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The board of the International Monetary Fund (IMF) met Friday in Washington, approved, as expected, the release of a new tranche of 3.2 billion euros for Greece.

It is in addition to 8.7 billion euros released a week ago by the European Union. This round of 12 billion euros is the fifth of the rescue plan 110 billion approved last year. It should enable the country to repay much of its debt maturing July 15 (EUR 2.4 billion to good six months) and 22 July (2 billion euros good for three months).

But Greece, the public debt (354.5 billion euros at end March) shook up the United States, is not out of the rut.Athens calls for a hue and cry a second bailout, a value equivalent to the first, or 110 billion euros, for which the Europeans require the participation of the private sector. A meeting of the Eurogroup in Brussels next Monday, followed by a council of finance ministers the following day was supposed to define its contours. But it will not succeed, as the differences remain significant even within the Union. At best, a decision is expected in mid-September, confirmed the new Greek Finance Minister, Evangelos Venizelos.

Taboo

For many scholars, starting with the rating agencies as criticized in recent days, the private sector's contribution to the recovery plan would resemble a Greek default, since creditors will not get their refunds in time and hour.A nightmare scenario that Europeans seek to avoid at all costs. Without having yet found the parade.

And meanwhile, some still waving the event of a release of the euro area. An expert in Brussels who had requested a report before he leaves office, a judge at the end of the decade "there may well still have 17 members, but the question is whether this will be the same that 'today. "

The subject is taboo, but if Greece were to be found in default, many experts believe that the only way to redress the country's economy would be a devaluation, and thus an exit from the euro. This had been done in Argentina in 2002, winning its currency, the peso, the U.S. dollar.

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

All for it! A great stir launched by Laurent Wauquiez triggers an uproar, followed by a double crop, ministerial and presidential primary. But a few days later, means a whole different story. François Fillon Laurent Wauquiez has criticized the "form", but acknowledged the need to "correct" the RSA. And Roselyne Bachelot, who on Monday denounced the "About counter" in the mouth of his government colleague, merely validating the more moderate course, diagnosis shared by all governmental experts: the RSA does not work .

"This system is not perfect and needs improvement. This is a horribly complex. It must be simpler, "said Minister for Solidarity. The Minister of European Affairs has lanced the boil.The initiative is very cavalier but Sarkozyist in mind: to generate debate on a subject which will now cleaving the heart of the presidential election.

Since the Elysee prepares a balance sheet of five years, the RSA is an embarrassment, even if the plate issued by the Presidency of the Republic for the fourth anniversary of the class number of successful reforms. Should he be praised for showing that the government can boast of a true social balance? You run the risk of exasperating his electorate that is notched on all subjects assistantship. Should we criticize, pointing to its shortcomings?

Crisis forces, the RSA is not increased in intensity. Departments have struggled, together, to put in place. The record is disappointing.And Nicolas Sarkozy, who was given carte blanche to Martin Hirsch, came back the promises of the former High Commissioner of Solidarity.

A "disappointment"

Last Friday, Nicolas Sarkozy himself acknowledged before some guests of the evening that the RSA is a "disappointment" because he "does not fulfill the function" for which it was designed. Several employees Elysian find elsewhere, for several days that the RSA was "a bad system." Even Jean Castex, deputy general secretary in charge of social issues, slid in front of several elected officials as the "RSA does not correct the RMI but amplifies it." He likes to cite the example of supermarkets, which are not hiring more part-time because it makes employees eligible for RSA. "As a result, employers have an incentive to pay only partial activities," said Castex.This means that Wauquiez had some support when he opened a gap on this subject.

Now, everyone understands that the assistantship in general, and the RSA in particular, should enter the debate of the presidential election. Whether it is local aid, of individual housing, the earned income tax or unemployment benefits – by far the most generous in Europe, particularly for executives – these benefits will be evaluated. First, during the debate held on this subject by the UMP June 8 Then during the mission's findings Marc-Philippe Daubresse on RSA.

