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To allay the suspicion that surrounds the future of the single currency, Europe is beginning to have a somewhat more precise remedy to administer. For proof, Paris, which was until now very reluctant to discuss any other plan than that of July 21, hesitate, now, to openly discuss an alternative scenario.

First, European banks will have to be prepared to give up a larger share than expected of their claims on Greece. They will erase "probably more than 21%" expected, it was said Thursday the Department of Economics in Paris. Where we quick to point out that "it is no secret." "We are working on this issue" with Europe, they added. In Brussels, the figure of a discount of up to 50% is quoted."What we do not want is a credit event because it's an adventure," insists on the Ministry of Finance, where it is estimated, however, a "selective default" of the Greece "can be managed."

Once this fault act, he will then create a "confidence shock" at European level. Bercy is estimated that the French banks "are solid and have no problem of liquidity or solvency." However, "France is not deaf to the demands of the market for bank recapitalization." In other words, if the confidence shock has to go through the recapitalization, the Hexagon did not persist to refute.

Prohibit dividends

In the scenario that is emerging, which should be clarified at the EU summit of 23 October-, financial institutions would seek money on their own, in the markets.And the United States would open the "Windows" public that those who wanted to could come and borrow money guaranteed unsecured personal loan. "I'm not sure that French banks rush in!" Says a government source, thereby capturing the mood of the French bankers. The German bankers have also expressed their displeasure with Thursday to leaving the project "thinking that European banks are aware of alleged weaknesses." European level is mainly intended "to institutions that have failed the stress tests published in early summer, to those who have succeeded narrowly and perhaps a few regional banks," said Paris.

Nevertheless, the imperative that all will meet the objective of equity of 9% hard no later than mid-2012 that the EBA is about to impose.A figure Bercy "appropriate."

Will finally ensure that institutions do not go further curb the financing of the economy to meet this requirement. "To ensure that banks continue to finance the economy well, we can do things. It has, for example, how to play on their dividends, "said the entourage of the Minister of Economy, Baroin. In fact, the supervisory authority has the right to ban certain payments (dividends and bonuses, for example) as the level of fixed capital that is not achieved."If banks were not distributed as dividends in the last three years and focused on strengthening their capital, there might not be as urgent today," said a finance specialist.

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Retirement: an age variable geometry

"We will not retire at age 60 as we passed in 1982," Manuel Valls Assen. "Nobody says that," irritated Martine Aubry. Yet behind the totem of 60 years Wednesday by waving the primary contenders, hiding the reality quite different. François Hollande only accepts the retirement at that age for those who already have all their quarters. And he sees this as an intermediate stage before a vast overhaul of the system. Manuel Valls as Jean-Michel Baylet also advocate to review everything but are more specific about their goal: a point system, "as in Sweden," says first, "a la carte," added the second.

This would eliminate the problem of legal age, everyone is free to stop work when he wants, even if just a small pension.Ségolène Royal promises, in turn, "the return to retirement at age 60, without any discount for those who have their useful contribution." Martine Aubry appear on the same line … which is precisely to return to 60 years as 1982, a slight difference: the contribution period required for a full pension will be more than 37.5 years. "When life expectancy increases, we must extend the contribution period," admits François Hollande. Well, this time, a point that is the consensus among the suitors, and who endorse the principle set by the Fillon reform of 2003.Holland and Valls even explicitly mention the term adopted in July by the government (41.5 years for 1955 and subsequent generations) in the jeers of the left.

Occupation: differences in hiring to firing

Martine Aubry does not believe in "contracts of generation" François Hollande (if exemption from the hiring of a youth while maintaining a senior in the workforce). In addition to cost 8 billion a year, it anticipates a "windfall" of companies. Ségolène Royal stigmatizes a new "social niche". As for the jobs of the future of Martine Aubry and Arnaud Montebourg, Manuel Valls speaks of an "ineffective measure" that will not allow young people to enter high quality business cards.While Segolene Royal wants to "put into law a ban on layoffs stock" and those "motivated by profitability alone," Martine Aubry wants to allow unions to "seize the court to appoint an interim administrator." François Hollande, he suggests increasing "financial sanctions" to fight against unfair dismissal.

Education: recruit or not?

The proposed François Hollande to create 60,000 jobs in Education in the five years, approved by Arnaud Montebourg, gives rise to a lively exchange with Martine Aubry. "It costs how much?" Quote the mayor of Lille. "2.5 billion euros," says the member for Corrèze. "I wanted to make sure that François Hollande, after proposing not to repeal the budget of Education, now wanted to increase by 2.5 billion euros," continues Aubry.

