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After Greece, out of bankruptcy risk through the release of a second bailout of 130 billion euros, it was Spain who finds himself in the crosshairs of the Eurogroup, meeting on Monday evening in Brussels. The Spanish finance minister will have to explain on the skids deficits Spanish before his peers, the European Commission and the ECB President.

The prime minister, Mariano Rajoy, had a surprise, on March 2, alongside the European Council, stating that Spain would build his 2012 budget with a deficit target of 5.8% of GDP, while that agreed with the EU was 4.4%, to reach 3% of GDP deficit in 2013.

The market reaction was not long in coming. Following this, the cost of borrowing from Spain to 10 years jumped to nearly 5% more than for the first time in months, that of Italy. Guardian of the future "fiscal pact", the European Commission ordered a "serious blunder", brandished the threat of financial sanctions and sent experts to Madrid to assess the fiscal situation. Last year, the Spanish public deficit soared more than expected to reach 8.51% of GDP in late 2011.

Threat of sanctions

"There is no questioning of objectives," says the Spanish Minister of Economy, Luis De Guindos, in an interview Sunday on ABC newspaper. "Spain is a loyal member of the EU who feels bound by the European fiscal rules," he says.

Engaged in a very severe austerity measures, faces a general strike in late March because of its reform of the labor market, Spain is weighed down by losses of its regions, which have slipped to 2.9% of GDP against only 1.3% under-the Madrid region meets its objectives, which weighs heavily on central government accounts.

Barely out of the Greek crisis, "the euro area can not afford a new speculative attack," recalls one in Brussels. The Commission will ask the government to submit a plan "credible" to bring deficits to 3% in 2013, implying a say in Brussels on the draft budget 2012 Spanish.

Monday night, finance ministers from the euro area will give the green light to launch the second program of aid to Greece. Of 130 billion euros, the IMF should be involved up to 18 billion, said Christine Lagarde.

Even the Germans say they are reassured about the situation in Greece. "I am confident that the measures taken hard by the Greek government will put the country on the road to recovery," said German Finance Minister, Wolfgang Schäuble, unwilling to speculate on a third plan to help … To parry , the European Central Bank will continue its buybacks of bonds on the secondary market, ensures Coeuré Benedict, a member of the Executive Board of the ECB to Japanese newspaper Nikkei.

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LE FIGARO. – Must restart nuclear power plants in Japan?

Nobuo Tanaka. – Yes, as soon as possible. Iran represents a huge potential risk. Over 80% of our oil imports and 20% of our gas imports pass through the Strait of Hormuz. We have 170 days of oil stocks, only 20 days for gas. Iranian attack risk is much higher than that of a large tsunami! If we do jumpstart by plants, it could be missed 10% of electricity this summer.

How much would it cost to Japan to do without nuclear power?

At current oil prices, just to replace the current nuclear by fossil fuels, it would cost 3 trillion yen per year (28 billion euros, Ed).

To diversify your natural gas supplies, the construction of an undersea pipeline bringing Russian gas via the neighboring island of Sakhalin is feasible?

Just as the German decision to import Soviet gas in the 1970s improved the Germano-Russian relationship, build a pipeline could help solve the diplomatic dispute that pits Japan against Russia over the Kuril Islands. Russia's interest to diversify its customers in the Far East. Japan could also operate its own gas: methane hydrates on the ocean floor mats are a great potential, especially if oil prices continue to rise much.

How to develop renewable energy in Japan, which are still marginal?

I see no future for the solar wind, in Japan. The government will introduce a feed-in tariff incentive. This is necessary but not sufficient. To complement the intermittent energy, it takes gas or geothermal energy, and a soft market. There is also great potential in marine energy.

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2011 a year full of contrasts in terms of employment. After a positive first half, payroll employment has declined significantly over the second half of the year. In the fourth quarter of 2011, the French economy has destroyed 22,600 jobs in the principally market sectors (-0.1% over the previous quarter), according to revised figures released Thursday by INSEE.

This is slightly less than the third quarter, when for the first time in two years, the statistician public records a decline in employment of 31,500 jobs (-0.2%). Gave its provisional figures until the third quarter slightly creates jobs. With a dynamic first half, 67,300 jobs have been created, however, over one year is a positive trend of 0.4%.  

The ACOSS, which accounts for job creation on a slightly different scope, in turn finds a changing "stable in the last quarter as in the previous quarter, after five consecutive quarters of increases," with 9,300 jobs created. Both agencies agree on a shift in the trend in the second half, where the employment has clearly stalled.