"We have two solutions. Or we're like 80% of the countries that surround us, that is to say nothing, because generalized social benefits are the only true French specificity. Or do we tip of a support system to a delivery system, that is to say, aid in exchange counterparties.Only the second solution seems feasible, there is little confided to Le Figaro a close adviser to the Head of State. The Elysee, who thinks of course the debate of 2012, reflecting on different tracks. For example, the idea of ​​a "welfare reduced based economic growth," says this adviser.

But another near the head of state calls on him "a fierce fight against abuse", without questioning the entire system, on behalf of national cohesion.

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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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"Compensation of CEOs

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On Wall Street last week, the Standard & Poor's 500 was royally awarded 1.96%, returning to a new level since June 2008. It closed Friday at 1369.61 points, rising 2.8% in April and 8.4% since the beginning of the year. The reassuring words of the President of the Federal Reserve, but also publications of the first quarter results of companies in the S & P 500 led him to move forward.

Indeed, over 324 companies over 500 have already published their results. And this statement is, at present, encouraging, "announced 74% earnings per share above expectations and 75% beat analysts' expectations on their turnover," says Christian Parisot at Aurel BGC. Only 62% of companies in the S & P Announce generally better than expected results payday loans.

In terms of forecasts, the discourse remains cautious.For the second quarter, 38 companies have lowered their projections of results and only 23 have reported. For 2011, however, 59% of predictions are reported. Among the heavyweights of Wall Street, have yet to announce their results, Pfizer (Tuesday), Time Warner, Electronic Arts (Wednesday). And the same day, Kellogg, Kraft Foods and Sara before Lee (Thursday). Three publications expected with a touch of apprehension, the margins could suffer from rising prices of food commodities, as food industry giants had trouble in pass prices.

Union leaders had expected that the 1 May 2011 be a little raw. And they were right. Especially as the bargaining unit has somewhat disintegrated. "The character of this holiday is both less said, the day falls on a Sunday," observes Marcel Grignard, number two of the CFDT.In 2009 the protesters were much more likely because of the crisis that has hit hard the French economy, and in 2010 the fear of the pension reform, just before its unveiling, had been a factor in turnout.

A disappointment even stronger than the first parade of May 1, Marine Le Pen as president of the National Front (FN), has mobilized more than expected among 3200 people according to police and 20,000 according to the FN (2000 cons according to police and 8000 by FN last year).

"We do not have to be in the streets" to celebrate International Labour Day, said Sunday the first secretary of Lille Martine Aubry PS parades scattered about, saying that employees would demonstrate "in 2012 in vote. "

"May 1st, we are the popes of the earth"

In the regions, the mobilization was low.In Marseille, among 2000 people by 5000 according to police and organizers, marched through the streets between 1200 and 3500 people in Toulouse between 2200 and 3300 in Lyon, between 2200 and 3000 in Bordeaux between 1200 and 3000 in Strasbourg between 700 and 1000 in Lille and between 450 and 1000 in Rennes.

It was also shown to Pau (800 to 1200), in Angoulême (500), Besancon (500 to 1000), Brest (250 to 300), Nancy (700 people according to the unions) and as at Dunkirk, in Orléans and Caen.

Besides purchasing power – the secretary general of the CFDT, Francois Chereque, called on Europe 1 radio on Sunday increased the minimum wage beyond the 2% increase in rpincipe scheduled for July 1 – the themes that defended year are "support for the Arab peoples who rise to the dignity and freedom," and "equal rights" between French and foreign workers in response to "national preference" advocated by the National Front progression in the opinion polls.

Winks comedy peppered some processions. "May 1st, we are the popes of the earth", alluding to the beatification of John Paul II. But also slogans in opposition to the FN, as in Rennes' French workers, immigrants, same bosses, same battles. "

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The unions are no longer gifts

And three! According to statistics of job seekers registered at employment center in March, the number of unemployed in group A (did not work that month) declined for the third consecutive month. He even declined significantly: 21,100. Or reflux of 0.8% monthly, the largest since the crisis began bringing to 42,200 the decline in unemployment in a quarter. Another positive sign has to go back to the first quarter of 2008 to find the last virtuous cycle of three consecutive months of decline.

