The comments made yesterday by the new Italian government attempted to reassure people, but realistic. On the occasion of a brief statement to the press, the former European Commissioner said that Italy could "win" the debt crisis through a "collective effort" payday loans no teletrack.Mario Monti also found that Italy, a founding member of the European Union, would be "an element of strength, not weakness." Thus, he said, the objective of the new government will "clean up the financial position and resume the path of growth in a context of increased attention to social justice." Meanwhile, the Italian Senate passed this weekend the anti-crisis plan promised the European Union.

Mario Monti had to race to form a new government as soon as possible, within ten days. From last night, the new head of state has initiated consultations to obtain a broad political consensus.

Investors are wary and vis-à-vis the euro zone leaders, whose plan to end the debt crisis on Wednesday is expected.Thus, the Japanese Minister of Finance today called Europe to take steps to restore calm on the foreign exchange market. "The stability of the foreign exchange market can be ensured by a single country," said Jun Azumi at a press conference, while Tokyo is facing a record surge in the yen weakening industrial activity in the archipelago. "The European problem is entering a decisive stage, he added. The question is whether Europeans can establish a pattern likely to appease everyone. We call them to do so without firing a shot. "

Clearly, the statements by Franco-German tandem, following a first anti-crisis EU summit this weekend, are still a sceptiscisme markets. In this line, Baroin, Minister of Economy, was considered "satisfied" on Monday that European leaders would reach a "global agreement".For the Minister of Economy, the last meeting of the euro area in Brussels this weekend in Brussels has led to progress "two thirds" of the negotiations.

The price of gold mixed black

But investors, it seems, keep in mind the slowness with which the European Union handled the crisis of the Greek debt, leading to a contagion of the crisis. And in Italy, while rumors of using the European Union and the International Monetary Fund will crescendo in Rome.It must be said that for the first time since the outbreak of the sovereign debt crisis in November 2009, the EU will apply directly to other states and their sovereign wealth funds to head out of water and multiply the capabilities of the European Financial Stability Fund (EFSF).

As for commodities, oil prices were mixed in early trade on Tuesday in Asia, a barrel of "light sweet crude" for December delivery gained 27 cents to 91.54 dollars. Barrel of Brent North Sea crude for December delivery yielded 44 cents to 111.01 dollars. For its part, the euro fell slightly against the U.S. dollar, losing 0.14% to 1.391 dollars.

Side values, Japanese banks are feeling the pinch: Sumitomo Mitsui Financial Group lost 1.11% to 2140 yen. As Mitsubishi UFJ Financial Group, to -1.48% at 334 yen.At the Hong Kong Stock Exchange, the values ​​are dependent on raw materials, however, much higher, the image of China Coal Energy (5.83% to 9.26 Hong Kong dollars) and oil giant CNOOC (+ 4.68% to 14.32 dollars).

According to experts gathered at the end of last week on the occasion of international meetings of PPP, 104 such contracts have been signed. The European Investment Bank has calculated that it accounted for 9 to 10 billion euros, or 6 or 7% of public procurement in the Hexagon. "We are the first European country in terms of PPP, said François Bergère, Head of MAPP (Mission Support PPP). In the first half, 60% of registered contracts on the Old Continent were signed in France. "

Click on the thumbnail to enlarge the graphic.

Why the rise? Because this arrangement allows the state and local governments increasingly impecunious to build infrastructure by private funds. Specifically, the construction company built largely at the expense of the equipment. In return, she receives a very long time (decades) the rent paid by the public to maintain the structure.Today, we build on this model just about anything you can imagine: prisons, stadiums, swimming pools as well as police stations, TGV lines … and the formula adjusts as well to huge contracts ( more than 7 billion for high-speed rail line Tours-Bordeaux) than smaller deals (ten million for public lighting of a city average).

