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To save its common currency, Europe is the part of the fire. The seventeen countries of the euro have violated a prohibition group, assuming the risk of a possible partial collapse of Greece. But national leaders have also pushed their own taboos in order to restore confidence and resolder the team in front of the fire.

The Brussels summit, cleared the day before by a dinner at three in Berlin, saw everyone had a role. Jean-Claude Trichet, haughty guardian of monetary orthodoxy, has reluctantly accepted the possibility of a "default" of Greece, even if he believes will be averted. Nicolas Sarkozy rempoché its bank tax – a project specifically designed to avoid trial in Athens of bankruptcy, albeit limited. Angela Merkel pays back.She agrees to substantially beef up the European bailout fund of indebted countries, ignoring the doubts that undermine his coalition in Berlin. And it sends a "very big thank you" to his interlocutors.

Unexpected, even courageous, the device stopped Thursday night is also a leap into the unknown. The danger was that the shock wave feared a possible default "selective" in Athens come sweeping new defenses in the euro area. The Head of State has carefully avoided the word "default" but he assured that the euro area lavish in time "all the necessary guarantees." Encouragingly, the agreement was welcomed Thursday by a rising euro and a market rebound.

Reduce the debt burden

By sacrificing a principle, the summit also seeks to limit the contagion. "What we do for Greece, we will not do for any other country," warns Nicolas Sarkozy.The summit's final declaration said that "Greece is in a unique situation of gravity in the euro area (…) Therefore it requires an exceptional solution." In contrast, the other 16 euro countries "reaffirm their inflexible determination to honor their individual signature" loan. No way to drift to other parts of the chain, such as Portugal and Ireland have a drip European, or like Spain and Italy regularly shaken up the markets.

For Greece, the immediate objective is to reduce the debt burden by involving banks and private equity funds. "This is to address the root of the problem" of insolvency, said Angela Merkel. The summit adopted a "menu of options," modeled on the plan proposed by the international financial community.It was also shown Thursday in Brussels by Baudouin Prot, Director General of BNP Paribas, and Josef Ackermann, head of Deutsche Bank. Voluntarily, but under strong pressure, banks must give up some money owed to them, particularly in France and Germany. Financially, the most dramatic innovation is the green light to EFSF to "intervene in the secondary market" in the clear to buy back government debt to investors. In the case of Greece, Ireland and Portugal, it would relieve the banks that hold securities impaired.

158 billion euros

Seventeen of the two, however, establish safeguards. The one at the request of Jean-Claude Trichet as the ECB will return to establish a priori the "exceptional circumstances".The other at the request of Angela Merkel, as the green light is given "by mutual agreement" of members of the rescue fund. This leaves almost a right of veto in Berlin, leaving no question of a European institution to have its way of guarantees provided by Germany

The summit amounted to 109 billion euros the amount of public funding in the second bailout of Athens. Taking into account the participation of the private bill climbs to 158 billion euros. The IMF confirmed its contribution in the evening, without specifying the amount. As expected, the euro area has decided to extend for 7.5 years "to a minimum of 15 years and up to 30 years' duration of its loans to countries in need. Meanwhile, the interest rate will be reduced to 3.5%. The summit finally evokes "a comprehensive strategy for growth and investment" in favor of Greece, through the European Structural Funds.He renounced the baptized "Marshall Plan" European and still has to quantify.

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While markets plunged Monday on fears of contagion from the debt crisis in Europe, central bankers in the euro area have attempted to reassure financial markets. "This is to resist the risk of contagion" in Italy, which seems to be the new target markets, or to Spain, and "maintain financial stability in the euro area," said the head of the Eurogroup Jean-Claude Junker.

Europe and the tent she set up a second country assistance plan, and in this context, the working group to find a solution to save the country from bankruptcy does no longer a " partial default "of Greece. A possibility ruled out by the Greek Finance Minister Evangelos Venizelos. "We want full coverage of our borrowing needs and the Greek financial system, which is part of the European financial system, he says.This coverage must be offered either by the ECB or by the Eurozone and the member states, other agencies such as the support fund. There is no alternative. "

European leaders have failed to completely reassure the financial markets. The slopes of measures that finance ministers of the euro area, launched on Monday night, increasing the size of the Emergency Fund Financial (440 billion euros) and longer-maturity loans have not convinced investors the opening of the Paris Bourse, the CAC 40 was down over 2% overnight pay day loans.