This in turn will "upgrade the salaries of teachers," "hire psychologists and doctors." Ségolène Royal has a different, for its part, the cost of hiring intended by Holland: "7 billion over five years since 500 million, they must pay every year and they are cumulative. " The president of Poitou-Charentes said that unions "are aware of the financial and budgetary difficulties of the country, and do not require a commitment as strong as this." It calls for "multi-annual programming as needed."

Medical deserts: the incentive constraint

Two camps are emerging. On the one hand, those who want to force young doctors to practice, at least for a few years in deficit areas: Montebourg, Aubry.On the other, those who believe that it will not work and prefer to stick to incentives: Valls, Baylet, Holland – even if it is ready to ban the facilities in the densest areas in doctors. Royal does not choose between two options, but imagine the "clinics with salaried physicians" in the suburbs or countryside.

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The tension was still palpable on Friday on financial markets. The fear of a relapse of the global economy continues to weigh on investor sentiment. After the debacle of Thursday, the CAC 40 has attempted a rebound shy at the beginning. He then procrastinated for most of the session to finally close on a rise of 1.02% to 2810.11 points

In five days, the index of the Paris Stock Exchange dropped 7.3% since the beginning of the year, it now shows a loss of more than 26%.

The atmosphere was febrile also on other major European markets, which have moped for most of the day. London has finally gained 0.50%, and Frankfurt, 0.63%.Wall Street also tried to regain his senses.

Throughout the week the markets were concerned about the inability of monetary policy makers and reassure them.

Finance ministers and central bankers of the G20 countries, gathered since Thursday in Washington, pledged to "make a strong and coordinated international response" to the crisis. For their part, major central banks around the world have pledged to continue "to support recovery" and promised to ensure that "banks have adequate capital." In vain.Immersed in doubt, investors offload the risky assets.

Jean-Pierre Jouyet, the president of the AMF, the policeman of the Paris Stock Exchange has agreed that the situation remains "very worrying" and expressed concern of a "risk of systemic crisis" able to dive the entire financial world into chaos.

Banks have also had a meeting even under high tension. They are finally rising again after about a member of the Board of Governors of the ECB that the institution "could reintroduce refinancing operations a year for banks," according to Patrick Jacq, economist at BNP Paribas . Societe Generale has increased from 8.76% to 9.78% BNP Paribas and Credit Agricole of 4.78%. Over the whole week, the titles of major French banks, however, blame the loss of more than 10%.The heaviest fall of the CAC 40 of the last five trading days, however, returned to Vallourec, cyclical value par excellence that shows a loss of 17.5% for the week. No value no CAC 40 ended the week in the green. In the SBF 120 JCDecaux climbs over 10% for the week. The title is valued by analysts to the strength of its prospects and the recurrence of its results.

The horizon of the global economy darkens. The European Central Bank (ECB) has lowered on Thursday its growth forecasts for 2011 and 2012, warning that the level of uncertainty is extremely high. The guardian of the euro expected to grow 1.6% in 2011 and 1.3% in 2012 in the euro area, against 1.9% and 1.7% previously forecast.

"Uncertainty" was in this context, the key word of the monthly press conference of ECB President Jean-Claude Trichet: "There is a huge level of uncertainty in the world." The risk is now the forecasts rather than the ECB may be too optimistic, he implied. And, because of the negative effects of the crisis in financial markets observed this summer and the debt crisis in the euro zone in particular.

After a good start to the year, growth "will be very moderate later this year," warned the president of the ECB. Consumption may be lacking. "Unlike recent months, the ECB no longer considered as the confidence of consumers and entrepreneurs will support domestic demand," says Ken Wattret, chief euro zone economist at BNP Paribas. In the early morning, the Bank of France has published growth prospects for the Hexagon journals also down for the third quarter (0.1% versus 0.2% previously).

For inflation, the ECB has not touched its projections. It still expects 2.6% price increase in 2011 and 1.7% in 2012. As the guarantor of price stability in the euro zone estimated a few months ago that inflation was under pressure, it recognized that today the risks were "balanced."A code word meaning that it did not expect an acceleration in prices in coming months. It therefore left unchanged its interest rates, it increases instruments when it believes that inflation is accelerating payday loans lenders.

Despite the alarmist tone about the economic environment, "we do not think that the ECB will lower interest rates anytime soon," said Cedric Thellier, economist at Natixis. "We expect a rather long status quo accompanying amorphous growth and low inflation."

