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Prime Minister Francois Fillon announced Monday, after a special cabinet, new austerity measures. The amount? Range evolves 6-8000000000 euros. The downward revision of growth in 2012 (1.75% to 1%) means to provide such an effort if France does not want its deficit skid.

Among the tracks mentioned: an increase in corporate tax (IS) for large companies and action on VAT. Specifically, according to reports, companies making more than 500 million euros in turnover should pay an additional tax (eg 10%). The nominal rate of corporation tax will not be found … but the big companies will actually pay more. And perhaps as early as the down payment in December. The state expects 1 billion additional revenue per year.Questioned by AFP, Matignon said that "nothing is definitely rigged," knowing that arbitration meetings with President Nicolas Sarkozy will take place this weekend.

Clearly playing the card of fiscal austerity, France hopes to control its deficit to calm the markets. And of course, maintain its triple "A" from the rating agencies. For the record, the budget deficit is expected to 80.8 billion euros in 2012, against 95.7 billion this year. In addition, the deficit should be increased from 5.7% this year to 4.5% in 2012 and 3% in 2013.

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No teletrack payday loans offer customers extreme speed in granting, approving and remitting cash advances to cater for any kind of unforeseen financial crisis.

"The euro is a rock against the crisis. "This declaration of Gylfi Arnbjornsson, President of Iceland's largest union, released in turmoil in the euro area, out of place. "While a small floating national currency increases the flexibility and affects employees," he insists. Bryndis, she does not believe more in the EU and the euro area. "It does not work. The crown, however, allowed us to emerge quickly from the crisis, "said the young woman, who works in a bookstore, very committed to the sovereignty of his country. These two strong views illustrate the gap between pro-and anti-Europe.

Iceland began on June 27 last formal negotiations to enter the European Union. At the end, Icelanders will vote in a referendum.The challenge for the small island in the far north that is just three years of severe recession, is to join the single currency.

The debate in Reykjavik is far from settled, including the center-left coalition government, like the Minister of Economy Social Democratic supporter of the euro and its counterpart of Finance defends the virtues of the crown.

"The devaluation of over 40% has boosted the competitiveness of our exports. The gain exceeds the final cost. Unemployment would have been much worse, "says Green Minister Steingrimur Sigfusson. With two key economic sectors: aluminum and fishing account for 80% of exports. In this land swept by the waters and winds so imposing nature, the farm lobby and fishing make their voices heard. They reject the decisions of Brussels and its quotas.Yet, in fact, Iceland is already integrated into the European Union.

The case "Icesave" three years ago that poisons relations with Great Britain and the Netherlands also maintained Euroscepticism. The State has spent 15% of GDP to save its national banks but refused to compensate the foreign customers of the bank Icesave, bankruptcy. An early decision of the European Court of Justice could force Reykjavik to set the slate of 8 billion euros. "The bank Landsbanki has the means to repay by selling its assets revalued since the crisis," said the minister.

Indebtedness

Three years to regain control of the IMF, the economy drastically, radical restructuring of the banks have put the country on track for growth, helped by a crown devalued on line pay day loans.In the field, if the maintenance of a welfare state and the strength of social ties, related to the geography of the place and its small population, have reduced the impact, the crisis is far from over. Reflecting Hildigunnur Sverrisdottir, 35, architect, married with three children. "We are living a nightmare, every month, our debts pile up, we have no visibility and perspective," she confesses.

This family alone synthesizes all the symptoms of the crisis Iceland: Hidlig lost his job after the explosion of the housing bubble, the couple bought a house at full price. They chose a loan in foreign currency – yen, Swiss franc and euro – more attractive as deemed stable and offering lower interest rates. This not to mention local specificity to index mortgages on inflation, which reached its highest, 18%.Result, many Icelanders have seen the value of their loans soar. "In my generation, everyone has lost an average of 10 million crowns," says Hubert Koziet, who suffered a pay cut and an increase of one third of its credit.

Unable to repay their credit, Hidlig and her husband were offered a government program, reserved for owners 13 .500, which is to cap credit 110% of the value of the dwelling and convert crown. "We do not know what to do, we are still negotiating with our bank, we do not rule out leaving the country. Many of our friends, architect, engineer, accountant … went to Denmark and the United States. "

Counter the brain drain and attract new investment, are the future challenges for sustainable growth in Iceland. Because the economy remains crippled by capital controls and political instability.Ironically, today is not money that is lacking in the small island – banks are full of capital that the Icelanders and businesses could exfiltrer abroad – but it suffers from a lack of confidence in the future and the political elites.