However, after announcing a special summit could take place Friday, financial markets have recovered somewhat. And the CAC 40 closed down 0.98% to 3770.21 points. "More than numbers, investors especially need a specific timetable," said Franklin Pichard, Director Barclays stock.The new Executive Director of the IMF, Christine Lagarde, has reminded European leaders the importance of early implementation of the measures promised.

The international community "can not save Spain"

The Spanish Minister of Economic Affairs, Elena Salgado, said Tuesday he was "not logical" that Spain and Italy are "affected by market volatility," because their economies are "strong and diversified. ""If we are able to transmit the determination that we all, markets should reasonably calm down," she said.

But markets, they do not see things this way: "While the international community can save Greece, Ireland and Portugal, it will not save Spain, too important contributor to the euro area" , said Monday Laurent Geronimi, director of rate management at Swiss Life Private Banking.

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A sign that the recovery in employment is accelerating. Job creation has increased sharply in the first quarter of 2011 at a rate two to three times greater than the last quarter of 2010. Depending on whether one considers the figures calculated by INSEE, employment center or ACOSS, all three made public on Thursday morning are 58,000 to 103,000 payroll jobs have been created by companies in the first quarter. A pace of growth varies from 0.4% to 0.6%, while it did not exceed 0.3% per quarter during 2010.

All sectors have benefited from this improvement. Even the industry, which had suffered a haemorrhage during the crisis, saw its numbers stabilize in the first quarter. According to ACOSS, they grew even 0.3%. "The industry created jobs for the first time in 10 years," notes the organization.However, it is the tertiary sector that benefits most from the economic recovery, with an increase in the number of employees by more than 0.5%. The hotel and catering, IT and legal activities and counseling are among the fastest growing sectors.

Strong job growth excluding temporary

More good news: the interim this quarter has contributed little to the strong growth in employment. Sign that sustainable jobs, CDD or CDI, taking over from short missions, the temporary employment in the first quarter rose at a rate four times less intense than last year, with only 7,000 new temporary jobs created. In 2010, the interim was to him alone almost all new jobs (118,000 jobs to 120,000). This quarter, employment center accounts for 57,000 new jobs created, excluding temporary."These volumes were not achieved since the end of 2007," says Bernard Ernst, director of studies and statistics from employment center.

If the increase in employment in the first quarter of 2011 was the strongest since the beginning of the crisis, record job losses recorded in 2008 and 2009 are so far not yet fully recovered. 227,000 jobs are still missing according to the call center jobs to find the pre-crisis levels. A threshold that employment should be taken, according to the agency, at the end of 2012. Because with growth than most economists anticipated lower in the months ahead, job creation should not continue at a vigorous pace that quarter. "A slower growth of GDP in coming quarters will clearly impact on employment.The next figures should be worse, "states Bernard Ernst. For all of 2011, the agency expects 148,000 new jobs.

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"PORTRAIT – Sylvie, 44, and the blues Acting

Maurice Lévy, chief executive of Publicis Groupe, has a comfortable time to find his successor as head of world number three communication. Thus decided on Tuesday its shareholders in general meeting, with the blessing of the President of the Supervisory Board, Elisabeth Badinter, the first shareholder with 10.5% of the capital and 17.2% of voting rights. The age limit for board members was increased to 75 years against 70 years ago.The mandate of Maurice Levy, 69, was stopped late 2011.

In a statement, Publicis Groupe justify this choice, beyond the managerial issues, indicating that Maurice Levy "can continue to guide the group in the revolution that shook the world of communication, including the rise of digital and Emerging Markets. "

He joined Publicis in 29 years, CEO since 1975 and CEO since 1987, Maurice Levy is undisputed artisan of the internationalization of the advertising group and registration, before its competitors in the digital age. The successive acquisitions of the two largest interactive agencies in the world, Razorfish and Digitas in 2006 in 2009, have accelerated the molting of Publicis, which now claims leadership in digital communications (28.2% of Group revenue in the first quarter 2011)."We're way ahead of our competitors," Maurice Levy repeats. His group has also recently illustrated by holding the end of May in Paris, the first eG8, visit the worldwide web of tenors.