The rush of blood against the United States of Trichet

Questioned by a reporter relaying German criticism against the alleged lack of independence of the ECB under the European Treaties, Jean-Claude Trichet has lost some of his cool. "We're doing our job, which is not easy," he said."Our mission is to ensure price stability, what we have done so impeccable. I'd love to hear praise for the work today! "He exclaimed.

Some German observers, very attached to monetary orthodoxy, condemned the purchase of bonds by the ECB. "If we had to implement this program, because states have not acted properly. He did not exercise sufficient oversight they should have. Remember, in 2004 and 2005, some governments-France, Germany and Italy, not to name-calling for the relaxation of their obligations "deficit, he accused. "We have always asked the contrary full compliance criteria deficit.But we have not preached in the desert. "

In this context, Jean-Claude Trichet reiterated, on behalf of the ECB, the extreme urgency for the States to implement measures to restore the balance of public finances. "Governments must be prepared to cut spending if targets are not met," he said. He also called for the deregulation of regulated professions.

The manager of the French railway network, Réseau Ferré de France (RFF), proposed on Thursday a 7.4% increase in tolls, the SNCF and its potential competitors will have to pay to circulate the TGV in 2013. After a 1.5% increase, which will be implemented in 2012, RFF describes his proposal for a "moderate".

These rates are still the subject of a bitter battle between the SNCF, which reiterates that these tolls threaten its business model, and RFF, who needs financial resources to sustain a railway network in poor condition quick payday loan. The increase was 6.4% in 2009 from 11% in 2010 and 11.7% in 2011.

For regional express trains (TER), the increase in tolls is generally softer: it should reach 2.5% in 2012 and 5% in 2013.On average, the increase should be 4.3% in 2013, while "inflation rail" suffered by RFF is 5.8%, says the network manager.

These proposals will be discussed until the end of October and will then be submitted to the Regulatory Authority rail operations (Araf).

Asian stock markets found the way to the rise on Monday. After the extreme volatility of the previous week, investors will decide to follow the bouncing of European and American markets. The Nikkei index of Tokyo Stock Exchange has thus concluded the day on a rebound, from 1.37% to 9086.41 points. The broader Topix index has returned 1.16% share to close at 777.12 points.

The Tokyo Stock Exchange was shaped in the early morning hours. The course of the Japanese currency gave him a break by staying roughly stable against the dollar, the ticket to turning throughout the session around 76.90 yen. The principals in Tokyo were also pleasantly surprised just before the opening of evolution by the numbers of gross domestic product (GDP) of Japan in the second quarter, which showed signs bode well despite the severity of the shock collected after the earthquake of March 11.

The archipelago has suffered from April to June the third consecutive quarter of decline, gross domestic product (GDP) declined by 0 instant payday loan.3% over the previous three months. This decline of 1.3% annualized, but well below that expected by economists, and most of them hope an upturn in the summer.

Moreover, time was also optimistic. The Stock Exchange of Hong Kong and Shanghai respectively gained 2.98% and 1.21%. Exchange Syndey advanced 2.64%.Seoul and Bombay were closed due to holiday.

Oil up

Oil prices were also up Monday morning in electronic trading in Asia in the wake of the Asian stock markets, but the gains are likely to remain limited because of persistent concerns about the state of the global economy, analysts said.

In morning trading, a barrel of "light sweet crude" for delivery in September gained 22 cents to 85.60 dollars. That of Brent North Sea crude for September delivery took 27 cents to 108.30 dollars.

"There are two ways to bring artists in a festival. It depends if you have money or if we have not. " Here's how CEO François Floret and coprogrammateur Festival Route du Rock in Saint-Malo (from 12 to 14 August 2011), summarizes the difficulties faced by the organizers of summer music festivals at the time to place their programming. Because the area is changing for ten years.

Faced with the collapse of record sales, artists tend to want to catch up on their live performances. In recent years, the stamp of a headline average doubled from 100,000 to about 200,000 euros concert . Two years ago, the claims of artists such as rock bands Radiohead and the Arcade Fire could reach 500,000 euros a night delivery. A luxury that the Route du Rock, after more than 20 years of existence can not afford.Especially since the philosophy of the festival "has always been focused on the discovery of new talent," says its director.

A total of 340,000 euros per year are devoted to the artistic, or just over 19% of the annual budget of the event. Festival Rock en Seine in Paris (from 26 to 28 August 2011), this percentage reached 33% on a budget of 6 million, for a festival attendance of 105,000 in 2010.