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Phone calls at the highest level, video conferencing, round trips of crisis, the climb to the top of the euro appears more frantic Sunday every hour that passes. Nicolas Sarkozy made last night on an emergency trip from Frankfurt to tighten rope with Angela Merkel. But in the final meters, it is the Italy of Silvio Berlusconi could give a cold sweat in the common currency.

Ten days after his trip to Berlin, Nicolas Sarkozy visited on Wednesday in the financial capital of Germany for a further meeting with Angela Merkel. Officially, he came to pay tribute to Jean-Claude Trichet, who drew his bow at the head of the ECB. But in practice, to lock an agreement soon with the Chancellor. After a two-hour meeting nothing has filtered. The two leaders were released separately without comment. They looked tense.They rushed into their cars, to use the plane to Paris and Berlin.

The key issue – the appropriate role or not the European Central Bank in the financing of sovereign debt in support of the EFSF, the bailout funds in the euro area – remains still pending. France is clearly, even amending the Treaties. Germany has always been against the name of financial orthodoxy and independence considered sacrosanct by the ECB.

The question plagues the Paris-Berlin for months. At one hundred hours of a summit that everyone wants to believe decisive, it is especially doubt the strength of the Franco-German base on which the 17 partners of the euro and the 27 EU countries have establish a bulwark Sunday against the crisis and contagion."Monday morning he will have the markets, the United States, China and the IMF are convinced that Europe has a plan, a European official placed loose in the heart of the discussion. If there is no agreement, each European country will be reduced to playing individual survival. "

A "Mr Euro"

As a result, dramatically raised the bar for Sunday. Until recent days, Europeans thought solve problems in sequence: first Greece, then the recapitalization of banks with the strengthening of EFSF and economic governance coupled with greater budgetary discipline and finally the start of construction new treaties to push European integration. In an emergency, they say in Brussels, the Heads of State and Government will instead have to treat the whole as a whole.

Essential parts are already in place.Athens will release in the coming days with an 8 billion euro. She will spend the deadlines in November and avoid bankruptcy catastrophic for the euro. Unless dramatic, France and Germany also agreed on the recapitalization of banks. Governance side, it seems certain that the European Council President Herman Van Rompuy become "Mr. Euro ". The terms of the collective fiscal discipline and above the level of checks carried out by teams in each capital Brussels are still under debate. The case directly related to the revision of treaties, also raises serious questions of national sovereignty.

But against the backdrop of persistent differences between France and Germany regarding the bailout fund and the role of the ECB, it remains to organize the famous "against fire" in the euro area, ie to prevent the spread of the fire."It's reassuring to calm the Greek home. But that does not answer the real question posed by the market: what happens if other countries are in turn earned by the flames? ", Said the European official.

After degradation of Spain by Moody's and uncertainty on France by Standard & Poor's is Italy, the third power of the euro might come to haunt the summit. "Nobody talks about it openly, but everyone has the scenario of an Italian debacle in mind," said one senior source. After public criticism that its inertia creates the Italian employers, Silvio Berlusconi could be claimed Sunday accountable by their peers, they say in Brussels.

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In the wake of the Board, who act the dismantling of Dexia between France and Belgium, Pierre Mariani, managing director of the bank and its president, Jean-Luc Dehaene, have defended their record this morning before the press and financial analysts. The two men had taken the reins of the Franco-Belgian bank in the fall of 2008, after his first save. They provide regret today that the crisis in the euro area has hastened the end of Dexia, without giving them time to continue their work of restructuring.

Pierre Mariani has promised that he would take "responsibility to the end", while taking care to separate the action of the fall of Dexia. The bankruptcy of the institution was caused by the "strategic errors of the previous management," he said.The latter had acquired all of the huge bond portfolio of Dexia, the source of his difficulties refinancing. She even continued to invest until the summer of 2008. Jean-Luc Dehaene has evoked the astonishment of Pierre Mariani when he arrived at Dexia, discovering that he took the lead, not a bank but "a hedge fund." Both men stressed the work done. Pierre Mariani does not regret having accelerated the process of asset sales earlier this year. He said that if states had to refinance the portfolio of Dexia at the time of the rescue of 2008, they would not have had to mobilize 90 billion euros, but 300 billion.