Jean-Yves Naouri prospective

The offensive Publicis very proactive in digital has enabled the group to outperform its peers in 2010, with organic growth of 8 No teletrack payday loans.3% – when the world's leading WPP posted 5.3% and number two, Omnicom, 6, 4% – a record profit of 526 million euros (+30.5%) and a turnover of 5.4 billion (+19.8%). The group's financial position (106 million euros in cash and a positive end-2010 debt reasonable) allows him, moreover, continued serenely its strategy of targeted acquisitions in the digital sector and emerging countries, including Brazil and China .Last month, the group acquired the Rosetta for a U.S. $ 575 million.

Asked yesterday about future developments, Maurice Levy has ruled out a bid to redeem his group Synovate, the market research subsidiary of Britain's Aegis and Publicis said was however very soon announce the result of "some projects" under discussion in China that will provide "fairly significant changes." Publicis wants to make its second largest market after the United States. On his estate, which he did not directly question yesterday, Maurice Levy has already given indications. In late March, he appointed Jean-Yves Naouri, his closest associate and CEO of Publicis Group, the Executive Chairman of Publicis Worldwide, the leading advertising agency network of the group next to Leo Burnett and Saatchi & Saatchi.Maurice Levy few years to confirm it or not, his status as heir apparent.

It is a trend reversal. With 73,259 enrolled in college, the number of pharmacists in activity fell from 73 people last year. The decline is certainly symbolic, but so far, enrollment proceeded.This change is due to arrive at retirement age (63 years on average) generations of baby-boomers, a numerus clausus remained low until 2004 (2250 persons), and "evaporation" of 20.1% of pharmacy students to other sectors (cosmetics, food …), which worries the Order.

The numerus clausus was gradually recovered to 3090 students per year since 2008 but, given the length of study at least six years-and-baby-boom is not over, the College expects a stabilization of the workforce over the next few years, then a "probable regression" around 2020.

116 pharmacy closures

In detail, in 2010, the number of pharmacists working in the drug industry, from wholesale distributors, hospitals and overseas still rising slightly.It is in pharmacies (pharmacy owners or employees) and biological laboratories that troops are less numerous.

The consequences however are far less worrisome than physicians, who are free to locate wherever they want. This is not the case of pharmacies, subject to a "law of demo-geographical distribution" since Vichy. Admittedly, 116 pharmacies (approximately 22,500) were closed last year, but "mostly in urban areas, where their density remains high." With an average of one pharmacy per 2800 inhabitants, and 43 pharmacies per 1000 square kilometers, "there is no desert or pharmaceuticals in rural areas, or in sensitive areas," says the College.An argument for pharmacists who, faced with the erosion of their margins on the sale of drugs, argue that they may be assigned new missions nearby health, could mitigate the problem of medical deserts.

The College-chaired by a woman, Isabelle is also Adenot-increasing feminization of the profession last year, exactly 66.67% of pharmacists were pharmacists. The proportion rises to 76% for hospital pharmacists and 82% among pharmacists assistants (employees). Finally, increased job insecurity is also reported, with a jump of 9% last year, the number of temporary staff pharmacists in pharmacies: they are now 3700.

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Jean-Charles de Castelbajac is in advanced talks with investors to mount a round table to buy the brand that bears his name, in receivership since May 3

The company was declared insolvent after the decision of the Swedish partner to stop investing. Sixth Swedish National Pension Fund, holder of 99% of capital funds associated with the Atlas (1%), became owner of the mark a bit by chance. This financial and specializes in shipbuilding and electronic chips, held a minority stake in the English group Marchpole, which bought Castelbajac in 2004. Yet it went bankrupt in 2009 and was then solved Swedish head of the French fashion label founded in 1978.

His creator, Jean-Charles de Castelbajac, had placed the rights of its brands in the company in 2000.When sold, it had been paid in shares Marchpole. After the bankruptcy, he has lost both its capital and name. After investing more than 10 million euros in two years in the redeployment of the company, Sixth Swedish National Pension Fund has chosen to stop the charges earlier this year.

