Wednesday after the nationalization of the first network of savings banks Bankia, the Spanish government on Friday introduced a new banking reform, the second in less than three months. Madrid requires banks an additional provision of $ 30 billion. This will add to the 53 billion that should already be provisioned by the end of the year to cover the risk of real estate the most problematic, representing € 184 billion globally, according to Bank of Spain.

This caution will also be extended to 123 billion of property assets considered non-problematic "for their hypothetical deterioration" in the words of Minister of Economy, Luis de Guindos. In total, Spanish banks will be funded 45% of their total real estate assets by the end of the year. Before the first government reform Rajoy, the rate was only 14%, the minister recalled. Other decision, banks will separate the real estate assets from their balance sheets and place them in specialized agencies, to better assess the right price. "It will be mandatory for all entities," the minister said. In the interests of transparency, and meet there at a request of the Eurogroup, Madrid will carry out audits of accounts. "Two independent evaluators" will be responsible for judging the soundness and credibility of assessments.

Recession in 2013

The question is how banks can finance such levels of provision and how much will be deducted from their own funds. Guindos recalled that during the last injection of public money made by the previous government, the fund Frob had lent 15 billion euros to banks. "The total should be this time significantly lower," he thought, noting that the state would receive an interest rate of 10% on money lent. "The Frob keeps 5 billion in cash. We will see how it will be necessary to supplement, "said Guindos. The Minister further stated that this funding through convertible bonds to five years, would cost "nothing" to the taxpayer.

The exercise of clarity has not convinced the markets: the Madrid Stock Exchange immediately plunged 3%, carried away by banks. The chief minister, Mariano Rajoy, nice hammer that the deficit will not be affected, the target of 5.3% of GDP this year, against 8.5% in December, and above 3% target in 2013 , is very hypothetical. The European Commission, which today released its new forecasts for the euro area, anticipates a deficit of 6.3% of GDP in 2012, even worse, 6.4% in 2013. In less than three months, Brussels has revised up sharply the recession, to 1.8% of GDP, against 1% previously. Next year, the economy would be even the only Iberian euro area to be in red.

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In this book the day of 12 April 1992, there were a death and birth. While journalists of The Five announced the "definitive interruption of picture and sound," Euro Disney executives were celebrating in front of cameras and music from around the world the opening of Disneyland Paris, an amusement park of 51 hectares. The happy event welcomes all the French and much of their European neighbors. It must be said that the project, past six years in the hands of the Prime Minister at the time, Laurent Fabius, then his successor Jacques Chirac, had had time to stir curiosity. If the creation, California's first park Mickey (Walt Disney himself) was in 1955 and the Walt Disney World was born in Orlando in 1971, for our old continent, it was a novelty.

Twenty years later, the "baby" is all grown up but his fans do not get tired payday loan. With over 250 million registered users since its opening, Disneyland Paris, with its 57 attractions, its 62 shops, 58 restaurants and seven hotels, has become the first tourist destination européenne.Dès April 1, they should still be Many are not rushing. For if Disney has demonstrated his expertise with regard to birthdays, for 20 years, he predicted great. Great. (Mickey) Maousse. Night show revolutionary, unprecedented parade, being revamped, new decorations … many surprises imagined by the creators of the new company to delight guests and regulars. "This anniversary we celebrate the progress, ensures Philippe Gas, Euro Disney president since 2008. And we want to do with all those who have made Disneyland with us. "

The castle of Sleeping Beauty turned

"An explosion of magic, light and color"

The French beheaded their king. Do they want to behead the richest of them? One might think that it is in the order of things and words. "King" in Latin rex, and "rich" that just in Gallic rix (as Vercingetorix), share the same etymological family. Both mean "powerful". To cut down?

Francois Hollande and plans to impose 75% income in excess of one million euros, at the risk of appearing confiscatory and unconstitutional. Nicolas Sarkozy wants to tax the tax exiles, threatening implication of deprivation of nationality, and is also limited vis-à-vis the Constitution. The both are attacking a minority that is the envy. Paradoxically, the rich more concerned about public opinion that the poor in the Hexagon. Poor little rich girl, sang Claude François.

Who do we speak? In the U.S., the debate on the "1%" has become a dominant theme of the 2012 presidential campaign. It was launched by the movement Occupy Wall Street ("Wall Street deal"), with the slogan "We are the 99%" ("we are the 99%"). It is stigmatizing growing inequality. Today, 1% of the population accounts for 17% of national income, according to statistics from the Internal Revenue Service (IRS), IRS. This proportion more than doubled since the early 1980s throughout the country. It even reaches 44% in the city of New York, according to the Fiscal Policy Institute, an independent body to observe the living conditions of the city.