On-balance sheet Dexia has not withstood the pressure of the crisis in the euro area, pleads management.Pierre Mariani said that all banks had received government recommendations, requiring them to maintain their exposure to debt of peripheral European countries in order not to further destabilize the country. "The group may have been naive in following these recommendations," he conceded. In the short term, the surveillance of Moody's and "repeated rumors during the last week have increased the pressure on the financing of the group."

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After unveiling a plan for the use of 447 billion dollars, the U.S. president should propose a new tax plan today to 1.5 trillion dollars over the next decade. The plan also intends to cut the deficit in Washington from 3000 billion over the next ten years, said Sunday night a senior administration official. Barack Obama wants to target primarily the rich and businesses, with half of the funds would come from new tax revenues collected on Americans with annual revenues exceeding one million dollars (730,000 dollars) and large enterprises.

The head of the White House should include advocating for the abandonment, when they expire, tax exemptions granted under the presidency of George W. Bush. The cancellation of these tax cuts would recover $ 800 billion over ten years.Barack Obama also plans to provide flat tax code to eliminate some tax loopholes, such as offering tax exemptions to companies acquiring business jets, the total estimated gain of these measures over ten years is 700 billion.

In his new tax plan, U.S. President should also encourage investment in education, new energy and job creation. Barack Obama is also expected to make a point of honor to defend its program of social security, Medicare, and could threaten to veto any cuts in this area if the plan is rejected tax increases.

The U.S. president faces directly the Republican camp, which just last week, made clear he would oppose any new tax increase by the chairman of the House of Representatives John Boehner.

The Head of State has already incurred the wrath of the opposite camp with a proposed new taxes for the wealthy, able to focus on the proposal by billionaire Warren Buffett that promotes the alignment of the taxation of income over one million dollars over that of the middle class. Yesterday, some Republicans suggested that U.S. President revived the specter of "class struggle".

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Sesame exemption from capital gains realized on the sale of real estate other than principal residence is dropped from fifteen to thirty years in prison for acts signed by the notary from 1 February 2012. Given the time – about three months – required between signing the sale agreement and the final act, the owners have until early November 2011 to find a buyer and receive the current system that allows the application of a 10% reduction, from the sixth year of detention, leading to de facto full exemption in fifteen years.

After this deadline, if the reduction from still scene from the sixth year of detention, he falls to 2% per year until the seventeenth year of detention, then goes to 4% per year until the twenty-fourth year and 8% per year until the thirtieth year Low fee payday loans.In summary, 80% of the capital gain is taxable after fifteen years of detention, fateful moment of the advent of the exemption, under the current system.

The game of allowances is relatively complicated, you can use our simulator real estate gains that calculates the tax due before and after tax reform, based on purchase price and the selling price of the property.

"Simulator real estate gains

The tax rate is maintained at 19% for sales occurring in 2011 for the record, it was 16% for those signed in 2010 which should be added 13.5% social whose overall rate was increased 1.2% for goods sold from the 1st October 2011. Finally, the note amounts to 32.5%!

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The rules were amended by the law Borloo 2005 to protect tenants, including termination of the lease. The initial investment is also more important. Choosing to rent furnished, rather than proposing the empty slot, remains interesting in many respects to the owner. Freedom of contract remains high on the lease and the lessor is entitled to require the tenant much more extensive guarantees for the payment of rents, which are also higher than in the case of an unfurnished apartment cash advance loan no fax. Valerie Valin-Stein, journalist for The Monthly Individual realizes this month dedicated to a folder furnished. It provides some things to consider before launching.

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The most obvious common point between 2008 and 2011 is obviously the rout of bank shares. Monday, for example, Crédit Agricole was at a record low.

Other signals, less visible but more alarming, are pressed to bright red in recent weeks. They relate to the refinancing of banks, that is to say their ability to borrow from the market – every day, every week, every semester or ten years – according to their needs and the life of their assets. The price of these loans exploded in Europe, he returned, on average, three months, its levels of spring 2009. Money is also more rare: the U.S. money market funds, major providers of short-term liquidity, have stopped their relationships with banks in Italy and Spain, and very significantly reduced their lending in Germany and France.Finally, deposits with Central Bank (ECB) swell again (more than 150 billion euros on Friday night), indicating that financial institutions prefer to entrust their surplus rather than lend it to others.

The symptoms are largely the same as in 2008. Yet the nature of the crisis is different. Three years ago, she found its roots in the defeat of the U.S. mortgage market, the famous subprime. Today is the public debt which is the mainspring of mistrust.