In the euphoria of the beginning, we mostly retained the advantages of this approach: greater compliance costs and delays faxless cash advance. "In the PPP, 71% of projects are delivered on time and 80% are made in the envelope provided or an additional cost of less than 3%," says Christian Rasoamanana, consultant for the consulting firm PWC has just loop a study on the subject."This allows us to carry out four projects simultaneously (the TGV line between Tours and Bordeaux, that between Le Mans and Rennes, Nîmes-Montpellier bypass GSM and rail), said Jean-Marc Delion, Managing Director of RFF. Without PPP, we would have done that. "

The failure of the hospital south-Ile

But today, this model also raises critical. Thus, the hospital built in south-Ile PPP Eiffage is a failure. The planned opening in May 2011 will take place as early as January 2012. "I believe that there was injury to the State, noted Sunday on Canal +, Xavier Bertrand, Minister of Health. Do we remain in the same terms of the contract? We'll see. "Regarding the TGV lines, some argue that the partnership is too favorable to the public."On Tours-Bordeaux, the dealership made up of Vinci and its partners brought the third of the investment but receive 100% of the revenue generated by the passage of trains," protested Marc Fressoz, author of FGV, failure at high speed.

Others point out that the formula has its limitations. "The PPP will not return TGV lines as Bordeaux-Toulouse without sufficient traffic," said Hervé Mariton, UMP deputy, member of the Finance Committee.

Fitch Monitoring

Then reassure markets about the solvency of the future together. This is the second role of the Belgian and French guarantees granted to the bank.They will enable Dexia, reduced its operating subsidiaries, to refinance its huge bond portfolio until no commitments. Fitch Ratings has nevertheless expressed its skepticism by placing Wednesday under review with negative implications for sustainability of the note Dexia.

Finally, reassure local communities payday loans. They expressed concern, saying that in France they would lack 1-2000000000 funding by the end of the year. However, the pattern of the new local bank – fiercely negotiated by Philippe Wahl (La Banque Postale), Pierre Mariani (Dexia), Jean-Dominique Comolli (EPA) and Antoine Gosset-Grainville (CDC) – "guarantees them instead continuity in their funding, "says one expert."We are working on a solid solution, structured," assured yesterday the Minister of Economy, Baroin.

The structure of this new bank is complex. A first entity, which will provide loans to communities, will be majority-owned by La Banque Postale. Behind, another entity, refinancing this time will be majority-owned by Caisse des Depots. It is this which will take Dexma (Dexia Municipal Agency) and its loan portfolio of over 70 billion. In negotiation, it was expected that guarantee Dexia loans risky. And as a guarantee of Dexia is not worth much today is the state-guarantee against these assets. Post convened last night a special board to validate this scheme, which should be presented in the coming days.

The negotiations around the LME were made official last week by its owners, trading houses and banks market users. They admitted that it was highly coveted. Without the name, the CEO of the LME, Martin Abbott, said yesterday that a dozen candidates had appeared.Analysts believe that among them are the American Stock Exchange or ICE that of Hong Kong.

Operation diversification

If the LSE and SGX are able to stand, the operation will allow them to diversify into the sector buoyant metals brokerage. The London Stock Exchange represents 80% of volumes on world markets of the future of metals and recorded a record 120 million packages last year, 2 payday loans.8 billion tonnes of metal. In value terms, this represents 11,600 billion (about 8.56784 trillion euros).

This acquisition will also provide them the opportunity to recover from failures of failed attempts to merge internationally very competitive market of securities and derivatives.To recap, the LSE had to abandon its bid on the Toronto Stock Exchange on behalf of a syndicate of Canadian banks, while the takeover of SGX on the Sydney Stock Exchange (ASX) was rejected by the Australian Government five months ago.

Any bid will nevertheless be accepted by 75% of its shareholders, which include Goldman Sachs, JP Morgan and trading companies.

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In parallel, Evangelos Venizelos, the Greek finance minister, yesterday met with Jean-Claude Trichet, head of the ECB, to negotiate a restructuring of the Greek debt at a discount of between 40% and 50%.The minister said that "there is no alternative to restructuring." The latter has also expressed confidence the outcome of the vote in parliament of the new austerity plan, condition of the granting of new loans of the troika, because according to him "which member will take responsibility to lead Greece to failure to pay? ". A view shared by the French Minister for European Affairs, Jean Leonetti, who said Sunday that "Greece will avoid bankruptcy because it is the interest of the Greek state, the Greek people and is the interest of us all.If Greece were to fail tomorrow, it would cost more than if it did not go bankrupt, "he said on Radio France International.

