The costs of the crisis, in fact, are unevenly distributed. On the one hand, those who keep their job. Possibly concerned about the situation, their objective situation has changed little since the crisis began, three years ago. On the other, 21.5% of those unemployed, whose number is increasing. Poorly defended, forgotten unions, their suffering is silent.The bank is threatening to enter the apartment of the family, a three bedroom 45 m2 Carabanchel, a neighborhood south of Madrid online payday loans. "A desahucio" expulsion of more. In 2010, 100,000 Spanish families were evicted four times in 2007!

Caritas, the equivalent of Catholic Relief Services, published three years the results of the Observatory of social reality. The figures are more alarming each year than the previous year. Juan Jose Lopez, the research department of the NGO, said the number of persons received by Caritas has more than doubled since 2007: 950,000 people have knocked on the door of the association in 2010 against 400,000 three years ago. "The situation worsens and becomes chronic."

If the threat is executed, Alejandro is considering several options. "Yes I Can camp, but my mother is 60 years old.

Recapitalization of banks

In the preamble, the bloc cleared the table of a bulky dossier. They agreed on the recapitalization of banks weakened by the crisis, two months after the IMF has sounded the alarm. The bill, estimated at between 85 and 100 billion euros, less burdensome previously announced. It should allow banks to increase to 9% of their capital ratio "hard" a recognized strength. To achieve this, banks will first use their private shareholders, and if necessary of public funds. The EFSF intervene as a last and final resort.Uncertainty remains about the date of implementation, 2012 or 2013.

On Thursday, Paris and Berlin have also tried to dispel the misunderstanding about the previous meeting on Wednesday between the President and the Chancellor. The stakes: the future modalities of action of EFSF and the famous "leverage" critical piece of the arsenal to stop the European debt crisis and prevent contagion.

The German Finance Minister Wolfgang Schäuble ensures that the two capitals are in fact "in total agreement." But he hastens to add that there is still no agreement at European level. French side, it was confirmed by noting that if there is a discrepancy, it is rather with Spain and especially Italy.In Brussels, witnesses of the appointment of Frankfurt continues to describe "a cold atmosphere" between Nicolas Sarkozy and Angela Merkel, barely warmed by the announcement of the birth of the president's daughter.

To further complicate the picture, the Greek press spoke of a setback yesterday on what promised to be the easiest section of the summit: the release and payment of EUR 8 billion international loan in Athens. The European Union grows. But the IMF question the ability of Greece to address its long-term debt without the involvement of Europeans more convincing.

ALSO READ:

"Many operators will undoubtedly look forward to a quieter earlier in the week after the extreme volatility of recent days," said Cameron Peacock, an analyst at IG Markets.

Until Tuesday's meeting

The markets also seem to look forward to the outcome of Tuesday's meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel.They must discuss reform of the governance of the euro area, sensitive issue for the markets. The Franco-German promises to make such joint proposals by the end of the summer Payday advance. Investors are calling for the creation of "Eurobonds", which would sign the pooling of public debt in the euro area. But Germany seems to be opposed. The discussions will be closely monitored on both sides of the Atlantic.

In addition, the European Commissioner for Economic Affairs Olli Rehn today called on European countries to adopt "very quickly" the decisions of July 21, and provided that the applicants were working "day and night" to this.

The U.S. housing market under the microscope

The next publication, this Monday will be very light. On the agenda are the indices of activity of the New York Fed and the real estate market across the Atlantic.

On the corporate side, Societe Generale will be followed. The Financial Markets Authority (AMF) initiated an investigation of market rumors that circulated this week on Societe Generale, announced Friday its president Jean-Pierre Jouyet

Concerns about debt deemed excessive in the euro area and especially the deterioration of the U.S. debt rating by the rating agency Standard & Poor's have indeed been falling sharply since oil prices last week. Wednesday, a barrel of Brent North Sea still traded at around $ 105 a barrel."Oil has fallen by about $ 10 a barrel for about eight days, conceded earlier this week Jean-Louis Schilansky, president of the French Union of Petroleum Industries (Ufip). Under these conditions, unless crude goes up, there are four to five cents a liter, which is expected to decline "

The magnitude and the time needed to complete the impact of this decline, however, are subject to different interpretations. While Ufip evokes a fall in prices "gradually over the next ten to twelve days," the general delegate of the Union of independent petroleum importers, which includes stations such as Carrefour, Auchan and Casino, for its expected "down from 10 to 15 cents" for these stations retail, "before the end of the week."

The price of a liter of diesel, the fuel most consumed medium currency is 1.335 euros per liter last week, according to the Ministry of Sustainable Development, 1.337 against the euro last week of July.