Few artists have their own agents

To perform their scenes, organizers go through the special agents of the artists. But in most cases, they must go to production companies (the "turners") who sell the show, usually including travel, by winning 15% of the sale. Remains the responsibility of organizing the cost of hotel and catering.The financial balance of a music festival, big or small, is always delicate balance between inflation of stamps and need for headliners known to attract an audience often more sensitive, especially in times of crisis, to "safe bets".

Especially as competition from large foreign festivals like that of Open'er in Gdynia (Poland), heavily sponsored and line art more variable, contributes to the inflation of the claims of artists and the business side of an event. This year's Route du Rock will receive about 17,000 spectators to reach its equilibrium point. To get to lower costs artistic, the organizers can sometimes rely on the recognition of certain groups. This was the case last year, where the rock band The National has made a financial investment for their third participation in the Route du Rock, who has made known in France in 2005.But these returns elevators are rare, "artists tend to quickly forget their ideals of youth" deplores François Floret.

Artistic expenses under pressure

More confidence in the festival of the summer Vaour (Midi-Pyrenees), the artistic budget does not exceed 28%, 5% for the music (about 10,000 euros). Again, the trend in the price of contracts bought production companies are on the rise. No need to be an international star in setting its prices. "We can see, especially for groups that have no problems selling dates, says Sylvie De Sousa, in charge of music programming of the festival that drew in 2010, 18,000 people in nine days. Those who have more difficulty selling their shows make an effort. " The average cost to the organizers groups received between 800 and 1300 euros per service.And the festival should be more attention to his artistic expenses, some concerts are free.

Finally, the last festival that highlights specific financial issues, the uniqueness of the service provided. Artists to bring only one date is in fact a greater financial effort, where the organization of a tour allows you to spread fixed costs over several dates. A show to 1500 euros per day on tour will be up an average of 4000 euros for a single date.

Theater festivals are much more subsidized

In terms of theater festivals, the financial efforts of the programming is even greater. "Music festivals generate more ticket revenue for those plays, because they mobilize a public far more numerous. Which is also the case for ancillary revenues (bar, derivatives).In the end, the part flow from music festivals, especially the general public is much stronger, "said Jonathan Fox, the head of the theater program of the festival Vaour. In addition, the confidential nature of the discipline is also in this sense, although of lesser importance.

On the other hand, the troops come for several performances, which smooths the cost over several days. Ultimately benefits of a theater festival like the summer of Vaour range from 500 to 3000 euros, "the notoriety aspect of the company also playing its role," says Jonathan Fox. By comparison, a one-man show in Paris like the comedian François Rollin costs between 5,000 and 10,000 euros. These characteristics explain why the sector is generally far more subsidized. For example, 22% of the budget of the festival of the summer of Vaour comes from public subsidies.

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While the ongoing wrangle with Casino in Brazil has shifted in favor of its competitor, Carrefour has released Wednesday a turnover in line with expectations. Group sales in the first half amounted to 44.6 billion euros, up 2.7% at current exchange rates (+ 2.5% at constant exchange rates) and 0.1% in comparable excluding petrol, adjusted for the calendar effect. Sales for the second quarter amounted to 22.4 billion euros, up 1.6% at current exchange rates, but down 0.2% on a comparable basis, excluding petrol and excluding the calendar effect .

While the group had mid-June, revised down its operating income to 35% in France, it now expects a decline of 23%, due "mainly to France."Lars Olofsson said that "Carrefour has set up an action plan in order to achieve the target set by the Group to grow its sales and EBIT in 2011."

Uneven performance in France

In France, the performance is mixed. Lars Olofsson deplores a "unsatisfactory performance of hypermarkets," whose sales are down 3.3% excluding petrol in the second quarter and adjusted for the calendar effect, after falling 1% in the first quarter.

However, Carrefour welcomes the performance of its stores. Carrefour Market and saw its sales grow by 1.3%. As for Carrefour Planet, "the four stores models continue to show sales growth in double digits."The group said that "the deployment of 21 new stores in the second quarter Planet is broadly in line with the plan, these new stores outperform those of our traditional hypermarkets in Spain and Belgium in particular."

Abroad, the decline continues in Western Europe (down 2.1% in the second quarter and 2.6% in the first). The activity in Belgium, however, displays a successful turnaround, with sales growth of 10.1% in hypermarkets.

Emerging markets are, in turn, still the group's activity. Latin America was up 11% at constant exchange rates, excluding petrol and adjusted for the calendar effect. In Brazil, where Carrefour battle as to marry the first retailer in the country, sales rose 10.2%.In Asia, growth remained at 5.3%, with an increase of 8.3% in China.

