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Moody's brandishing the sword of Damocles. The rating agency, which last week confirmed the AAA rating of the French debt, is now planning to revise its position on the "stable" outlook for this post. "Over the next three months, Moody's will monitor and evaluate this perspective in the light of progress made by the government to implement the measures announced to reduce the budget deficit," she says in a statement.

If the prospect should be revised to "negative", this would imply that Moody's would likely lower the rating over the medium term, most often at a maturity of three to twelve months.And France would become the new big country, after the United States to lose its prestigious rating that allows it to borrow on the current market conditions very favorable.

A budget supervision

In reaching its decision, Moody's analyze the ability of the French government to meet its budget commitments. She stressed that the financial strength of the French government "has weakened since the economic and financial crisis worldwide has led to a deterioration in its debt ratios, which are now among the lowest in AAA." In addition, "France could face a number of challenges in the coming months, such as the need for additional support to other European countries or its own banking system, which could increase significant commitments that must support the country's budget. "The remark came just after the adoption by the members of the guarantees provided by the French in the process of dismantling the Franco-Belgian bank Dexia payday loans for bad credit.

But Moody's does not forget to mention the strengths of the country where the government should build, "the large scale of its economy, high productivity, wide diversification, experience, innovation and a savings companies with high a moderate increase in financial liabilities of households and businesses. "These elements provide" a great capacity for shock absorption by France, as demonstrated by the strength of the demand during the global crisis, "reminds the statement.

France "will do everything possible" to keep the AAA

The rating agency said that the review is part of its annual financial statements for France and it is not yet a decision on the rating of the country.

But after this warning, the marathon budget to the Assembly for consideration of the budget 2012, which begins on Tuesday, should be closely watched.On France 2 last night, Prime Minister Francois Fillon warned it would take "new measures" austerity if France did not record a "minimal growth of 1.5%" in 2012, as the draft budget is "built on a projected 1.75% growth, but it works with a minimal growth of 1.5%."

Already, Tuesday morning, the Minister of Economy, Baroin, indicates that the growth forecast for 2012 is adopted "probably too high." He promised that France "will do everything possible" to maintain its excellent rating.

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Three million voters to the polls Thursday. This is not the third round of the socialist primary elections but in the professional civil service and state hospital. This election is both new and crucial for trade unions. Unpublished, so far as officials voted on different dates, department by department. Under agreements signed in 2008 Bercy between the government and six of the eight federations officials, this group deadlines must solemnize the event and end a kind of permanent election administration

He still suffers to this first edition of exceptions.The officers decentralized government (prefectures) just voted in 2010 after the reorganization of their services; territorial officials will be "aligned" in 2014, which will match the designation of their representatives with election of municipal councils, general and regional officials finally France Telecom will vote Nov. 22 … as well as those of the Department of Justice, after a last minute postponement of the delivery of ballots and professions of faith having made the most complete mess. Also new: the hundreds of thousands of contractors have the right to participate. Finally, the electronic vote is for the million polio Education.

Crucial deadline

If the vote is also crucial is that it will not only unions to gauge.Now, only those organizations that received the most votes will negotiate and sign agreements, both local (with the hospital director, the prefect …) and national (with "their" or the Minister of Public Service for subjects common to all directors). In that game, the CFTC or the CFE-CGC will play their survival in many instances of 5700 to renew check cash advance. The "big" unions will also receive a premium on how they are granted. They are mostly human, that is to say agents paid by the state or the hospital, but devoting all or part of their time to unionism (our editions of September 29).

Difficult to anticipate the results.Of Education in Ecology, Interior Economy, workers speak out more on issues and candidates in their own department or at their service, as a national discourse – discourse on which organizations found it difficult to differentiate. Certainly, FP campaigned on the "case of the public service", the CFDT has focused on the working conditions of workers, Bernard Thibault has been calling for more political "use the ballot CGT" to "deliver signs to the government. " But these are all ways to approach the same themes: policy review (RGPP), elimination of 150,000 jobs during the five-year term in the state civil service, late general wage increases, stricter rules on pensions 2010. Many reasons for discontent that should benefit most unions 'hard', as Solidarity, the CGT and the FSU.

But the mobilization failed when the pension reform, and made to flop back against the rigors. The previous elections were successful in the CFDT and UNSA, reformists, who could also benefit from the arrival of the contract in the electorate. And some of the most disgruntled employees could wait for the presidential and legislative elections in 2012 to settle their accounts. Where the other unknown: participation, far closer than two-thirds, will continue she?

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• 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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Future on major indices of the New York Stock Exchange indicate a slightly higher opening of U.S. markets on Wednesday. Like the European markets, Wall Street should not resist the Slovak Parliament on strengthening the European Financial Stability Fund (EFSF). Tuesday, after four sessions of strong gains in a row, Wall Street ended in a disorganized. Investors chose to garner a share of profits.