To be part of the "top 1%" across the Atlantic, he had declared to the tax authorities .927 343 dollars of income in 2009 (before various exemptions, ie "tax loopholes"), about 265, 000 euros. In France, the club's ticket is much more modest. According to INSEE, it was enough for a single person to have a "stated income" of 88 200 euros in 2008 (latest figures available) to be among the 602 most successful French .500 (1% of the 60.250 million population metropolitan France which reports income). Paradoxically, the threshold is proportionately much lower for a couple (132 euros exactly .300), as INSEE reason in what he calls "consumption units". Example, a two-person household accounts for only 1.5 units of consumption: statisticians feel they have less to spend, if only because they share the same roof

. The rich must prove they are effective and useful

The "rich French", the "very high income" in the language of INSEE (at least 7 .350 euros per month for a single), are three times less than Americans. The main reason is that in France the club "of 1%" focuses 7% of national income annually, instead of 17% across the Atlantic, where the overall wealth of the country is also higher (by about a quarter capita) low fee payday advance. Another major difference from both sides of the Atlantic, nine-tenths of the French who are part of the "top 1%", ie 540, 000, with annual sales revenue of less than 239, 000 euros, according to INSEE. This does not allow them to figure in the American Club!

More and more observers believe the criterion of 1% insufficiently selective and that the group is too heterogeneous. It would be more appropriate to focus on the cream of the crop, "one thousandth" of the highest incomes, we believe more in the United States. We are 99.9%, "headlined last fall Paul Krugman, columnist featured in The New York Times, also Nobel Prize in Economics in 2008.

In doing so, it intends to develop two arguments. First of all this "super-elite" – whose annual revenues are on average 5.3 to 7.5 million – has seen its resources after tax increase by 400% since 1979 (increase in real terms, net of inflation and after taxes). But for the average American, who is in the exact middle of the income distribution, purchasing power has increased by just 21%.

Paul Krugman denounces especially the claim of "super-elite" to justify its gains by descréations job. "Very few of them are innovative type of Steve Jobs," he said. He noted that 18% are from finance, 12% are lawyers or real estate industry, "professions where there is no evidence of a clear link between income and contribution to the economy." The rich must prove they are effective and useful. Today more than ever when growth just to leave.

The debate is as old as time. "What the rich have they more than others?", Asked in the 1920 F. Scott Fitzgerald, author of The Great Gatsby. "Money," replied his friend Ernest Hemingway. As if the wealthy had neither merit nor talent. The opposite attitude is that of the famous parable of the talents: "The master gave five talents to one of his servants, who knew them for profit and is rewarded, while those who did not receive that one hastens to bury in the earth … "This is the origin of the word" talent ". He pointed coins, it became "the gift that is made fruitful." The ability to create jobs for example.

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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 morning, Francois Fillon, in turn, Francois Hollande accused of lying. The president-candidate Nicolas Sarkozy had criticized Thursday his Socialist rival of "lying day and night" to the French. "It is unfortunately true," added the Prime Minister on Friday morning on RTL.

"I could still hear Francois Hollande said yesterday it had 70 billion euros in gifts to the rich: nobody is able to document this assertion, it's just a lie!" Launched Fillon. "When asked where socialists are these gifts, they are indiscriminately business tax, as if it was a gift to the richest, the VAT on restaurants, overtime …" he listed. He said that "when one wants to be president, you can not base his campaign on lies."

"The tradition of the Socialist Party is to be always left in opposition and governing Liberal rather, on pensions, privatization, taxation," he has pointed out, also calling the candidate of PS being a "conservative defender acquired," which "offers only to keep things as is".

"It is never a mistake to debate its identity"

Asked about the tax shield, Francois Fillon, who like other leaders of the majority is trying to fight against the image of "President of the rich" whose left dons the head of state, held that it this was not an "error in the context of pre-crisis." But it was "inappropriate for a decision from the moment the crisis led us to increase a number of taxes, eliminate a number of tax loopholes and the tax shield which could render all of these unjust decisions" .

The prime minister also regretted the turn of the debate on national identity, while maintaining that "it is never a mistake to debate its identity."

We "always makes mistakes, especially over a period of five years," he admitted. "I told myself it was probably too reluctant to engage the lower cost of labor to be closer to Germany and its competitiveness," he reiterated, referring particularly to the reform of the VAT called "social" as the government finally decided to conduct in the home straight. "We met a number of blocks that have led us to make reforms less ambitious than we wanted," said the Prime Minister.