The rising social discontent in Greece

The Heads of State and Government in July found an agreement to rescue Greece and broaden the scope of intervention of the relief fund of the zone (EFSF), including providing it with an instrument enabling it to market purchases of debt of states in difficulty. This agreement is being ratified by 17 national parliaments in the area. The vote of Germany, the country is the biggest contributor to EU aid plans appear on track.In a television interview Sunday night, German Chancellor Angela Merkel has indeed shown the outcome of the confidence vote scheduled Thursday in the Bundestag.

But Greece will probably have to wait beyond the holding of a Eurogroup meeting on Oct. 3 before a decision on the release of the next tranche of aid. "Given the delay by the Troika mission (IMF, ECB and European Commission), I do not think that the next meeting of the Eurogroup, October 3, a decision on the sixth installment," said Sunday Washington Deputy German Finance Minister, Jörg Asmussen

In addition, the rising social discontent in Greece.Further strikes are planned next week before a general strike on October 19.

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The declaration on Sunday night on TF1, former IMF Managing Director Dominique Strauss-Kahn, for whom "we must accept to recognize that we must take his loss" of Greece was the effect of bomb."Hearing that DSK four months ago the IMF also urged new funding for Greece say the exact opposite now shows how events have turned," says Bruno Cavalier, chief economist at Oddo Securities. For the latter, there is a "real tired of the financial markets who want to wipe the slate clean once and for all to get back on firmer footing."

A feeling evident in a survey by Barclays Capital from major global investors. They are 24% think that the current crisis will lead to a breakup of the euro area. Over 60% of them believe that the European Financial Stability Fund (EFSF) will be insufficient to resolve the debt crisis.Although little scientific significance, such polls show the amount of work to be done now to reassure the magnitude of the crisis.

Bercy wants to reassure

France, Monday it is used by the voice of its Minister of Economy Baroin for which a default of Greece "is not a working hypothesis." At Bercy we stick to the same line of defense when all European countries have adopted the plan of July 21, that is to say by mid-October, the bleeding will be stopped.Reasoning that is opposed to that of economists who say a failure Greek is becoming increasingly economically rational, "If they want to avoid a failure of control, the Troika and the European Union in particular have an incentive to relieve pressure on the objectives short-term budget of Athens by insisting on the implementation of structural reforms to boost potential growth in Greece, "say economists at Morgan Stanley.

Rather than a sudden failure, we must consider a debt restructuring in the short term, implying a lower repayment installments provided for in the coming months to ease the Greek public finances.The major risk of such a scenario is a contagion to other peripheral countries "can be avoided if the ECB goes on the front lines and discourage speculation against the Italian debt by buying heavily," said Bruno Cavalier.

Creditors on deck

In this climate of growing skepticism, Greece somehow continues the implementation of the agreement of July 21, which passes through the participation of private creditors. Artisans of the device designed to reshape 192 billion euros of Greek claims STRIPS to complete the offer in October. "This operation can not be done in a snap. It is very complex technically and supports many constraints, "insists Fabrice Faure-Dauphin, a partner with law firm Allen & Overy, the Board of the operation.And insist: "If Greece were to miss a deadline, it does not fundamentally change the rules and would not offer more solutions to the problem."

The only good news, the first signals of the voluntary contribution of banks and other insurers are quite positive. While Greece requires a 90% interest in the exchange, some suggested a rate of 75% or 80%, almost unexpected. At these levels, the operation would have every opportunity to move forward. "A contribution of 85% instead of 90% needs to find an additional 8.5 billion euros," analysts calculate Barclays Capital.If Athens was a survey of creditors, the real success of the operation will not be known until after the formal offer proposal issued by the Greek government.