On the front of the debt crisis in the eurozone, Slovakia, a second vote could be held with the support of the left opposition. "It's not good news but I trust the authorities of Slovakia to hold a second vote," said Wednesday morning the French Minister of Foreign Affairs Alain Juppé on radio France Info.For its part German Chancellor Angela Merkel said that strengthening the EFSF be ratified "in October." The Slovak Parliament was the last to vote on the strengthening of the European relief fund. Indeed, the unanimity of the country is essential to confirm the agreement reached by the Heads of State on July 21 dernier.Berlin and Paris commitments marchésLes reassure the weekend by Germany and France had restored a little hope of financial markets. Last Sunday, Nicolas Sarkozy and Angela Merkel have in fact committed to respond "lasting and comprehensive peace" to the crisis in the euro area for the G20 summit in Cannes, 3 and 4 November. About the difficulties of the European banking sector, the two leaders said they were "determined to do whatever it takes to ensure the recapitalization of our banks."But again, the "details" to be specified later, and the EU summit scheduled for October 17 and 18 was postponed to October 23. After several missed appointments with the financial markets, Europe hopes this time strike a blow to stop the contagion of the crisis in the euro area.

The euro will always be a "hard currency", has also assured Angela Merkel, following Slovakia's rejection of strengthening financial relief funds in the euro area. On the foreign exchange market, the euro was virtually unchanged munching 0.05% against the greenback at 1.3658 dollars.

Alcoa opens the ball quarterly results

In the U.S., the season of quarterly results of large companies began Tuesday after the close of Wall Street. As usual, the aluminum giant Alcoa kicked-off for these publications.Including follow on Wednesday, PepsiCo, and Thursday, JPMorgan Chase and Google internet group and finally, Friday, Mattel. Analysts bet on an average increase of 13% earnings per share for the third quarter.

The group Alcoa reported, after market, a net quarterly profit of $ 172 million, an increase of 182% over a year and a decrease of 47% over the previous quarter. Revenues jumped 21% year on year to 6.4 billion. In 2011, Alcoa still expects growth of 12%.

For his part Infosys Technologies also announced after the market have achieved in the second quarter of fiscal year 2011-2012 (ending September 30) a net profit of 411 million dollars against 374 million last year while sales rose to 1.75 billion dollars against 1.5 billion a year earlier.For the full fiscal year 2011/12, the group expects a turnover of 7.08 to 7.2 billion dollars.

The Canadian Research In Motion listed on Wall Street, affected by major failures affecting the Blackberry, is facing a revolt by disgruntled shareholders calling for the sale or replacement of its executives while its action has already lost 60% since the beginning of the year.

For its part the world leader in lithography for semiconductor, ASML also listed on Wall Street believes that there will be a slowdown in growth in most segments of the semiconductor, with the exception of technologies related to tablets and smartphones. At the Amsterdam Stock Exchange gained 2.7% action to 27.25 euros in the morning.

Having long raged about the punctures of the State Budget, Action Housing, the former 1% housing, just go on the offensive. Reportedly, the joint body attacked last Friday before the Paris Administrative Court of the State's decision to withdraw 3.7 billion euros between 2009 and 2011. These funds are used to finance the Anah (National Housing) and ANRU (National Renewal). "We made an informal appeal with the government against the decree fixing the puncture but we never received a reply, said Jean-Pierre Guillon, Chairman of the Supervisory Board of Action Housing. We decided to attack the government for abuse of power. "

If Action Housing is the case in court today is with an idea behind the head.Last July, the government has said that he would collect 3.25 billion euros over the period 2012-2014 no fax payday advances. To sweeten the pill, the Secretary of State for Housing, Benoist Appeared, has committed to implement clever financial engineering to boost the cash flow of Action Housing. "But we have no documents indicating that commitment forward Jean-Pierre Guillon. If the minister changed, the following may not feel bound by that promise. "More generally, Action Housing, which collects 0.45% of payroll companies, believes that this aspiration will prevent it from fulfilling its mission . For example, he does not see how it could fund 45,000 homes for young people as he had promised a few months ago.

With this lawsuit, it seeks to pressure the state to be released in the coming weeks the decree laying down the drain of 3.25 billion between 2012 and 2014.

How to help her children buy a home? Faced with soaring prices of the stone, more and more parents are wondering. For young people without a little help family, buy a property is often difficult. But the stone is more than ever the key to any well-constructed assets.

A DONATION as a financing

With the recent reform of the taxation of wealth, each parent can give full tax-free, but every ten years now, up to € 159,325 (reduction in force in 2011) to each child or € 318,650 for a couple . And if the child is an adult, he took advantage of an additional allowance of 31 € .865 (per parent under 80 years), allowing it in the end, even in the capital, to acquire a lovely pied-a -land …A strategy that offers the advantage of not "inflate" its own property portfolio, since it is your child immediately becomes sole owner of the property. Thus, it can allow parents to avoid the wealth tax if the value of their taxable net wealth falls short of 1.3 million euros, or to play down if it does not exceed 3 million euros.

