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Statistics show every day a little more clearly the growing problem of financing faced by banks in the euro area. The phenomenon is not confined to institutions based in the peripheral countries, but won the heart of Europe, reflecting the closer and closer bond between the state debt crisis and the situation of the banking system.

To date, the year 2011, European banks had to repay 888 billion dollars to creditors (all types of bonds combined), but they could borrow 744 billion dollars over the period, reveal Figures released by the firm Dealogic. A gap of nearly $ 150 billion that masks a number of phenomena. On the one hand, banks that can accumulate "cash payday loans direct lenders."On the other, those, more numerous, which are structurally borrowers must find ways to bridge the gap between what they need and what they can take to prevent the liquidity crisis, that is, ie the default.

The first solution is the European Central Bank, which opened more widely its counters. Heavily used by institutions Greek, Irish and Portuguese, these facilities are also becoming critical to institutions whose country of origin still have access to markets. Spanish banks borrowed 86.2 billion euros at the ECB at the end of October (7 billion more than at the end of September).

The nuclear power, which is in France more than 75% of the total electricity production, it is the lung of the domestic industry? A total industrial consumption in the Hexagon is approximately 140 terawatt hours (TWh), representing a third of the total electricity consumption. It covers 30,000 companies – including 600 "electro-intensive" – ​​which employ 3 million workers and generates a turnover of 900 billion euros.

In addition to these large volumes, nuclear power is distinguished by its long prices. "In late 1980, Pechiney had wanted to relocate its operations in Canada, where hydroelectric power is a considerable asset.The group ended up staying in France because that EDF was able to make a competitive offer-cons based on the competitive cost of nuclear electricity, "recalls Colette Lewiner, director of international energy and utilities sector at Capgemini payday loan lenders.

Specifically, in its latest "Observatory of European energy markets," Capgemini shows that the electricity in France remains one of the cheapest in Europe. "But to the industrial, the argument prices is not the only criterion. They also want the visibility, the gold price of nuclear electricity are distinguished by their predictability: they are much less sensitive to changes in the price of electricity produced from fossil fuels such as gas or oil, Jean-Jacques Nieuviaert note, Councillor in charge of the overall economy and markets to the French Union of Electricity (UFE).

The fall of a six-story elevator building in a housing project in Paris on October 27, revived the debate on the safety of these facilities. Work had been made last month on this lift-de-registered by the company Schindler Somatem, responsible for maintenance. Tenants of the building where the accident occurred will file a complaint against Paris-Habitat, owner, announced their partnership "Tenants angry." The social landlord, he has filed a complaint against X. An investigation is underway to determine if it was a defective part of the manufacturer or poor maintenance. Contacted by The Figaro.fr Schindler declined to comment.

France has 520,000 elevators, accessible to 482,500 people. National Park is the most dilapidated of Europe, half of the devices with more than 25 years and a quarter over 40 years, according to the Federation of elevators no fax needed payday loans.Now, nearly 100 million people use every day a lift. Following a series of serious accidents in 2003, Gilles de Robien, Minister of Works, Transport and Housing, has passed the law "safety of existing lifts" (SAE). State of play:

• High bill for owners

This text imposed new obligations on security, maintenance and technical inspection of elevators. A three-stage timetable was established for this compliance, depending on the severity of identified risks, with maturities in 2010, 2013 and 2018. "At 31 December 2010, the first term, 10-15% of the work was not done," notes Jean-Luc Detavernier, managing director of the Federation of elevators, which includes more than 110 companies (90% of sector).

The UMP deputies know that the growth forecast (1.75%) on which the draft budget for 2012 is revised downwards, and a new train of savings 5-7000000000 necessary, in addition to 11 billion already planned for next year. "The 2012 budget is credible, but it can be denied by a significant slowdown in growth," Analysis Louis Giscard d'Estaing. The Vice-Chairman of the Finance Committee of the Assembly recalls that "the time of the government of Lionel Jospin, it was the logic of the cicada, while in Germany Gerhard Schröder had imposed a cure without reduction of wage restraint working time, in line with the ant. But the wind is coming … "says the deputy of Puy de Dome, paraphrasing the fable of La Fontaine.Vice President of the National Assembly warned the Socialists: "Those who would maintain the idea that there is room for maneuver in the reuse of public spending, as does Francois Hollande, would directly threaten the notation France and our ability to deleverage. "

However, Louis Giscard d'Estaing is convinced that there is still food for thought in the financing of 35 hours. He will file an amendment in the bill funding the Social Security (PLFSS) for further reduce the limit on exemptions from employer contributions on wages at 1.5 times the minimum wage (currently against 1.6). Which would represent just over one billion euros in savings, if the measure comes into force on 1 January. He even suggested to lower the ceiling to 1.4 times the minimum wage in July 2012 to "give companies time to adjust."The UMP also suggests to "a general movement of the plane of the allocations to the operators of the state" by reducing them to 3% in 2012 No teletrak payday loan.