But market professionals united in the Association ISDA, the only decision maker of unlockable any insurance policies on debt Greek felt this morning that Greece is not in default. Faced with this decision, the advice of Fitch, who considers that Greece is "défauit restricted" does not undermine investor optimism.

These extraordinary measures were immediately relieved markets, notably in Paris or the Paris index had won more than 9% since the beginning of July.The agreement on debt relief, Greek, amounting to 350 billion euros at present, is still today applauded by investors, as well as the involvement of private banks in the device, even if the modalities of this participation to be defined.

On other European markets, the relief is essential. In London, the FTSE-100 was up 1.10% to 5964.57 points while in Frankfurt the DAX index itself to a more timid step forward from 0.64% in 7336 , 51 points.

Japanese support

The announcement Friday by Yoshihiko Noda of possible support from Japan also supports the upward trend this morning. The Japanese Finance Minister has in fact said on Friday that his country was ready to buy more bonds from the European Financial Stability (EFSF) if necessary.Japan has invested some 2.5 billion euros in the first three issues launched by the Fund since January 2011, to help Ireland and Portugal. The minister said Japan is ready to continue "at the same rate, if it can help stabilize the economies of the European Union."

The euro rises

This global expansion of the Greek fire, which had once benefited the euro yesterday, has not had any lasting effect on the foreign exchange market. At mid session on European markets, the euro was worth 1.4412 dollars, against 1.4417 dollars on Thursday night. In the wake of the announcement of the plan, the euro reached a peak Thursday at 1.4443 dollar. In terms of oil, oil prices start rising, supported by a European, but also by the announcement of the International Atomic Energy Agency (IEA), which has no plans to release a reserve again strategic.In morning trading, a barrel of "light sweet crude" took 28 cents to 99.41 dollars, after crossing at the meeting yesterday the 100 dollars. That of Brent North Sea took 23 cents to 117.74 dollars.

Macroeconomic side, some important indicators are expected on Friday. Orders to industry have increased more than expected, however, in May in the euro area, show the figures by Eurostat Friday. New orders rose 3.6% from one month to another in the 17 countries using the euro and 15.5% year on year. This morning, INSEE reported a sharp deterioration in the morale of French industry in July, the index fell from 110 to 105 a month.This announcement has not scared investors, the index remains above its long-term average (100 points), in which it had sunk in 2008 with the crisis do not exceed once again that the end of 2010 . Across the Atlantic, no major indicator is expected.

Bank stocks carry the greatest bull market

In the forefront of best performance, the banking sector is surrounded by this Friday, the day after the adoption of the European plan for Greece. Crédit Agricole (3.42% to 9.62 euros), Société Générale (2.24% to 39.08 euros) and BNP Paribas (2.43% to 50.11 euros) in net rise. Axa (1.56% to 14.64 euros) and Natixis (1.60% to 3.41 euros) are also well oriented.40 CAC Hors, Dexia wins 4.71%, to 2.15 euros.

The rating agency Standard and Poor's raised the rating a notch French TV group TF1 (0.99% to 12.80 euros), to BBB +, saying that despite the increase in sales shy , cost savings were being lead to greater profitability.

Accor (3.71% to 31.76 euros). The hotel group confirmed to be entered into exclusive negotiations with the catering giant Sodexo to give him the caterer Lenôtre. An enterprise value of € 75 million was used for the project.

Lafarge (2.11% to 40.58 euros). The French cement plaster will sell its operations in Australia in the group of German Knauf construction materials for 120 million euros. The operation, which will reduce its debt, expected to close before the end of the third quarter of 2011.

Sequana (-1.62% to 9.60 euros).The group announced half-year net income almost sixfold, to 35 million euros, against 6 million a year ago, and a turnover of 2 billion euros (+1.3% yoy pro forma), supported by higher selling prices last year. However, management has lowered its target EBITDA of "higher" to "close" to that of 2010.

Eurotunnel has published its interim results

Groupe Eurotunnel (-0.42% to 7.60 euros). The group has published interim accounts showing a net profit of 2 million euros over the first six months of the year against a loss a year earlier. Turnover increased 22% to 396 million euros. Management expects for 2011 an increase in EBITDA.

Air France-KLM (2.84% to 9.92 euros).The order of a hundred long-haul being prepared by the Franco-Dutch company will be shared equally between Airbus (EADS) and Boeing, La Tribune reported Friday. According to the newspaper, the board of directors of the Franco-Dutch company will review the draft July 27, before an announcement expected in September.

Schneider Electric (2.22% to 108.30 euros) announced a partnership with NVC Lighting, a small Chinese company which will take 9.2% of the capital, to strengthen in the Chinese cities of small size. Specialist solutions energy management also announced two acquisitions: that of certain assets in China Chongqing Enlin Electric, and of the Brazilian Steck, specializing in low voltage products.