"Low cost luxury"

In 2009, Castelbajac has suffered an operating deficit of $ 2.4 million on a turnover of 4 million, although sales of shops had yielded a net benefit. The debt owed to the shareholder would be some 4 million euros. The production of future collections can no longer be funded. Ironically, the brand through these financial difficulties, so she knows a new youth.

"The reality is brutal but I say it's providence to return to my company, yesterday gave Jean-Charles de Castelbajac at Figaro.At 62, the artistic director of the brand consultant has more energy than ever and ideas to sell to raise. He talks with several investors, industrialists and financiers, French and Asian, to mount a round table to which it is associated, which would allow him to reclaim his name.

It builds on both the prestigious image of a line of ready-to-wear line and second line JCDC available, sold especially on the Internet, which has exploded in recent years young. Worn by Lady Gaga Katy Perry, the brand new creative breath. "It's low cost luxury," says the designer, who is not afraid of trading. My ambition would be to aim the target of Zara. "The production of these products available would be developed in partnership with manufacturers under license.

The new prime minister, in power since last March, addresses the problem of unemployment, which remains the black spot in the Irish economy. Enda Kenny has presented on Wednesday a package of measures aimed at creating 100,000 jobs over four years.

The plan provides for reduced charges on low wages, a lower rate of VAT from 13.5% to 9% on some goods and services related to tourism to boost the sector and an increase in infrastructure spending for roads and schools. The government also wants to facilitate the upgrading of the unemployed through training programs.

Since 2008, hundreds of thousands of jobs have been destroyed under the impact of financial crisis, the bursting of the housing bubble, bank failures and austerity plans to repeat that the government had to place to contain soaring deficits and debt.In recent years, the unemployment rate has skyrocketed from 4% in 2007 to 14.7% today. The country is also facing an exodus of the population, especially young people, who try their luck in Canada or Australia. After the tutelage of the IMF and the EU, which granted in November a plan to help 85 billion euros in the country, the government faces a budget deficit of 32% of GDP, provides for a very narrow scope.

Rebound in exports

To finance this plan, Enda Kenny has decided to introduce a new tax – 0.6% – on pension funds, which should bring 470 million euros per year, totaling 1 free 3-in-1 credit report.9 billion euros . This has inevitably raised strong criticism in the profession. Growth side, the latest forecasts predict a return to the green this year, after three years of recession.The main institute in the situation, ESRI, reported Wednesday its forecast, anticipating a rise in GDP of 2% this year and 3% in 2012. A result that is nevertheless perspective, because this new dynamism "based entirely on exports," says ESRI report, given that domestic demand will fall further this year. Knowing that this rebound of external trade is linked to many multinationals operating in Ireland. Moreover, the GNP, which does not take into account their business will only grow 0.5% in 2011, according to ESRI.

Precisely for this reason that the Prime Minister does not intend to compromise with its European partners, who demand a higher rate, very attractive, the corporate tax (currently 12.5%) in exchange for a relaxation of the rescue plan negotiated by his predecessor, Brian Cowen."The Irish have made some overtures in that domain," says one good source, however, the French Ministry of Economy. Negotiations could therefore release in the coming weeks.

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After the controversial convention on secularism, the UMP was attacked Monday in a new section of its project for 2012: employment. Organized by Jean-Francois Cope and driven by his assistant Herve Novelli, the convention was originally called "Employment and Competitiveness." A challenging topic that was asking for the release of 35 hours and that the establishment of a social VAT. But the UMP has changed his tune. "We wanted to calm things down, you recognize Rue La Boetie. "It was no use to drive a new wedge between the centrists and the rest of the UMP after the debate on secularism," it says, adding that "the orders came from above."

Subject to these concerns: "Out of the 35 hours" as Jean-Francois Cope called again before the cantonal. Nathalie Kosciusko-Morizet has warned."Challenging (35 hours) would give a great breakthrough: overtime tax-free," stated the minister urged not to "reopen" the issue.

"We will address the issue of working time in another convention," says Cope announces that an appointment within two months on the "social reconstruction", "an issue for all of this is less caricature.

