution .

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The city's economy and currency, including the Bank of France on Wednesday unveiled plans will be the equivalent of the CSI de la Villette. "An ambitious educational project and citizen supposed to receive 100,000 visitors a year from 2014, of which 50% of schools. The investment is around 30 million euros. It will decrypt "the economic mechanisms, monetary and financial information" through "interactive presentations and fun." Even if it fills a gap in a country where economic culture is deemed poor, the announcement would be commonplace.

His place is much less. Extension for this company, the Bank of France has chosen the Plaine Monceau, one of the most exclusive districts of Paris. She intends to kill two birds with one stone. The splendid Hotel Gaillard, neo-Renaissance style, built in 1882 and situated place du General Catroux, was one of its three branches in Paris.It will be rehabilitated and converted into 'space museum. " The architecture will be preserved, especially the amazing vault surrounded by a moat. Former clients, such as Earl Moses Camondo neighbors who came to place their treasures, would be very surprised that we devote so much effort to explain the money. They were trained on the job.

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The money can be learned

The reform of the ISF should apply to tax payable this year. This will help to 300,000 households with assets of between 800,000 and 1.3 million euros to escape the levy. Yet, June 15, usual time of payment of the ISF, the reform will not yet adopted by Parliament. To make the system applicable this year, the authorities have planned to postpone the date to September 15, 2011.

This vagueness will not push the subject to the first installment of the ISF to consider the tax exemption before being fixed and especially worried about the foundations of public benefit, which collect large donations through this channel. "The situation, its suddenness and its uncertainty, is frankly disturbing," says Francis Charhon, president of the French Center Foundation, which fears a fall collection.For assets exceeding EUR 1.3 million, donations to charities are tax-exemption form yet the most interesting, with a deduction of 75% and a ceiling remained at 50 000 payday advance. To simplify and personalize the process, the Fondation de France has even created a website to choose the project to be funded.

Funds that invest in unlisted companies, the FIP and the FCIC, provides, them, an ISF reduction of 18,000 euros maximum (50% of the amount invested in unlisted). Reform or not, they should still be successful. "Last year, they were competed by holding companies. However, they have virtually disappeared, "said Christian Foil, president of Finaréa. Like other managers FIP and FCIC, the company recently launched funds that will alleviate the ISF 2011 … in June or September.

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No fireworks or confetti, SNCF is preparing a relatively quiet birthday for the 30th anniversary of its TGV. A "TGV Birthday" will circulate throughout France from Thursday until mid-July. In September, the inauguration took place September 22, 1981 – a festive event … is still under investigation. The exuberance is clearly inappropriate.Once past nostalgia to see the locomotive and orange trains from Alstom, the retro deco trains and jingoistic pride of having given birth to the fastest train in the world, that he remains today the flagship the rail industry?

In recent years, the president of the station itself is trying to deflate the myth TGV "ten passengers carried by the station every day, nine are not in TGV," says Guillaume Pepy, whose priority is now in the "daily trains, regional express trains, Transilien, trams … He even called a" niche "industry dedicated to the TGV railway.

Financially, the activity is no longer the pool of profits it was: "Until 2007, the benefits of TGV were living the box," says Guillaume Pepy."Currently, 30% of TGV lines are not profitable," said Barbara Dalibard, executive director in charge of travel industry. And company officials repeated their concern about the future of this activity open to competition with the economic balance has become fragile due to the steady increase in the tolls paid to rail network of France, the owner of infrastructure. This year, the station will pay 200 million euros more than the 1.53 billion paid to RFF in 2010.

People keep his soul

No way to offset these costs by a sharp rise in ticket prices with pricing to "low cost" emphasizes especially travelers who anticipate their movements. The TGV popular origins must retain its soul."France is one of the few countries that have succeeded mass transport at high speed, said Patrick Kron, CEO of Alstom, which has supplied all of the 540 TGV trains at the station since 1981. Families, young, old, students take the TGV. In other countries, they are businessmen who take advantage of very high speed. " In total, 1.7 billion passengers have crossed the TGV for 30 years.