France Telecom (1.40% to 14.47 euros).Orange has signed Thursday with Free (Iliad: + 1.46%, to 91.45 euros) an agreement to co-finance the fiber-optic networks to the Internet at very high speed, in about sixty cities located in sparsely populated areas and announced in active discussions with other operators.

Pierre & Vacances (stable at 58 euros). The group announced that its summer bookings for the quarter were ahead of last year on all its destinations, including the sea in France.

Bongrain said pressure on margins

Bongrain (1.29%, to 65 euros). The food group has reported an increase of 13.2% of its turnover in the first half, but warned that the sharp rise of raw materials created tensions on consumption and margins.

Somfy (-0.01 to 207.98 euros).The roller shutters specialist reported Thursday a turnover up 13.9% to 501.2 million in the first half, up 8.7% on a comparable basis. The strong demand in Germany and France ontéclipsé Asia the impact of the disaster in Japan, Europe and North and South that of British and Greek economic difficulties.

Vivalis (4.50% to 7.89 euros). The biopharmaceutical company, announced in the first half, a product of the ordinary activities of € 4.7 million, up 165%, and consolidated cash of 36.0 million at June 30, 2011.

Nigeria rebel pirates, looters occasional Asian Seas … Of all the pirates around the globe, the Somalis are by far the most dangerous and costly. And for good reason, "with Kalashnikovs and rocket launchers rustic, they disrupt traffic in the Indian Ocean between Asia, the Middle East and Europe, representing 12% of world trade and 7% of flows hydrocarbons, "said Bertrand Monnet *, Professor of Risk Management at EDHEC criminals.In 2010, 238 million dollars in ransom was paid to the brigands of the sea in the Horn of Africa.

"We must rebalance our public accounts of 2013," that is to say, that date back to 3% of gross domestic product (GDP), he said. "We can not let stand the public debt at the risk of the burden of our interests in the country's first budget, which alters our room for maneuver, he said. Debt is the enemy of the left and France. "The Socialist Party has set its program a path of debt reduction more slowly, with a deficit to 3% of GDP in 2014 alone.

François Hollande joins the current objectives of Bercy. The Ministry of Finance shall reduce the deficit to 6% at end 2011 to 4.6% in late 2012 to late 2013 and 3% to 2% in late 2014. With such a policy, public debt would start to decline, according to the Government in 2013. All with a 2% growth in 2011 and 2.5% in subsequent years (the latter assumption being as optimistic by many economists).

Baroin criticizes PS

The statement by the Socialist candidate for the primary came as the euro area, particularly the Italian debt has again been targeted by the markets this week. France is so far immune to the shocks, welcomed the Minister of Economy Baroin in an interview with Le Figaro Magazine published on Saturday.The new host has de Bercy on the other hand showed severe with the socialist project: "It is irresponsible with regard to the preservation of our growth to provide a fiscal impact of an increase of 50 billion euros of taxes."

François Hollande asserts that tax reform will be his first, especially via the same scale for labor income and capital, a merger of the income tax and the CSG and the elimination of tax loopholes. "The candidate who announces that there will be no extra effort beyond 2012 will be a president who perjure themselves," he said. He also reiterated that he wanted to return to retirement at age 60 and he would vote against the golden rule, which aims to set a limit to the deficit in the constitution.

The rating agency Fitch has warned France in late May: the reforms undertaken in recent years, such as pensions, "have improved the outlook for public finances." But "further efforts will be needed to reduce the deficit to 3% of GDP in 2013, as agreed," she adds. In addition, it would be welcome, according to Fitch, that Paris set in the constitution the principle of balance of public finances and reduce its "structural rigidities".

Holland criticized the European delay

The candidate Holland is very critical of the strategies of Paris and Berlin in the rescue of the euro area. "France and Germany are missing," he Assen."Nicolas Sarkozy and Angela Merkel bear a heavy responsibility in the divorce of the Franco-German because the euro zone can only work if there is a total concordance of views between the two countries that represent over 40% of its economic power. "

France and Germany are divided on how to share the burden of the second aid package to Greece with the banking sector. Which blocks the negotiations and feeds the nervous markets. A crisis meeting to be held on Thursday between the finance ministers of the euro area. But the plan should be finally adopted in September, at the next summit between the Heads of State and Government in Europe.