Temporary employment down

Over 90% of job losses announced by INSEE also follows the decline in temporary employment fast cash without a hassle. The trend is accelerating in the fourth quarter, with 21,100 destroyed in acting positions, against 12,900 the previous quarter. A first after nine quarters of the rise, INSEE said. This leading indicator of labor market, more sensitive to cyclical fluctuations, does not bode well from the beginning of 2012.

In detail on this last quarter, the industry, which had suffered severely from the crisis of 2008-2009 before stabilizing its workforce in mid 2011, again losing 1700 jobs, slightly less than the third quarter (5100) . Over one year, the sector recorded a negative trend of 0.1%, or 2,100 jobs destroyed.

This is less than the construction, which lost 0.8% of its workforce over one year (11,900 jobs) and 0.3% in the fourth quarter (4600 positions). After a decline in service employment excluding temporary in the third quarter, the industry found in the fourth quarter, however a small increase (4,900 jobs).

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What is the liability insurance?

The liability is defined as the obligation to repair the damage or injury caused to others. In case of accident, then it is the insurance that replaces the insured to compensate the victim.

Any land motor vehicle must necessarily be covered by liability insurance. Automobile, and this formula is the minimum requirement of any insurance contract. It is known in the insurance practice "in person".

The liability insurance for the vehicle even if it does not circulate. It therefore covers the damage caused to others by their drivers as well as by its passengers or guardian

Fact: Even the unauthorized driver (that is to say, not specified in the contract) is covered by this insurance. But the insurer can then turn against him to pay

Passengers also have a special status with regard to liability insurance. Indeed, she covers them for damage they may cause, but also those they personally may suffer.

May be compensated by the liability insurance?

The driver of the insured vehicle is not covered for injuries or damage it causes to himself. Thus, the damage to the insured vehicle are paradoxically not insured. This applies even damage to other property belonging to the driver.

This exception aside, the insurance covers almost everything else. Thus, it may indemnify such:

– The passengers,

– Drivers and passengers of other vehicles,

– Pedestrians, cyclists … ,

– Owners of damaged property (windows, walls …)

What are the legal requirements of liability insurance?

The absence of liability insurance of a vehicle is a misdemeanor punishable by a fine of € 3,750, which may be added to any other penalties provided in s. L 324-2 of the Highway Code. These penalties can range from the cancellation of driver's license and sentenced to community service and forfeiture of the vehicle.

Note: the insured also has the obligation to submit any request the insurance certificate of the vehicle, ie his green card.

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Cedric Mendes, head of recruitment of Colas.

The French are increasingly choosing to sustainable consumption. With the crisis, their new creed is "eat less but eat better." The year 2012 starts elsewhere in the gloom on the front of the consumer. The French have reduced their spending by 0.4% in January, INSEE announced Tuesday. This is despite the sales. A recent survey * Ifop, higher wages and purchasing power is a priority concern for 58% of French people (+ 7 points from August 2011) in the context of the presidential election. In addition to these concerns, the ideals of consumption in ecological hints are an echo in these times of crisis. A brief overview of the latest trends in cutting waste.

• Donations from individuals, to stop throwing

"Donation after donation, we change the world." Is the slogan of Freecycle.org, a global network of gifts between individuals born in the United States in 2003, which now has 7 million members in 95 countries. In France, it boasts just over 44,000 members. The principle is simple: users register for free on the site to enter into relationships with other individuals and to make donations and recovery of objects. With over 345,000 members, the site Donnons.org created in 2006 has never experienced the crisis. In February, over 9,000 people registered on the site, after more than 11,000 new members in January. "With the decline in purchasing power, our members are looking for an alternative way to consume, and want to give new life to objects instead of flooding the waste dumps," said Isabella Geist, moderating Donnons.org. For the poorest, this site allows free access to certain equipment. "Unlike associations, we function as a social network. Some people stay in touch after making a donation. "

The "comeback" the most spectacular remains of the knitting. Photo credits: Karine Image / Flickr

Rarely have there been a fear of unemployment too high (one third of the French fear of being unemployed in the coming months) coincide with proposals also limited in terms of job candidates in the presidential election.

Apart from generation contracts (with uncertain effects) of Francois Hollande, antidélocalisation VAT (which will particularly benefit the jobs are not exposed to international competition) by Nicolas Sarkozy, or the prohibition of redundancies (fantastic in a global economy ) by Jean-Luc Melenchon, the impétrants at the Elysee do not shine with the inventiveness of their proposals. Everything happens as if in fact the only social issue of this campaign was beginning to worry about the plight of factory workers in difficulty: Lejaby, Petroplus, Photowatt, ArcelorMittal … to name those "lucky" to one of the 20 hours. So much so that outgoing President announced that a buyer or a command Unexpected unexpected, the Socialist candidate responds by passing a law requiring an industrial facility to the closing yield. Syndrome Jospin, powerless anger of employees in 2002 by Lu who accused him of doing nothing to save them, has been there

.