The rail has dethroned the aircraft on routes between Paris and Lyon, Marseille, Strasbourg, Montpellier, Lille … Conscious of its economic impact, all want their elected officials high speed line. The projects have multiplied. Five of them should be completed before the end of the decade (eastern branch of the LGV Rhin Rhone, the second phase of the East, South Europe Atlantic HSL between Tours and Bordeaux, LGV Pays-de-Loire between Le Mans and Rennes and finally, circumvention of Nimes and Montpellier).But only the financing of the East and the Rhine-Rhone is curly. The dozen other projects in the framework of the Grenelle Environment Forum in 2007, representing a total of 70 billion euros, however, is not etched in stone. That line between Paris and Le Havre which would cost nearly $ 9 billion for only 200 km! "We must have the courage to say that some projects will not be feasible, loose Herve Mariton, UMP. Already, the lines being built require more political will than economic rationality. "

"Our task is to ensure the continued success of the TGV, said Hubert du Mesnil, president of RFF. The first lines had been made without public financing package.The State would not have gone into debt in a kind of excitement. "Each project is now based on forecasts of attendance must allow the debt. "In practical terms, a funding problem will arise for both regions sought to build high speed lines and engaged in investments in their networks and B," says Hubert du Mesnil. Decision time has come.

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Like a majority of French purchasing power will be at the heart of the concerns of senior this year. Asked by ViaVoice on what should be improved "priority" in their business, two answers "remuneration", which is almost twice that in late 2009, when they had the same question was asked at the time.

Apart from this highlight, there is, from one year to another, a change in depth of their priorities vis-à-vis their employer.Thus, the general organization of work, motivation, consideration, respect and career development are surging in the standings.

Squeeze

Conversely, anything that relates to the economic health of businesses (business growth, customer relationships, profitability) is considered a lower priority white-collar, well-placed to observe the recovery of many societies. A health found, illustrated by the large dividend or records, paid by the CAC 40 in respect of fiscal 2010 personal loans for people with bad credit.

"The officers, who since the crisis erupted in autumn 2008, have made efforts, now want to reap the benefits," said François Miquet-Marty, president of ViaVoice.But there is a terrible squeeze between the discourse on post-crisis economic and financial and personal circumstances, which do not improve. "

Moral side, after two months marked by a net warming, a cold snap hit in February. The composite index (-38) lost 8 points and all indicators, macro or micro, are in the red. Now, more than half of executives believe that the standard of living will deteriorate in France over the coming months, and six in ten expect an increase in unemployment. This pessimism is due to two factors: the soaring prices of many agricultural commodities, which will affect the cost of the basket, and soaring oil prices, linked to events in Arab countries, which should have impact on growth.

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After two sluggish years, the hospitality industry, took over the colors. A study of European Statistician, Eurostat, published on Monday, 1.6 billion overnight stays were booked in 2010 in various hotels of the countries of the European Union. This figure, an increase of 2.8% compared to the number of bookings recorded in 2009, followed two years of decline. The number of nights spent in hotels – for leisure trips as business – had fallen by 3.7% in 2009 compared to 2008, already bad year for the hotel because bookings were down by 0, 3% over 2007.

The real dynamic recovery has been felt at the end of the first half of 2010. Between January and April, the number of overnight stays increased at an annual rate of 1.7% over the same period last year.Between May and August, the trend has accelerated up to 2.6% growth. Finally, the last quarter, the increase was 5.1%.

France in fourth position

The number of overnight stays increased in most European countries. The highest increases were registered in Estonia (+14.1%), followed by Latvia (+11.6%), Lithuania (11.1%) and Malta (+11%). Five European countries however have earned on their own 70% of bookings cheap business cards. Spain leads with 268 million hotel nights, a score increase of 6.8% compared to 2009. Italy follows with 245 million overnight stays, although this result shows a decline of 0.8% over the previous year.Germany totaled 229 million bookings – up 5.8% – and then France (196 million, +2.4%) and finally the United Kingdom (166 million down 2.1%).

More foreigners

Sign of better economic health, the number of nights spent in hotels by people from other countries is rising sharply. It increases by 5.1% when the stays booked by nationals grow only 1.1%. 45% of nights spent in hotels have been by non-residents of the country. Estonia, Latvia (75%), Greece (74%), Austria (72%) and Bulgaria, are the states that received the largest number of foreigners in their residences. France has recorded 66 million room nights booked by non-residents, or 33% of the total. A score increase of 3% compared to 2009.