Athens without a loan repayment expected before December, this still leaves him time for both to continue its negotiations with the Troika and to carry out – or not – this massive debt restructuring for its crucial public finances. Meanwhile, the markets do not.

Pedro Passos Coelho – Our views are converging. We must accelerate the process of ratifying the plan in July that the EU speaks with one voice. It is essential to avoid systemic risk. How to convince the markets where European leaders expressed doubts on the future of Europe! It must be absolutely avoided, it is better to be silent than to sow doubt.

Would it be better to organize the failure of Greece?

I refuse to make predictions, I'd rather be patient and hope that Athens takes its objectives and carry out sustainable reforms. If Greece dark, the entire EU to be at risk.We need to help Greece and at the same time strengthen the EU, to establish a more integrated economic government which deals with taxation.

What are the consequences in Portugal of the deepening crisis in Greece?

Portugal is in a vulnerable position vis-à-vis Greece. If the crisis worsens, it will make our recovery process more difficult. My vision is very pragmatic: we must make every effort to carry out reforms and fiscal consolidation.

Economists doubt your ability to meet commitments on fiscal 2011?

The aid package was negotiated before the elections. Since then we have taken additional steps preventive and our calendar of spending cuts is more ambitious. We have the political support for it.We will keep the target of 5.9% of GDP deficit in 2011 and are targeting a primary surplus (excluding debt service) in 2012 for a balanced budget in 2015 and an external account deficit by half a point against 9% last year. In addition to the expenditure side and the privatization plan, we will conduct several structural reforms, justice, labor market, too rigid regulation. We will create a board of public finances, which will be independent to ensure full transparency in the management of the state.

Where are you from privatization?

We are to remove the golden shares held by the state in public enterprises, then we will begin the process of privatization in the energy sector by mid-November, by selling the companies for electricity, gas and oil, which Galp.We will then proceed to the privatization of the airline TAP, the airport manager Ana, mail, freight rail and radio station public television RTP. The whole process should be finalized in late 2012, the objective to recover at least 7 billion euros.

Have you received expressions of investors?

Yes, many, from the European economies but also emerging countries, Brazil, China and several Arab countries easy payday loans.The president of the National Bank of Economic Development in Brazil (BNDSE), the President of Brazil, Dilma Rousseff, Lula and his predecessor have already come to us with investor interest in Brazil.

This interest is there also for the government debt?

The purchase of public debt is subject to specific rules, but the important thing is that there were demonstrations of confidence in this government about the quality of Portuguese debt.

Will you create a wealth tax, such as Spain prepares to do?

We refused this solution, not to discourage large fortunes to come and settle in Portugal. However, we have created a special tax of solidarity that will help tackle the portion of 2.5% marginal tax on income that will affect higher wages and will last two years.We also created an additional tax of 3% on business profits in excess of 1.5 million euros, also for two years. The purpose of these taxes is not to create an additional revenue but to allow us to finance social assistance measures for families hit hardest by the crisis.

What are these measures?

They are primarily related to housing. Households that can no longer repay their debts to buy their apartments can contact their bank for the loan to be converted into low-rent, which will relieve the financially while allowing them to remain at home. Similarly, those earning up to one and a half times the minimum wage benefit from using public transport.In addition, if we were forced to raise to 23% VAT on gas and electricity, we have created a social tariff for the poorest.

How to boost growth given that domestic demand will remain very low?

It is true that the austerity has a recessive effect. The middle class will suffer significant sacrifices. That's the ticket out of the crisis, the price of a country that has spent too long. Domestic demand will have a negative contribution to the end of 2012. This will be offset by exports that are doing well. The adjustment must be done very quickly to ensure the financing of the economy. Privatization are important to increase the availability of cash to help recapitalize banks. This will improve competitiveness, greater openness and internationalization of our economy.The State abound 12 billion euros in guarantees for banks.

Competitiveness remains the weak point of Portugal?

Hence the urgent need to launch structural reforms, which should have been done in conjunction with the entry into the EU. The country in several sectors – textiles, information technology, biotechnology … the high performers.