These employees are far from being the most deprived. From large groups who fulfill their obligations reclassification or revitalization (and often sign large checks start), they are part of the iceberg. Registration for employment center after a redundancy no longer represent each month that 2.9% of input patterns. Contrary to popular belief, their numbers fell 3.4% in 2011 to 14,000 per month. All also receive a contract security professional (CSP), ensuring a strengthened support and 100% of their net salary for a year.

This double "deluxe treatment" (media and procedural) for the CSD and interim would like to also benefit. First variable adjustment of the workforce in the companies they represent one third of entries each month at employment center (or 150,000 people) and are not entitled to a CSP in 15 experimental and employment areas. And, in an envelope limited to less than 20,000 contracts this year. 5 times less than for retrenched when they are 10 times more each month to bear the brunt of the crisis. In factories or elsewhere

.

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Sluggish start to the year for consumers. The French have reduced their spending by 0.4% in January, reports the INSEE. In December, consumption had fallen by 0.2%, a figure revised up 0.5 point. Compared to January 2011, consumption fell 2.2%.

Household spending fell in virtually all sectors. In particular, they continued to crumble in clothing (-2.3%), despite the sales and after falling 1.7% in December.

This is especially the collapse of automobile purchases by 7.6% in January from 2.8% in December, which sealed the figure released today. Registrations have also unscrewed 20.7% compared with January 2011. "Households may indeed have anticipated their purchases of cars face of tougher no-claims bonus on 1st January 2012," INSEE advance.  

Among the few sectors rising, the food recovers (1.4%), after declining steadily over the past six months. "This decline is expected to continue as households are turning to cheaper goods in shops cheaper", the BNP Paribas economists. Energy costs have in turn bounced (2%) with the return of cold. This trend should continue and thus provide some support consumption in February, economists expect Societe Generale CIB.

Rising unemployment and uncertainties related to the crisis in the euro area seem to continue to weigh on household spending. This traditional driver of French growth had stalled in 2011, dropping by 0.5% over the year.

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Thierry Martel speaks for the first time since his arrival eventful last October at the head of Groupama. This 48-year polytechnic has climbed the ladder of mutual group. He was propelled to the Managing Director following the sudden ouster of Jean Azema, in the fall. The new boss is going to present the annual results in heavy losses, marked by a series of writedowns on Greece and its major shareholdings, including Societe Generale and Veolia. To strengthen the solvency of the group, the leader began a series of disposals. It is expected to announce in the coming weeks than EUROCOURTAGE, one of the nuggets of the group. After years of rapid growth and acquisitions at high prices paid, Groupama will focus on its business heart.

LE FIGARO. – You have taken the lead on Groupama end of October. How do you assess the state of the group?

Thierry Martel. – The economic fundamentals are very solid group. We also present a very good operating results in 2011. However, it should be expected, due to the fall in equity markets in the second half of 2011 and our high exposure to the Greek crisis, to a net loss. But our level of liquidity has not suffered, it is even exceptionally high.

Can you detail these impairments?

The Greek crisis will have cost us just over 2 billion euros. Moreover, the fall in equity markets in the second half in 2011 has weighed up to 1.2 billion in securities and Societe Generale to the tune of 600 million euros for the stake in Veolia, which experienced a low in December 31, 2011 . That said, just since January 1, 2012, our securities portfolios have taken 2 billion euros.

You have announced your intention to sell EUROCOURTAGE and your UK business. Where are you?

Both operations are progressing smoothly. Several candidates have emerged and are currently in the data room. As expected, the name of the buyer EUROCOURTAGE be announced in March. The divestiture will occur then British.

Are you concerned that the action of the minority, who consider themselves injured by the transaction price, call into question the sale of Silic to the Deposit (CDC)?

No, I have every confidence in the success of this operation. The reconciliation between Icade and Silic is a great industrial success. The price at which we sold our interest is the market price, as demonstrated by studies experts.

Your accounts at the end of December would they have been approved by your supervisory authority without funding from the CDC?

Yes, our solvency at 31 December was above the legal limit without the operation of EUROCOURTAGE payday loan lenders. I heard of a "rescue" of Groupama: it makes no sense. The operations we have conducted with the CDC are primarily industrial operations that create value for both Groupama for the CDC.

To what extent do your customers have been affected by your financial difficulties?