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Barely a year and a half years after the adoption of the law Bachelot, called "hospital, patients, health territories", the Senate was considering a bill Thursday by Jean-Pierre Fourcade, which provides patches. Except surprise amendment, the text will delete two measures are considered "vexatious" by independent doctors' unions, like Nicolas Sarkozy promised in December.

The obligation to declare a holiday to regional health agencies (ARS), intended to allow better organization of the OOH, go to oblivion, replaced by a statement to the Council agenda for possible trouble finding a replacement. Also reworked the contract health solidarity. He was asking (many) doctors in inner cities to come in regular reinforcement of their (few) colleagues suburban or country, or face a fine of almost 3000 euros per year.This penalty disappears, and a "standard contract" is negotiated between Medicare and medical unions, each ARS can decline and sign with the doctors – volunteers only.

Operation of tinkering

Small hole in the freedom of settlement, the original contract health solidarity was the main innovation of the law Bachelot cons medical deserts. But since Nicolas Sarkozy has launched an operation to tinkering with the doctors and reiterates his belief that "coercion does not work high risk personal loans." He prefers to stick to the incentives, including scholarships for medical students committing to practice a few years in sub-dense area.

Portrayed by Xavier Bertrand, the change in line had actually been initiated as early as mid-2010 after the defeat of the right region, his predecessor at the Ministry of Health.Roselyne Bachelot was "bracketed" the two controversial measures before their entry into force, saying it was not the author but they were the result of parliamentary amendments to the Act – amendments that were, however, … The law supported Fourcade, discussed in a semicircle desert, must also create a "society Interprofessional ambulatory. A similar regime of civil society means, intended to foster the creation of "houses multidisciplinary" containing various health professions, doctors, nurses, physiotherapists … The session ended Thursday night before the majority of articles were reviewed. The Senate will then resume after the summer recess, reading the text, which will then be sent to the Assembly.

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This is a crucial visit to the French presidency of the G20. Nicolas Sarkozy will confront this Monday at the White House, his proposed "new international monetary order," with Barack Obama, without whose approval nothing will happen. The two presidents will discuss for an hour of detailed program of the G20, before a luncheon devoted to foreign policy issues.

The economic result of the interview where he discussed the role of the dollar, the volatility of commodity prices and a tax to finance development, infuse the roadmap of the Elysee for the G8 and G20, to be presented by the President on January 24 in Paris.

Although it has sweetened its way, Nicolas Sarkozy has not abandoned the idea, launched two years ago, a "new Bretton Woods."The taunts of the Anglo-Saxon led him to change his expression to adopt the more sober 'new international monetary order. " But the target set by the very restricted circle of the president is just as bold.

For the Elysee, he is bringing order into the "current monetary mess," characterized by excessive volatility in exchange rates and capital inflows to emerging disruptive that multiply unilateral initiatives to curb the appreciation of their currencies.

The present monetary disorder is due, according to Paris, the decline of "King Dollar", faces growing competition from other currencies, the yen, the euro, the yuan soon, a trend that has increased since the end Bretton Woods in 1971."China has emerged stronger from the crisis, we must adapt the new world monetary order to the new economic order," says one as president cash till payday. "We want to encourage the development of other international currencies, including the yuan," insists the president's entourage.

"Our currency, your problem!"

A very sensitive issue for Washington. "This is not to diminish the role of the dollar," Does it invokes in Paris. "The dollar is a major currency, and we hope it continues to play a major role, but the relative strengths of currencies will change, which will cause increasing tensions, which the G20 should meet," said the entourage President, anxious not to turn the Americans.

To ease the "transition to a more diversified monetary terms," the French presidency of the G20 suggests strengthening the IMF's role in liquidity crises, strengthen coordination of economic policies and adopt a framework for response to sudden movements of capital. "Given the current monetary mess we have intuitions, we will compare to those of Americans," said the Elysee, which claims to have the support of Germany, China, Brazil and India.

On the merits, however, France regrets a reality difficult to reverse: the dollar, global currency, remains controlled by the Federal Reserve, without real regard for the rest of the world. "Our currency, your problem!" Had dropped John Connelly, Nixon's Treasury Secretary, when it announced the end of the dollar's convertibility into gold, August 15, 1971.To the chagrin of France who tries unsuccessfully to address this reality for forty years.

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