1. How does the new system?

Gains on sales of a second home, a rental property, a Land, or in case of supply of property to a SCI continue to be taxed at 19% (plus social security contributions, ranging from 12.3% to 13.5% as of October 1, 2011). However, we must now wait 30 years to be fully exempt (as against 15 years now). The capital gain is calculated after the application of a tax that increases with the length of detention. Beyond the fifth year, this amounts to 2% per year between 6 and 17, 4% between 18 and 24, and 8% between 25 and 30. Thus, 80% of the capital gain is taxable after 15 years, and 64% after 20 years. The tightening of the tax on transfers subject to a deed of 1 February 2012 (bill of sale signed by the notary).The measure applies retroactively to contributions to family SCI occurred since August 25, 2011.

2. The main residence is she exempt?

Yes. It might then be tempting to declare it as such a second home to enjoy the exemption of capital gains. Bad idea, because the IRS can easily discover the fraud by verifying if the property was declared as a principal residence for tax. In the eyes of tax authorities, your principal residence is the place where you live as usual for most of the year. If you have a housing function, it is, in principle, your principal residence. Unless your spouse and children reside permanently in another house, which is then regarded as your principal residence. It must also be your principal residence at the time of sale.The administration does not challenge the exemption if the property is not occupied between the sale and the actual transfer when the property is sold within a reasonable time (approximately one year).

3. How can I limit the impact of taxation?

If you own a rental property or second home for less than 30 years, you may find it advantageous to sell it before February 1. Given the period of 2 to 3 months, usually required between the signing of an agreement to sell and that a final deed of sale, you have until November to find a buyer. After February 1, all sales will be subject to the new regime. To reduce the scope, it will still be possible to make donations. These are not considered transfers, they do not tax capital gains.You will have to pay the gift tax if the value sent to each recipient exceeds the rebate applicable to the transaction (€ 159,325 in 2011 to parents and children).

Accuracy: exposure of Axa France Vie on government bonds of Spain and Italy is not 17.26% as indicated in our last column of Sept. 27. The AXA Group's cumulative exposure to bonds issued by Greece, Ireland, Portugal, Spain and Italy was 7% of the general assets of the group at June 30, 2011. The portfolio life insurance would be lower.

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Last year, Algorithmics has suffered an operating loss of 7.6 million euros, "taking into account the amortization of intellectual properties," the company said. By signing a check for nearly $ 400 million, despite these losses, IBM is therefore a bet on its ability to develop the specialist risk management and internal synergies to play.It should indeed bring his division Algorithmics "Business Analytics". Fimalac side, holding the heritage of Marc Ladreit Lacharrière, the financial opportunity had to appear all the more obvious synergies between Fitch and Algorithmics were limited.

Shareholder Barrier

Fimalac lighter weight of an asset of the system: during the last financial year, 2009-2010, Algorithmics and 121 million in revenue represented 20% of consolidated turnover of the holding company paydayloans. This assignment also confirms the willingness to diversify Marc Ladreit de Lacharriere. Until two years ago, Fimalac was mainly focused on financial services. In 2006 and 2009, the holding company sold tranches of the capital of Fitch Group to Hearst the U.S..The U.S. now holds 40% of the rating agency, and the balance Fimalac.

While observers expected the cash thus generated is reinvested in the financial sector, Fimalac was first formed a real estate division through the purchase of an office building in Paris and the construction of a headquarters in Canary Wharf The London financial district. Last year, the group then created a stir by inviting himself to the Lucien Barrière Hotels and Casinos. For 186 million euros, it has taken over part of the participation of the Accor group. Once the financial transaction loop – in the first quarter – the Desseigne-Barrière family and Fimalac hold respectively 60% and 40% stake in Barriere.

Marc Ladreit de Lacharriere finally multiplies the offensive on the cultural front.Within months, he entered the capital Coullier Gilbert, producer of Johnny Halliday and Michel Sardou, the tour manager Auguri Vega and society, which operates nineteen concert halls.