"We return to the situation before the crisis, welcomes Is there Ministry of Labour. Even if we are not immune to turmoil in the months ahead, the trend is a sustained decline on 2011. " A decline that could be much higher than 55,000 by early employment center for the entire year."We will do much better," promises one even rue de Grenelle where we put forward the 500 million new contracts helped decided in March have not yet been offered to the unemployed.

The reflux of March is all the more important that, unlike in January (19,300), it is not offset by an increase in suspensions and cancellations of registration at employment center. The government does not short the risk that this reduction was accused of "statistical" by unions. The suspension of registration for failure to update and deletion of files employment center in fact increased the thickness of the line in March, when they equaled the decline at the beginning of the year. Depending on the category called reference (which focus on government policies of employment), there are now 2 guaranteed approval cash loans.68 million unemployed in France.A variation reduced to 0.7% yoy, against increases of nearly 10% last year and more than 25% in mid-2009.

Higher for applicants with reduced activity this good news, however, are tinged with gray when viewing the data including job seekers with reduced activities conducted in March. The number enrolled in classes B and C (having worked less than 78 hours or more) rose by 10,400 and 15,400, bringing the total of 4700 + registered unemployed in A, B and C. In one year, the variation of this indicator – which fell only 3 times in two years – is + 3.8% to 4.045 million. If less than 25 years and 25-49 years away are rather better in March, it is different for more than 50 years whose enrollment continues to climb. 4% over one month and 13% in one year.It is certainly far from the annual increases – nearly three times – two years ago but the problem of unemployment remains unsolved fifties.

As is that of long-term unemployed whose number swells inexorably as every month. In March, he still rose 0.4% for enrolled for more than a year employment center where the average length of unemployment now stands at 448 days. Not since June 2001, ten years ago, to find such a level.

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When the alleged espionage case was transferred to the handling villainous, Patrick Pelata, the deputy CEO of Renault, was sacrificed once to take the blame and protect his boss, Carlos Ghosn. "When the investigation is complete, we will draw all the consequences to the highest level of business is to say to me," he said in a March 4 interview with Le Figaro . Duly noted. This incredible adventure will put a stop to a stellar career that began at the manufacturer there are twenty-seven years.

For several years, Patrick Pelata, 55, has emerged as heir apparent right arm and his classmate Polytechnique in 74, Carlos Ghosn. Appointed Chief Operating Officer in October 2008, he assumed operational management of the entire company in crisis, leaving the CEO's long-term strategy.Previously, it had already become the number two official, adding his wake in the footsteps of his mentor.

Brilliant and unconventional

Grand son of farmers, the son of teachers from the Ariege, Patrick Pelata doing a brilliant classical route: preparation at Louis-le-Grand, Polytechnic, School of bridges and causeways, which he was president since 2009. Brilliant but unorthodox, the young engineer developed a passion for sociology. Postgraduate at the Ecole des Hautes Etudes en Sciences Sociales, he wrote a thesis on the development of Taylorism and Fordism in French factories. Communist activist, a brief on the working conditions of miners in the Pas-de-Calais earned him a week off to X, for violating the duty of reserve soldiers saving account payday loan.

At 29, the young executive at Renault. An avid robot, is foreman of the welding robots Flins.It is then in charge of the platform Twingo. When, upon redemption of Nissan, Carlos Ghosn asks about him that is ready to follow him to Tokyo, Pelata packed his bags. His expertise in industrial organization and the range of vehicles, as well as his hobby of sociology help contribute to the recovery of the Japanese manufacturer in disarray. When Ghosn took charge of Renault, he brings with him his right arm. This is one of the few members of his bodyguards at tu boss and contradict appropriate.