"Do not replace two staff on three"

In this area, Hervé Mariton (UMP, Drôme) also proposes to "ease the regulations that impact cost." Other proposals of the Liberal "not to replace two of three officials" and "examining investments less profitable," particularly in the area of ​​infrastructure. "Do not panic about short-term savings. We will be judged on the strength and seriousness of a savings plan in the long term, "said Mariton. Special Rapporteur of the mission work jobs, Chantal Brunel (UMP, Seine-et-Marne) will propose to leave the tax deduction on home jobs "all leisure activities and relaxation."Isabelle Vasseur (UMP, Aisne), Rapporteur of the Finance Committee on Social Security Financing Bill, will propose this afternoon the establishment of "prevention, source of major savings in health" she assures.

The former chairman of the Senate Finance Committee Jean Arthuis think we need to "reduce the amount of grants to local authorities" and "to lower executive compensation operators of the state." Former budget minister, Dominique Bussereau is more cautious: "We are still on the bone. The revision of public policies (RGPP) was very effective, so that the state is under-Box at the local level, "says he.

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While central bankers of the euro zone must meet this weekend to try to establish the foundation that will emerge from the crisis, Standard & Poor's already considering the worst. The rating agency has in fact simulated for several European countries, a "worst case scenario" based on a relapse into recession. If such an economic downturn were to occur, what the IMF is already considering, then the rating agency's estimation, several notes of sovereign debt could then be degraded, including that of France. She stresses, however, that "no degradation or put under surveillance of AAA French is considered for the moment."

Accuracy that allows Standard & Poor's to stand out from its counterpart Moody's, which launched a few days ago warning of a possible future revision of his opinion of the French debt.Fitch has also distanced itself from Moody's, ensuring that it does not intend to degrade the rating of France.

Without growth, no AAA rating for France

S & P has built these "stress tests" on sovereign debt from two batteries of different assumptions. In the first scenario, it assessed the impact of a relapse into recession. In this case, France could see its rating downgraded from AAA to AA +, because of lower tax revenues.

In the second scenario, which provides a relapse into recession coupled with a shock on interest rates, then the note of the French sovereign debt could be lowered by two notches.The notes of banking groups could also be revised.

"The soaring deficits and the recapitalization of banks will weigh heavily on the indebtedness of countries in the euro area," said the head of credit analysis in Paris, adding that "the credit quality of the countries in the euro area will thus be deeply damaged. " The rating agency also said it will adjust its ratings depending on the extent of the downturn on the Old Continent.

For now, the assumption of a recession in the countries of the euro area is not the scenario preferred by S & P, which focuses on growth of between 1% and 1.5% on average for 2012. This is not the case of Fitch."The intensification of the crisis in Italy, Spain and other countries in the euro area under pressure, is expected to generate a recession," says David Riley, head of credit ratings of sovereign debt at Fitch.

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29.9 billion euros. This is the minimum cost per year, calculated by the Institute of the company, the sixteen main proposals of the socialist program and François Hollande for the presidency in 2012.

Measures François Hollande

The Institute has calculated the company eight measures developed by the Socialist candidate in the primary. First, the creation of 12,000 teaching positions per year, or 60,000 on the five-year term. This would cost 360 million euros per year, cumulative $ 1.8 billion in 2017. "These new posts create an implicit debt to the State, which undertakes to pay the pensions of these agents when they reach retirement age," says the Institute. The rating is saltier contracts for generation, exempting charges for three years as a young recruit companies while maintaining a senior job.This measure, the five-year cumulative, burden on public finances from 30.5 to 33 billion.

Another strong measure: the extension of the RSA under 25 years of activity without preconditions. The Enterprise Institute estimates that 120,000 to 200,000 young people could be affected, which would represent an annual cost of 528 to 876,000,000. With "a serious risk of imprisonment in a youth inactivity trap and a significant risk of fraud", the RSA representative "70% of the money diverted to family allowance." The Institute also estimated the cost of the massive development of renewable energy and reducing from 75 to 50% of the nuclear power generation by 2025. The bill? 10.9 billion a year.If this effort can reduce French imports of energy, it will be "on the other hand a negative effect on the purchasing power of households, through the rising cost of energy bills," warns the IDE.

