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Countries of the euro, torn on the path of growth and the cost of austerity, are virtually unanimous on Greece. All institutions and capital combined, the pressure is on Athens and a government may be found, but already called upon to choose between honoring its commitments and the abandonment of the euro.

The hypothesis of a rupture between Greece and the common currency had found adherents in late summer 2011 at the height of the dealings between the former Papandreou government and its creditors. After two years of bailouts and broken promises, the scenario is no longer taboo. But never before EU officials had protested as loudly as the "Grexit," as they say in the markets, could be, after all, the least bad solution.

Usually consensus, the Commission president Jose Manuel Barroso, opened fire ensuring that "better" than Greece leaves the club money if it does not follow the law. Olli Rehn, his right arm, drives the point home by explaining that the eurozone is now better positioned to absorb the impact. Clearly, Athens would have no means of blackmail with its creditors. For the euro area, the Commissioner insists, "there is no way" to ease the second recovery plan, agreed in March.

In terms of capital, the German Wolfgang Schaeuble wanted to give the "A". The euro area, he said, "can support an output of Greece." And the ECB, two governors abound. If Athens does not say, "there is more reason to support it financially," Jens Weidmann advance, also head of the Bundesbank. From Ireland, a country itself on life support, his colleague Patrick Honohan said that Greece "is ipso facto recover money from the block" if it renounced the word. A set of targeted preceding the appointment of the Eurogroup, on Monday evening in Brussels.

Facade of unity

The message is more political than financial: it is to bring the Greeks – mostly attached to the single currency, according to polls – to withhold their support for extremists and to open their eyes to the illusions that make the soft budget compatible with the euro. Nothing says that this move will lead to the desired result. There is no guarantee that an outflow of Greece would benefit its partners, beyond the political failure it would spend for the common currency and the EU as a whole. Council President Van Rompuy, more nuanced, notes that "the solution to the crisis is growing in Europe."

The puzzle Greek allows at least a facade of unity with leaders of the common currency. At the Eurogroup, two other cases may show otherwise divided, at least undecided: first, how to behave with respect to Spain, apparently unable to meet the target of a budget deficit reduced 3% in 2013, then a game of musical chairs constantly postponed at the head of financial institutions of the EU. Are concerned at least four sensitive positions: President of the Eurogroup (for which the German Wolfgang Schäuble is a candidate), the general direction of the new permanent emergency fund SS, a position at the ECB Executive Board and, finally, the Presidency of the European Bank for Reconstruction and Development (EBRD). On this seat, Paris and Berlin diverge, to the despair of many Europeans. French side, the absence this Monday night at the Eurogroup of finance minister – Baroin, outgoing holder of the portfolio, did not go to it – will add to the inertia.

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France has not lost fiscal credibility in one night: the election of Francois Hollande suddenly does not make the country less able to finance its debt. While remembering not to take any "political position" is the message that wished to address the rating agency Standard & Poor's Monday morning, issuing a statement saying that the memo from France – "AA +" with perspective negative – was not challenged.

"We still believe there is at least one in three chance that we may need to lower the long-term rating of France this year or in 2013," says S & P, however, with regard to finances public.

Test market 16 May

In its statement, the agency says it will "analyze the choice of new president and new government" and take into account in any future decision on the outcome of the June elections payday advances.

The next auction of debt, which will be held Thursday, May 16, should serve as a real test markets. It is at this moment that we will know if investor demand to fund the French debt is as important as ever.

At the Agence France Trésor (AFT), we simply note that Monday morning, "the 10-year yield continues to relax"

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It would have been a shame to keep the good news to yourself! With two months ahead of the traditional Accounts Committee of Social Security, the government announced Tuesday that the results "still provisional" general scheme for 2011. The deficit reached 17.4 billion euros, 3.5 billion less than budgeted and $ 600 million better than expected in the fall. This "hole" remains the third highest in the history of Social Security, according to records from 2009 and 2010 mainly due to the crisis. The improvement should continue in 2012.

The relatively good surprise of 2011 comes from the health insurance. Its revenues were higher than expected and expenditures lower. "This is essentially care city," said its director for Voices. For Frederic Van Roekeghem although welfare is "slightly under-funded," balance the books "is within reach, without embarking on reforms brutal." A whiff of optimism that the two favorites for the presidential does not contradict probably because of brutal reform, there is no question in their programs.