This approach has its drawbacks, however. "A coming of age, the child who has de facto full ownership, may sell at any time, even if the parents object," says Brillat Michel, director of engineering heritage of the EU Financial France. To "block any attempt inappropriate," Louis Aussedat, notary Althémis Network, advises the inclusion in the deed of gift, and in the deed of purchase, a prohibition to alienate.This provision makes the sale to the agreement of parents.

Know that it is still quite possible to do this for the benefit of a minor, but we must in this case the approval of the guardianship court. And while the child is under 18, the slot is part of global real estate portfolio of his parents, with possible consequences in terms of ISF.

To a lesser extent, if you own a home savings plan, you can send your borrowing rights to your child, provided that it is itself the holder of such a plan (open for at least 3 years) no faxing pay day loans.Finally, give money in advance and not a property which you would already own, you can be exempt from land registration fee (0.715%).

SEND ACHETERET in a SCI

Here is the real estate company (SCI) who acquires the home and not you and / or your children directly, thus, again, to fund and pass more easily again. Parents are partners and own the shares of the SCI. A major advantage of this legal structure is its flexibility. A condition of relying on a notary or a lawyer to draft the statutes (beginning approximately € 2,000), all management schemes, or nearly so, may indeed be calmly considered: full or bare ownership only given to children, in whole or in part, etc..Parents may reserve the role of manager to get their hands on the decisions and procedures to meet the requirements (general meeting …). "In this configuration, the children, even adults, can not sell without your consent," said Gilles Etienne, Partner at Cyrus Council. The SCI can also borrow, even if minor children are involved. Only requirement: well set, with the help of a professional, their responsibilities vis-à-vis the debt and obtain the consent of the judge. Finally, the very existence of an ICS is not limited in time and value, as the designation of heritage that can be managed, is not fixed.

Scellier Act: rent-to-child

Parents who buy a home with the benefit of the tax reduction under the law Scellier can rent the apartment to their children.A three conditions: it must be the principal residence of the latter, that it is detached from the tax home of the parents (it is then placed on its side), finally, that actually pays the rent. ALSO READ: "Placement: the French have confidence in real estate

Moody's has raised the spiral of fear by breaking down Tuesday night, three notches note the country of Silvio Berlusconi. Of course the capital of French banks are not sufficient to withstand the collapse of the third global bond market. But no one could. Want to increase bank capital to absorb that risk, it would be like worrying about the thickness of sandbags protecting a barricade when a nuclear explosion threat.

Beings consanguineous

Wait and bite the bullet. It is the only rational response. The pressure is so strong, however, that the government is trying to sweep these arguments make sense to force the banks to recapitalize. Why not finally, if that would reassure everyone and restored the flow in a system where banks no longer find lenders? Even better if it is a coordinated European action.But then, the market experts themselves have good problem turning in all directions for days: there is no guarantee that this would be enough to calm the speculation.

The crisis of today has nothing to do with that of 2008, when the suspicion was limited to the health of financial institutions. This time, banks are just the scapegoats for a crisis of confidence is most striking over-indebted States. Banks and States are beings inbred. Once recapitalized banks will continue to be viewed askance because of their exhibits sovereign will continue to suffer from higher funding costs because of concerns about their country, continue to be threatened by a rise in questionable provisions as the economy is sinking. It will probably recapitalize banks. But there is only one cartridge.Better not pull too early, when there are still many uncertainties elsewhere.

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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.

It is half a relief to senior citizens out of work. Labour Minister Xavier Bertrand said Monday on RMC and BFM TV partial restoration of the retirement equivalent allowance (REA) abolished on 1 January. At a cost of 1000 euros per month maximum, this aid was a replacement income for the unemployed who have reached the required number of quarters, but not the legal age of retirement.

Established in 2002, the EAR allowed these people, who generally have started working very early, wait until they receive a full pension. Its removal has the financial difficulties some 40,000 people who benefited and who have seen their incomes for many fall by half.Most do in fact perceive more than the specific solidarity allowance, amounting to 467 euros maximum.

"Poor"

As the government had already hinted in September, the retirement allowance equivalent will be restored retroactively from July, but on narrower grounds. The device now called "transitional allowance of solidarity" will concern only those born between July 1951 and December 1953 or, as determined by the Department of Labor, about 11,000 people. It is designed primarily for senior citizens affected by the pension reform adopted last year, which pushes for four months a year the legal age of retirement, from 1 July.

The disbursements are therefore not the same: the retirement allowance equivalent relieve the coffers of more than 200 million euros a year according to the unions, when the new version should not cost more than 30 million. "This is clearly insufficient, responded on Monday the association against the removal of the AER. It ensured the precarious for more than 30,000 people. " "We find that inuspportable employees with a full career are found in social minimum," adds Laurent Berger, in charge of employment at the CFDT.

The decree establishing this recovery, however, should be published in the coming weeks. The issue is even more sensitive than the unemployment of older workers continues to widen, inflating the number of employees who would have been entitled to the allowance equivalent withdrawal before its reform.According to the latest figures released by the Dares, 560,300 people over age 50 were unemployed in August, a number up 13.5% year on year.