Learning and SMEs

Herve Novelli provides, in turn, to withdraw its proposals (including the introduction of a VAT antidélocalisation whose proceeds would help alleviate the load) in a "contribution" to the draft UMP Reformation. "It's better than nothing," sighs a liberal. Labour Minister, Xavier Bertrand, He would not comment on the matter of 35 hours: "I do not want to go into that, he swiftly evacuated.The controversy, I leave to others. "

Meanwhile, the UMP has submitted 42 proposals that focus on learning and SMEs. To constitute a "network of SMEs" comparable to that of Germany, the UMP's suggestions include up from 100,000 to 400,000 euros ceiling of the device investment Madelin. Another proposal: to allow the public agency OSEO, provider of credit, equity investment in SMEs. This institution should also be "close" to the credit insurer Coface. The party suggested the creation of a merit award. He suggested doubling the threshold of 50 employees that the company submits a comprehensive legislation (including the creation of the works council) and lower the age of learning to 14 years instead of 15 now.

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Philippe de Ladoucette. Photo credits: DOMINIQUE FAGET / AFP

The future of Latécoère which publishes its results on Wednesday for the year 2010, is accurate. A little over six months after his appointment as President of the aerospace equipment overburdened, Pierre Gadonneix has a better vision patterns capable of ensuring the sustainability of the French specialist aréostructures (pieces of aircraft fuselage), also present in wiring, engineering and services.

The former President of EDF has developed a "short list" that counts, according to sources familiar with the matter, three diagrams on the ten considered. "After a month of consultation, Chinese Avic, Britain's GKN and the Dutch Stork Fokker-submitted bids with a detailed estimate," says one. In contrast, "American Spirit nominations, and Vaught of U.S. funds have not been successful," says one. For his part, Daher-Socata has not given an offer.The family company believes that the recovery block Latécoère weighted with debt of 351 million (at June 2010), would jeopardize his own future. These three bids must be refined.

EADS is expected to play a key role

Meanwhile, many argue for a solution in which EADS, parent company of Airbus, would play a key role to create a "Spirit to the French." The idea would be to cultivate a senior leader in the business by marrying aerostructures Latécoère Aerolia and Sogerma, two subsidiaries of EADS specializing in aircraft structures. The operation would be realized with the assistance of the Strategic Investment Fund (ISF) and Aerofund I and II, dedicated to aeronautics. "It seems that the position of EADS and Airbus have evolved," one observer noted with caution in Toulouse, headquarters of the European manufacturer.

End of 2010, EADS assured not want to go further after agreeing to prepay development costs on programs for about 200 million euros and have assured Latécoère four years of work load no fax cash loans. Not issue or redeem Latécoère Aerolia bring him with two sites of Saint-Nazaire and Meaulte. Least in the short term because the scheme, already proposed in 2007, retains its industrial sense. Airbus can not remain indifferent to the future of one of its major partners which carries 58% of its turnover with him. Especially as the manufacturer needs a partner to the forefront in the Aerostructures, able to share with him the financial and technological risks of future programs. The French market has crumbled between four parties: Latecoere Daher, Aerolia and Sogerma. Ideally, it should do one.

Tough choice

Today, Airbus faces a choice. "Either it leaves a foreign group to take a key position in France in this activity or it believes that this business is strategic since it represents one third of the value of a plane, and it comes to French Latecoere remains in the perspective of a European grouping term, "says one expert dossier.

We do not see why foreign applicants would not be acceptable. Avic example is the partner in the Airbus plant in Tianjin, China. Debt Latécoère not frightened: it is a ticket to acquire technology that can not control.

It is also difficult to EADS not hear the requests of local officials and governments anxious to preserve the 3,650 jobs Latécoère one year of presidential elections. "EADS is sitting on 12 billion euros in cash.It must be involved in the treatment of debt Latecoere, "says one observer. "This is not the manufacturer to address this issue but to shareholders and bankers, the problem is that Latécoère do not generate enough cash, even if it improves the recovery of the aerospace market, to repay debt, "says someone close to the case. The banks believe that they have already done a lot by accepting a moratorium freezes 80% of the debt until the end of 2011.