"The referendum is not a goal, it is a way"

It has justified the willingness of Nicolas Sarkozy to hold referendums if re-elected to, "on some strategic issues", to "overcome these obstacles." "The referendum is not a goal, it's a way. This is not a dirty word in democracy, "said the head of government. "In some cases, simply brandishing the possibility that the intermediate bodies find ways and means of the agreement."

Returning to the idea of ​​a referendum on the unemployed, Francois Fillon said that it was to ask the French if they approve a bill allowing the transfer of 30 billion euros of vocational training to training for job seekers.

Avoid a default of Greece

While a second bailout of Greece is in loopback, the Prime Minister said that "playing the default" of the country would be "grossly irresponsible", recalling that there was "a commitment of the Greek Parliament, of all Greek political forces to these efforts. " "Bankers have agreed to relinquish 70% of loans made to the Greeks. Now we need Europeans to their promises, "he said. The effort required to Greece "are not much larger than those that are the Portuguese, Spaniards or Italians, that they do not burn their capital," he added, referring to the violence that erupted in recent days in Athens.

"We must exclude" Vanneste

On Christian Vanneste, François Fillon expressed the need "exclude" the member of the UMP after her recent statements denying the deportation of French homosexuals during World War II. The member, already known for slippage homophobic, could be ruled Wednesday of the UMP and lose his inauguration to legislation. "We need to exclude the statements he made and we must stop these controversies that hurt entire categories of the French population and divisive," said the Prime Minister.

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The majority of French (63%) believe that pensions will diminish in the future, according to a poll conducted for CSA-Cecop Circle Fund. Professional categories most affluent are most worried (78% of executives).

To address this possible shortfall, more than half of respondents (54%) plan to save a priority to prepare for retirement (45% of them have savings to cover their expenses insurance). For them, life insurance seems inescapable. "It is still perceived as the ideal investment," said Jerome Jaffre, director of the Center for Knowledge and Public Opinion (Cecop).

Only 2% of redemptions reinvested in other investments

However, life insurance was shunned by investors in 2011. For the first time, they withdrew more money than they paid. Net inflows fell to 7.6 billion euros in 2011, almost seven times less than in 2010.

"Most investors have mostly drew on their savings to consume or purchase real estate payday loan lenders. Only 2% of redemptions were reinvested in other financial investments, "says Philippe Crevel, general secretary of the circle of investors. This trend may ease this year, with 85% claim that they do not intend to touch the savings in the coming months.

In this election, more than one French respondent in two (55%) think that the left, if she wins the 2012 election, will not restore the statutory retirement age to 60 years. And 58% of them anticipate even ultimately rejected a legal age to 65. In 2011, there were only 30% think.

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Internet gets more in tune with other media. After enjoying a full return to growth in 2010, investments online in 2011 after the French advertising market trends, with a more moderate increase of 7.6% (+5.2% over the same period for all the corporate media). According to the barometer of the Interactive Advertising Bureau France (IAB) and the Union of regulated Internet (SRI), the investment volume has reached last year, 3.48 billion euros gross (non-negotiating and decreasing) . "Very dynamic in the first half of the year, the display (banner advertising, sponsorships and video, Ed) was marked by breaks and a slowdown in year-end. This confirmation of the maturity of the Internet who now lives at the same rate as so-called traditional media, "said Catherine Gotlieb, VP of IAB France.

The data released Friday by the Institute Kantar Media also show that the share of the Internet in French advertising investment has stabilized at 12.5% ​​(+0.3 points compared to 2010). "With only this level of market share, the Internet remains underinvested in France, which suggests good prospects for development of the media," notes Arthur Millet, a director of SRI. Even if there is more than "outbreak of the Internet", in the words of Catherine Gotlieb, the media has installed devices at the heart of cross-media advertisers. In 2011, some 4972 advertisers have been active on the Internet, most loyal spending an average of over 15% of their communications budget.

Advent of video

Especially, two-thirds of advertisers now combine the "display" with at least one other media. The couple TV-Web continues to grow, stimulated by the advent of video. Last year, 690 advertisers used this form of advertising, 20% come from the consumer.

Culture and Recreation (370.1 million euros), banking and insurance (360.1 million), automotive and transport (352,100,000) are the three dominant sectors on the Internet. The IAB France and the IRS noted, however, increased investment in food and distribution. The latter has a "high growth", while the sector is currently under-investor with a market share estimated at 6.7%.

Similarly, with a share of 8.3%, food is "an important reservoir of growth for the display." Between 2010 and 2011 budgets devoted to food web have developed strongly (+10.5% to 190.4 million euros), including through "devices incorporating digital video," indicate the BFI and SRI. For 2012, the two agencies do not advance prediction.

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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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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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