In exchange, Carrefour began declining after the announcement of these results. After losing 3% on opening, the title was eventually closed up 1.52% to 22.325 euros in the last trade. The CAC finished up 0.51%

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On July 7, Vincent Cerutti present the second issue of "Sosie Sosie or not" in prime time on TF1. A vote of confidence granted by the private channel to its new host, after a first edition earlier this year. Readily compared to "Surprise of making" the show had launched Marcel Béliveau in 1989 in France, "Sosie Sosie or not" brought 5.2 million viewers on 1 January (23.8% audience share ). "This proves that the concept pleases, said Vincent Cerutti. The difference with "taking on Surprise" is that it is no longer the stars who get trapped, but the stars who, in a role against type, trap and anonymous. " Three programs are planned this summer, 9, 16 and July 23 in prime time, with about twenty guests in total.Whether TF1 wants to make a recurring issue, "it depends figures and viewers," concedes the presenter, who denies receiving any pressure or targets to hearing from the chain. Maybe TF1 wants to install a new brand with this program, at least we'll try, "says he.

Earlier this year, who made his debut on TNT channel local TV Le Mans (LM TV), was screened at the presentation of the new program flow TF1, "Dancing with the Stars" alongside Sandrine Quétier. A strategic project for the chain after the end of "Star Academy". Despite a change in leadership programs, "the second season will take place in a few months, said Vincent Cerutti, although I can not tell you when and with what celebrities."

An entertainment magazine on the family in the study

Within six months, the young leader would be poised to confirm that, in its search for new faces, TF1 made him the right choice. Also not impossible that we find in other programs guaranteed high risk personal loans. "A magazine of entertainment is also being studied or for the prime-time, or to a second part of the evening. It would be a show about family life, and a pilot has been shot, "he says.

At a time when most television hosts are also producers, Vincent Cerutti has no plans for now to give in to these sirens. "Producing? Maybe one day, but it is not relevant. My priority is simple: lead and present programs as can Jean-Pierre Foucault. "In 2006, the leader had created his company, Press'Agrum Productions (which no longer exists as such), who has produced "You had your fill! "For SM TV. "It allowed me to present for four years a 90-minute talk show, where I received the guests as diverse as Marc Levy, Michèle Cotta or Jean d'Ormesson." The new host of advanced TF1 also the importance of this type of experience and regional media. "The local DTT channels are like the radio in the 1980s. These are laboratories that allow leaders and journalists of tomorrow to form. It is important to try to keep them even if they suffer a lot economically. "

This summer, Vincent Cerutti will also be broadcast on RTL, for the second consecutive summer. He replaces Vincent Perrot at the helm of "Stop or" every weekend, from 9:30 to 11:30.As in 2010, it will also be with Jean-Sébastien Petitdemange, this time for "Journey of a spoiled listener" on Saturday from 13:30 to 15:00, starting July 16. For those who started on the radio, should be seen as a harbinger of any lasting return on the air? Why not. "I speak with my manager Gerard Louvin," concedes the moderator.

The employment contract is signed between Christine Lagarde and the International Monetary Fund. The new CEO of the institution will, in the words of the document published today, an annual salary of 467,940 dollars (323,257 euros). It will benefit in addition to 83,760 dollars per year (57,829 euros) for participation in expenses. In total, the director will receive 551,700 dollars (380,989 euros) a year, a net amount of taxes on income.

The remuneration of Christine Lagarde was up 1.1% compared with that of Dominique Strauss-Kahn as stated in the contract signed in 2007 when he took office. A parallel increase in inflation over the past four years. The price index for the Washington area, which serves as reference for the calculation of wages to the IMF, has in fact increased by 1.1% between May 2007 and May 2011.The remuneration of Christine Lagarde will be indexed to inflation, the IMF said, and adjusted each July 1.

In addition, like its predecessor, at the cost of business travel by Christine Lagarde will be paid by the IMF. With a change at the margin, however: even if not married Christine Lagarde, his companion will also be covered by these reimbursements. The IMF said the word "spouse" of the partner. Christine Lagarde, in fact, lives in concubinage with Xavier Giocanti since 2006.

The IMF has mostly benefited from the inauguration of Christine Lagarde to strengthen the code of conduct of the Director of the IMF, from the document signed by Dominique Strauss-Kahn in 2007. It is now clear that the new director should "avoid even the appearance of improper conduct," a phrase that was not before.It will also, as now all members of the IMF, training in ethics-the very word was not included in the document of 2007. Another addition, the French will see banned from participating in any political meeting, although it may remain a member of a party if it so wishes.

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