The measures of the Socialist Party

Winner of the primary, Francois Hollande has not yet specified what action the program he intended to resume the PS paperless payday loans. The Institute has calculated the company in the main. The establishment of a public early childhood, a key measure of the project would cost between 4.5 and 5 billion per year. Half the budget of the justice! The bulk of the bill would come from the creation of 360,000 childcare places (3.8 billion per year … just by operating costs), welcoming children from 2 years to kindergarten cost him, by 720 million year.Much controversy as the assistant accused of favoring the creation of a study allowance for trainees is paradoxically less expensive. The Institute's $ 1.3 billion per year. The reason? This new allowance would replace other aid, and especially young people concerned only with limited resources. The bill would particularly high, however (9.6 billion per year), if the allowance was extended to all students, warns the Institute.

In a more traditional vein, the PS promotes the appreciation of the disabled adult allowance (AAH) and better care for older people, through the personal autonomy allowance (APA).According to the Institute, which takes the hypothesis of a revaluation of these allowances by 20% over five years, the AAH would cost $ 1.7 to $ 1.9 billion a year more, and the APA, 1, 5-2100000000.

Cell quantification of presidential projects, implemented by the Institute of the company, will now address the evaluation of the revenue side of the PS program. The question is whether Francois Hollande planned 30 billion of resources to balance its balance sheet. Last outstanding issue: the institute did not look back on the pension reform, suggested by the PS but never clearly put on the table by François Hollande. If this were the case, the encryption would rise much faster.

"DOCUMENT – The costing of proposals of the socialist project

• Incidents in Rome

Tens of thousands of demonstrators, inspired by the "outrage" of Wall Street and Spain, marched on Saturday in Rome, the city had been cordoned off by police. "One solution, the Revolution!", "We are not property in the hands of bankers," could be read on the signs of the protesters payday loans for bad credit.

In Rome, several cars were torched. Photo credits: ALBERTO PIZZOLI / AFP

The benchmark index of rents (IRL) continues its momentum. Indexed to inflation, the index increased by 1.90% yoy in the third quarter 2011, according to INSEE, its largest increase since the first quarter of 2009.

Following the same curve as the price index, the benchmark rents had fallen sharply during the crisis, before recovering from the first quarter of 2010. However, according to figures released Wednesday by INSEE, inflation emerged up 2.2% year on year in September, despite a slowdown during the past month.

Consequence of this increase in the IRL, the owners can raise rents to their tenants under lease, 1.90% maximum per year. This ceiling is not to be confused with the increase that may require the owner at the end of the lease, and which itself is not subject to this limit.

Rising rents slows

They are also in the process of marking time, like the sale price. The latest observation Clamor, the rents charged to new tenants were up 0.9% over the first eight months of the year, against 1.4% a year earlier. In 34% of cities in France, this trend is even negative. This is for example the case in Paris (-0.1%), Bordeaux (-0.9%) or Toulouse (-0.4%).

In other cities of the Hexagon, however, rents remain strong on the upside. This is the case in Lyon (+1.2%), Nantes (+1.7%), Lille (1.9%) or Le Havre (+2%). For the full year, Clamor expects an average increase of 1.5% to 1.8% against 2.5% in 2010.

The Observatory notes wide disparities between the cities but also between the quality of rented accommodation.Owners who make improvements before entering into a new lease rent on average well 9.3% more than the previous occupant. However, when the property is rented without work, its rental value decreases by an average of 5.4%.

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The New York Stock Exchange fell back slightly on Wednesday at the opening after a strong rebound. The Dow Jones lost 0.40% to 10,775 points in early trade and the Nasdaq, 0.72% to 2387 points. The New York Stock Exchange has signed a dramatic rebound Tuesday late in the session, erasing the last minute the heavy losses earlier as a result of fears of default of Greece.

Specialists Aurel BGC, the violent rebound index in the last fifteen minutes of the session on Wall Street is mainly due to the information leaked after the meeting of economic ministers of the European Union . European Commissioner for Economic Affairs has indeed mentioned in an interview with the Financial Times, a European plan to recapitalize banks."We share a growing opinion that we need a concerted, coordinated in Europe," he said, "the capital of European banks should be strengthened to give them a safety margin and so reduce uncertainty "in markets.