Since 2008, Pelata the helm, during the crisis of the automobile. It has launched a voluntary separation plan of 9000 people, handled the failures of the Laguna and Twingo 3 2 and reoriented the manufacturer to the cars of the future. Lucid, he was aware of the questioning of the status of the self in contemporary society.He acknowledged the responsibility of the industry in global warming and went all-out on electric vehicle programs, as alleged spies were supposed to have tried to hack.

When, a year ago, the government pin Renault, which plans to produce the new Clio in Turkey, the boss left Pélata defends the logic of cost reduction business. This fan of hiking and judo, father of four children, now paying an unfailing faithfulness.

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Renault could have done this possible controversy. But a few weeks after pleading guilty to wrongfully dismissed three executives accused of espionage and one year after the turmoil created by the case of the Clio – it planned to relocate to Turkey – the manufacturer must again be accountable.

The group decided to entrust the production of two new engines to its sites in Romania and Spain, he said Friday. The H4 (3 cylinders) and H5 (4 cylinders) are respectively made from 2013 on the site Dacia Pitesti, specialist low cost, and Valladolid (2012). The announcement had been made in these two countries, but Renault had kept the trumpet in France.

This decision could affect the French mechanics Douvrin in the North.The plant, owned jointly by PSA Peugeot Citroen and Renault, the engine produces D4, a less powerful 4-cylinder (60 to 80 horses, 90 horses cons for the H4 and H5 for 115 horsepower). The motor assembly D4 employs 450 people, about 3450. The downturn could cost more than 200 jobs, said the CGT. These positions will not be replaced by the manufacture of cylinder heads and camshafts for the new engines, which could employ 40 people, said the union.

In response, the group has indicated its commitment not to make any plans for layoffs or voluntary redundancy as part of its new strategic plan. But unions fear that retirement will not be replaced.

Lower volumes

"It relocates slowly, even if management tries to minimize," sighs Alain Labarre, CGT Douvrin.The group, however, rejects these accusations. "The H4 and H5 are required to take the place of older models that were almost similar already made in Turkey, Spain and Romania," said a spokesman, adding that such engines "are not competitors D4 Douvrin made. This engine, fitted to small cars like the Twingo and the Clio (as will the H4) and low-cost models, will be "produced in parallel in the coming years," because "it can offer rates aggressive. "

In late January, Philippe De Coene, director of the French mechanics, however, said that the arrival of a small 3-cylinder would "intervene in the market" of 4-cylinder engine manufactured in Douai, as mentioned by Liberation. He said the volume of the D4 engine "will tend to decline," even if "we will not stop producing it in 2013 and he did not" concern "for the job.He added that he "fought to get another engine family."

In 2010, Renault has made 29% of its engines in France, against 85% for PSA. Renault says it will carry, however 40% of its investment in France by 2013. Engine side, the group said it will produce R9M, a 130 horsepower diesel for the Megane to Cleon, Seine-Maritime. A factory will also manufacture electric motors in 2013.

While the new European standards will make diesel engines more expensive gasoline engines of new generation have a bright future ahead of them. H4 and H5 models, which will reduce CO2 emissions by 30 to 40 grams per kilometer, would represent 85% of the volume of gasoline engines for Renault in 2015.

Good news for consumers. The telecoms regulatory authority (Arcep) decided to require mobile operators to reduce the price charged for routing calls from a mobile network to another, said cost of call termination. Practical consequence, this decline should reduce future bills of consumers.

Wednesday, Arcep set the goal of reducing the cost of 14 cents per minute to 8 cents today at 1 January 2013. A reduction of 42%!

To get there, Constable Telecom requires a first down 2 cents, effective July 1, 2011, and 1 payday advance.5 cents in January 2012 and finally to 1 cent from 1 July 2012.

Since 2008, Arcep requires a steady decline in prices.This has enabled operators to launch tenders called "Abundance" with unlimited calls to certain times or to certain numbers selected by the subscriber.

This is still lower tariffs that allowed for some months to some operators to free calls from a landline to a mobile.