Not only do our customers have remained loyal, but we increased our market share in our core businesses in 2011, thanks to excellent business results. Our 16 million members and customers have always been central to our priorities. Our financial losses they have not been passed: we will absorb them through our own funds.

How do you steer Groupama?

This crisis makes me put more than ever before in our mutual values: transparency vis-à-vis members and elected officials who represent them, sharing strategic decisions with regional banks, prudent risk management, commitment to dialogue Social. Confidence is the key to success is the reason why I will travel to many general meetings of regional banks to engage directly with members of the group's orientations.

And on a more operational?

I want to focus on Groupama markets where it has strong positions and the most profit potential. In France, we continue our strategy of global financial player in insurance and banking because we believe in the synergy of these commercial activities. In addition, we will complete in 2014 the convergence of all regional banks on the same information system, which will lower our costs. The Group has the widest range of offers, services and distribution channels. My ambition is to run at full capacity this great economic machine.

Precisely, do you have to tighten the savings plan announced in October?

We will refine and accelerate but overall we remain on the plan announced in the fall, that is to say 400 million euros in savings, by 2014. Meanwhile, we reinforce our policy of controlling technical risk is an essential factor in the outcome. Let's be clear: even at the height of the crisis last fall, employment has never been for us an adjustment variable.

Continue you always plan to become one of the top ten European insurers?

No, this is no longer a goal. Similarly, we decided to stop the proposed listing of the group. We are moving from a strategy of size to a performance strategy that will enable us to further strengthen our solvency.

Friday night to Saturday was quieter at the meeting, but the measures in favor of Purchasing Power announced Friday night failed to extinguish the fire of protest against the "cost of living." Among the nudges forward, lower gasoline prices, freezing or lower prices of 40 basic commodities, and a social tariff for electricity.

Measures "insufficient" and "incomplete," according to the protesters. The meeting recorded an unemployment rate of 20% to 60% and explodes for youth under 25. Social minima are the same in the mainland but the cost of living is more expensive.

• Decreased 8 cents per liter of petrol and diesel

From 1 March until the end of the year, the price of gasoline at the pump will be reduced by 8 cents per liter. The question of fuel is essential for Reunion, forced to move by car or scooter as public transport is scarce and disorganized. In the department, a liter of gasoline costs 1.66 Unleaded 95 euro more than the French average of 1.58 euro (absolute record at February 17, 2012), but the diesel will cost "only" 1.29 (1.42 against euro on average throughout France).

Each month, fuel prices at the Meeting are set by prefectural order, depending on the variation in supply costs. This discount of eight cents and will be decided each month and achieved through a reduction of taxation. It will be financed by a renunciation of communities and the Chamber of Commerce to certain taxes, while importers of petroleum products will agree an effort.  

In France, for every liter of gasoline paid, the TIPP (domestic tax on petroleum products) is 60 cents for Unleaded and 42 cents for diesel. In some cases – this is the meeting – a fraction of the TIPP has been attributed to the regions, which may modulate the rate. Moreover, the prefect wants the establishment of a new storage of fuels, to create competition against the monopoly of the single fuel distribution company on the island.

In addition, the UMP president of the regional council, Didier Robert, will remove the "dock dues" on fuel, local taxes related 24 million euros per year, collected by the Region and then shared with other communities.

• Gel or lower prices for basic commodities

The price of forty staples will be either a decline or a gel. The list will be developed with retailers and consumers and published Thursday.

The council said that among these products, there would be "ten countries products, that is to say, as locally produced milk, oil, diapers, bleach, pork or chicken, which decline by 20 to 30%. " An effort of 23 million euros for this community, chaired by Nassimah Dindar, who is also counting on an effort by producers. Negotiations should continue throughout the weekend.

At the meeting, the social minima are the same in the mainland. Among the 830,000 inhabitants on the island, 52% live below the poverty line, or with less than 795 euros. 20% are unemployed. Among youth under 25%, the unemployment rate explodes to 60%. Now the population is young at the meeting: 56% had less than thirty years. However, prices of consumer goods, from food to clothing, there are more expensive than in the mainland, since most are imported. According to figures from INSEE, prices in 2009 were 15.6% higher at the meeting in the mainland. In 2010, the gap narrowed to 12.4%, for an average consumer basket, including rent. By comparison, in Guadeloupe, prices are 14.8% higher on average than in metropolitan France (in 2010), 16.9% more expensive in Martinique and 19.6% in Guyana.

• A social tariff for electricity

The effort on the forehead of electricity would represent a decrease of about 40% of the invoice concerned Reunion. The prefect said the families receiving the minimum social wage and minimum wage up to 1.4 are affected by this social tariff. These rates apply EDF funded by the General Council.

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