Doubts about the ability of European states to repay their loans undermine the banks. Because, on the Old Continent, 8% of banking assets – 3,000 billion – are sovereign debt, the banks are in Europe, part of the monetary system.Second, markets are finding that European political institutions are so far failed to implement a concerted and lasting solution. And if the Greek plan is not working, financial institutions should make provisions massive.

In 2008, financial stocks on the stock market knew a massacre led by the bad news from the front and U payday loan lenders.S. real estate mortgage. Today, they live to the rhythm of political Europe. The rout of bank shares yesterday was fueled by the regional election defeat Angela Merkel on Sunday, the delay of Italy on its austerity plan, and tensions emerged between Athens and the IMF.

Controversy with the IMF

Under these conditions, the remedies to the crisis can not be the same as those implemented three years ago.At the time, states had largely replaced the market to provide capital to banks and liquidity on a daily basis that they lacked. Today, Treasuries no longer have necessarily the means. The needs of banks are not necessarily the same. In terms of capital first. The controversy continues to rage on the appeal of Christine Lagarde to recapitalize, if necessary by force and public funds, European banks. These have yet raised $ 414 billion of capital since 2008 (against 314 billion U.S.), recalled Monday the International Institute of Finance. "A forced recapitalization would signal that policy makers do not believe the success of their measures," complained the head of Deutsche Bank, Josef Ackermann.

Regarding liquidity, strong strains may not lead necessarily to a global asphyxia as in 2008.The valves of the central banks are now more wide open than they were at the time. And meanwhile, the banks have loosened their funding constraints in the short term. In Europe, they have raised $ 544 billion of debt this year, for up to 90% of their needs for the entire year. A situation that does not allow to exclude an "accident" in a particular bank. And leaves intact the concerns for 2012.

The panic would still blow time on banking stocks on an exchange. In any case, what predicts Frederic Oudéa, CEO of Societe Generale, in an interview with Journal du Dimanche. The latter ensures that "nervousness can last at least until early November," that is to say at the time of publication of third quarter results.

This period will provide an opportunity for banks to prove to investors that they are doing well. Starting with Societe Generale, whose share price has further declined by almost 16% last week."We will have the opportunity to communicate to the market that the bank has no liquidity problems, its activity is healthy and that its investment capacities are intact," says Frédéric Oudéa, who had made similar remarks after that his institution has been a rumor about his health.

Wait and see

According to the head of the French bank, the sector is the first victim "of downward revisions of global growth prospects" and "doubts about the debt of the euro area". Markets therefore expect political decisions from the United States, France and Germany. But these "slow" because of the elections in these countries prepare themselves."You can see a waiting period," warns the leader then.

This will be even greater that there is a lag time between taking a political decision and its implementation, said the head of Societe Generale. For Europe in particular, "the area in need of economic convergence, integration of tax policies. That will not happen as fast as the markets want. "

According to Frédéric Oudéa, global stock markets in any case "slipped into excessive pessimism." The fear of a global recession, which shook investors, moreover, has no place: "What we see confirms our expectations. The second quarter marked a break. We said that growth in developed countries would be moderate. Things will balance but it will take time. "

No takeover bid for SocGen on

In this interview, Frederick Oudéa also ensures that the bank he heads will not be the subject of a takeover bid, despite the sharp drop in its share price. "I see no looming strategic move," said he. "It will happen in Europe if the bank nothing is happening in Europe at all. Industry consolidation will not intervene if the situation does not change. There should be no movement before attending two or three years. "

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The denunciation was on a roll. While in Britain the government call the citizens to denounce the rioters, Greece, reports of suspected fraud to the Treasury affluent than ever. The local fraud squad has received 18,500 disclosures in 2010, against 4500 last year and 4,000 in 2008. The trend continues since 7500 reports have been recorded in the first half. In most cases, these phone calls or emails denouncing anonymous traders who have "failed" to issue receipts or the liberal professions (doctors, lawyers …) not issuing receipts.

Unpunished for decades, tax evasion is now seriously disputed by the authorities, under pressure from the EU and the IMF.In turn, the Greeks, hard hit by the austerity plans, are becoming more willing to report those who do not respect the rules of the game, however, they take care: this is almost twenty-five centuries of Athenian democracy suffered a lot of sycophants. These informers professionals who enriched themselves through their charges, have contributed to the decline of Greece.