Degradation of the note of Italy by Moody's did not stop the European stock markets to begin the session in the green and should have little impact on Wall Street.

However, the pessimistic forecasts of the IMF could influence the trend.The International Monetary Fund (IMF) warned on Wednesday that he did not rule out a recession in the world in 2012, facing a possible reversal of the activity.

According to analysts at Cantor Fitzgerald, the market is also beginning to show some resistance, "because the corporate earnings season is about to begin, that most economic indicators were positively surprised."

The president of the U.S. central bank, Ben Bernanke, warned that employment growth could be "sluggish" for some time, but said the institution was "ready to take additional measures" to support the economy.Ben Bernanke, who testified in Washington before the Joint Economic Committee of Congress, also called on parliamentarians to provide savings in the medium and long term, but to "avoid taking fiscal measures may impede the ongoing economic recovery," and They were asked to complete the action of the central bank.

United States, on the macroeconomic front, hirings rose slightly in September in the private sector in the United States, according to the monthly survey of the consulting firm HR ADP pay day loan lenders. Private companies have created 91,000 net jobs, in seasonally adjusted data, or 2% more than in August said ADP.Investors also expect the ISM at 16:00 in services and at 16:30 the traditional weekly report on oil stocks.

Oil markets, fell sharply Tuesday after the courses are starting to rebound on Wednesday morning. The Brent North Sea crude for November delivery gained 1.67 dollars to 101.46 dollars. A barrel of "light sweet crude for November delivery was appreciating his side of 1.91 dollars to 77.58 dollars. On the foreign exchange market, the euro is trading at 1.3292 dollar per ounce of gold is trading at 1628 dollars.

BNY Mellon in the sights of New York

The side of values, the State of New York filed a complaint Tuesday against the establishment of New York Mellon Bank (-3.67% to 18.13 dollars) to have overcharged transactions on foreign exchange markets and wants to recover nearly two billion dollars.For ten years, "instead of providing the best interbank rates as he promised," the institution makes money "by cashing the difference between the worst rate of the day, it charged its customers, and the price current market transactions at the time, "said the office.

Hewlett-Packard (0.04% to 23.03 dollars) should take a decision on its PC division in late October, according to CEO Meg Whitman cited by Reuters.

Yum! Brands (-0.22% to 49.33 dollars), which owns chains Pizza Hut, Taco Bell and KFC, whose figures stand out as a leading indicator of economic conditions in the United States, reported a third quarter benefit of $ 383 million above expectations. Sales rose 14% to $ 3.3 billion.CEO David Novak said: "Our margins in China were up 7% in the quarter with a jump of 29% of sales, excluding the impact of changes. (…) This tremendous growth in sales, combined with our forecast high of 600 restaurant openings, makes us confident in the strength of our business model in China. "For the full year, the group now its forecast 12% growth in profits before exceptional items.

Apple (-2.11% to 364.64 dollars), which introduced the iPhone Tuesday 4S, the fifth generation of its multi-functional phone, with a more powerful processor than its predecessor and a new system would also voice commands be observed.

This incident linked to the nuclear industry had caused a stir in the summer of 2008. On the night of July 7 to 8, at least 20,000 liters of effluent containing uranium were accidentally released into the environment by the company Socatri, a subsidiary of Areva, which deals with radioactive waste on the site of Tricastin in Bollene in the Vaucluse.

Rivers and ground water surrounding the uranium had been contaminated at levels above the standards of the World Health Organization (WHO).The court believes, however, that no "adverse effects on health" or "no damage to the fauna and flora" could not be found.

Acquitted at trial in October 2010 of the offense of "water pollution that caused an adverse effect on health or damage to flora or fauna," the Socatri was convicted Friday by the Court of Appeal of Nîmes , the offense of "discharge of toxic substances into groundwater causing a significant change in the normal operation of water supply guaranteed high risk personal loans." Areva's subsidiary was fined 300,000 euros, to pay 20,000 euros in damages to each of the plaintiffs associations (including Greenpeace and the Nuclear Exit) and 10,000 euros in moral damages to a dozen residents. Of these, several had been forbidden to consume the water they were drawing ground water from their property.Some seeking compensation following the decline in the value of their homes due to the incident.

The Nuclear Safety Authority (ASN), which classified the incident at 1 on the INES scale has seven who had criticized the Socatri him failing initially to provide information on pollution the environment.