ALSO READ:

"Europe wants to stop the panic before the holidays

"Italy's definitely adopts austerity plan

For the government, bad foreign trade figures – which widened to over 7 billion euros in April – have sounded like a severe reprimand. Particularly for companies whose shareholder is the State. Air France-KLM, it holds that "15%" of capital.But Pierre Lellouche believes that the company can "pass the buck" in a state that has "greatly helped" the group "when he had problems with Brussels." A similar approach to reprimand respondent last week to PSA Peugeot Citroen, after the revelation of its possible plans to close two factories in France. PSA is not a public company, but it has benefited from state funds during the crisis.

Strategic choice

The political pressure put on Air France is the extent of the challenge: a mégacommande – the first made jointly by Air France and KLM – a hundred long-haul aircraft. The project is described as historic by the leaders of Air France-KLM themselves: it should be in the tens of billions of dollars. The verdict of the direction the company should have to fall shortly after the general meeting in early July.Now, executives of Air France-KLM believe that the announcement will probably be delayed for several weeks, "the time that the discussions become less passionate."

Internally, the political turn taken by the back hurts. Bernard Pedamon, the pilot representative on the board of directors of Air France said he was "surprised and discontented." "These are the strategic choices that can be for an airline. It is a commitment for another twenty years to respond to economic considerations, he says. Currently, we are witnessing the return of our old demons. The days when you could bring in managers office at the head of the company or impose choices of planes is a bygone era. "

Currently, the weight of the two aircraft manufacturers in the fleet of the company tricolor is not identical.On all its long-haul aircraft, Air France totals 63 Boeing against Airbus 35. The company has indeed bought many Boeing 777-300 at a time when Airbus had no exact equivalent. However, all of its medium-haul (or 153 units) are Airbus.

The controversy of recent days is all the more surprising that for several months, officials of the fleet of Air France have expressed their intention to mix Airbus A350 and Boeing 787. "The case studied by our teams for the purchase of these devices are not made on a corner table," says an executive of the company. "We are studying a number of criteria: the choice of engines, the maintenance cost, the impact on our maintenance activity …" considerations rather distant from the campaign themes.

Google's Android system should therefore take 39% market share in 2015 against 20% this year, according to Gartner estimates. Slower than a breakthrough in smart phones that Google is poised to dethrone Apple's iPhone.

In addition, two other new players will emerge.Internet tablets, in the minds of the next playbook, proposed by the Canadian manufacturer Research in Motion's Blackberry, should take the third place worldwide. "It will take time to create an economic model with applications and services to create a viable competitor to Apple and Android," warns Carolina Milanesi.

The operating system WebOS, acquired by HP for its future tablet PC and, finally, should climb to fourth in the world after the release of its first products expected in June.

The stakes are high. Because the tablets are the most dynamic products in the history of computing and telecommunications. The market will represent 294 million units in 2015 against 17 million in 2010.It took nearly thirty years and ten PC market to that of smartphones to reach volumes of comparable sales.

ALSO READ:

"The launch of the iPad 2 in France

"Touch Tablet: Google-cons attack

Nevertheless, ISF smaller version has some drawbacks. Certainly, it helps to remove the tax on capital 300 000 households had entered because of soaring real estate, a total of 550,000 taxpayers. How? By starting the tax to 1.3 million euros of assets, against 800 000 today.

"However, households with assets of between 1.3 and 1.4 million would pay, those, about 500 euros EWB more with the new system. And this without even taking into account the impact of the end of the shield, warning the entourage of Gilles Carrez, the rapporteur UMP budget to the Assembly.One reason: the new fee would apply from the first euro of assets, while the current scale is progressive, which means, among other things, that the charging begins only 800 000 euros. Indeed, this tax from 1 euro combined with the new scale would lead to increased ISF those whose heritage is from 1.3 to 1.4 million. And alone. But this is unfortunate because he missed penalizes households "moderately" rich and encourages them to cheat to pass under the 1 free credit score.3 million heritage.

Proposed adjustments

Therefore Bercy working to remove this bump EWB. "You can pass the threshold of entry to the TFR at 1.4 million, which would cost 100 to 200,000,000 to the State. Or reimburse these households the additional FSI, which underestimate the tax revenues under 40 million, "said Gilles Carrez's entourage.There remains one other category of households penalized by ISF lightened: the approximately 1,200 taxpayers in the last installment of ISF (over 16.8 million assets) activating the shield. "With the shield, the average tax rate of their assets was only 0.22%. With the new schedule and because of the end of the shield, it would rise to 0.5%, "says Gilles Carrez's entourage. An increase that does not seem to move Bercy.

"Overall, the tax rates of the new scale are so much lower (0.25 and 0.5% instead of 0.55% to 1.8%) that most taxpayers will see their bills go down even with the end of the shield, "says Valérie Harnois-Mussard, a lawyer with Fidal. In fact, for a wealth of 10 million, for example, the TFR would increase from 112 450 to 50 000 euros.