A tax on CO2 emissions

Logically, Nicolas Sarkozy proposes the continuation of actions taken. Down drug prices and volumes consumed, rationalization of the hospital with the development of ambulatory care homes nearby emergencies to relieve these …: these measures should help contain rising health care costs in rates historically low of 2.5% per year. Faced with medical deserts, the president candidate wants to multiply nursing homes and assist in the installation in rural areas or the suburbs – an ineffective way to date – without seeing the freedom of settlement. Against the excess fees excessive, he put on the new system of government (voluntary physicians to limit the excess and reimbursement by complementary), which does not yet meet the main question.

Nothing fundamental about the pension reform after Woerth – only promise to pay the basic pension from the first of the month, instead of 8. Finally, funding side, social VAT will alleviate employers' contributions, so the cost of labor.

Francois Hollande,, cancel account this increase in VAT if it comes at the Elysee. He announced an increase of one billion euros per year pension contributions to fund its only specific promise in retirement: the possibility of retiring at 60 for employees who worked continuously for 41 years. But he also outlined on Tuesday lexpress.fr other avenues for funding Social Security is no longer based "solely on the work", "go further" in the financing of Medicare by the CSG in particular. This time it would reduce employee contributions – a measure of purchasing power rather than competitiveness, without maturity displayed. The socialist candidate also evokes a tax on CO2 emissions it would be at the European level, said his entourage. Responsible for the "social hub" of the Holland team, Marisol Touraine also promises to abolish social niches, beginning with the overtime.

What Safely restore the balance "on the five-year", with an increase in health spending of 3% per year. This envelope would enable hospitals to escape the alignment of their tariffs with those clinics, lower. Holland is also focusing on third-party payer in town doctors to limit the use of hospital emergency rooms. And to reduce the amounts paid out of pocket by patients, without increasing spending Safely, Marisol Touraine threat to frame the excess fees by law in the fall, except that physicians accept by there limits through negotiation. As for medical deserts, it envisages the partial transposition of the device begins to bear fruit among nurses: ban fees for doctors free to settle where they are already numerous.

In the context of the presidential campaign, while the left and right compete with virulence, it is an image that does not lack piquancy: two former prime ministers of opposite edges, on a single platform, providing in substance that not a leaf of cigarette paper between their appreciation … not on the investment program for the future. "We welcome the results of this initiative," assured Alain Juppé and Michel Rocard, both co-chairs of the supervisory board of investment for the future, the program led by Rene Ricol.

Two years after the decision to launch a national loan of 35 billion euros to fund the priorities of France tomorrow (higher education and research, industrial sectors and SMEs, sustainable development, digital economy), 894 projects are already funded, according to the latest report released Tuesday. To date, 25 billion euros have been allocated to projects and "several thousand companies benefit directly or indirectly cash advance loan." The leverage of the device should also allow the injection of private money euro per euro of public money.

The General Commission for Investment, has been praised for not having done dusting, not to have been influenced by considerations of land use and to have "ended the French habit of the grant ".

The program funds both campuses of excellence that future vehicle projects, digitization of French films, new generation nuclear reactors or the refurbishment of some thermal units. Tuesday, ten projects were selected in the field of e-education (8.3 million euros in total). Two poles university hospital oncology (Ile-de-France and Toulouse) were also selected (10 million each).

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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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The commercial center of the Three Quarters, in front of the Madeleine in Paris, finding colors. C & A will move in March 2013 over Decathlon, hosted by the abandoned clothing store for men Madelios (Spring Group) a year ago. The Australian fund MGPA, owner of the building since 2009, has reached an agreement with the sign Germano-Dutch, who obtained all necessary approvals for its fifth store in Paris. "La Madeleine will be our new flagship, which will offer a younger, less traditional, to attract new consumers," says one at C & A France.  

This new formula will speak about 5400 m2, an area slightly smaller than that of C & A of the Rue de Rivoli or the Boulevard Haussmann online cash advance.

Renovations and expansion began in that outlet, situated opposite the spring, which will include codes store Velizy. This other concept of the sign refurbished clothing has "helped advance the traffic and sales," explained the group, without giving further details. After opening nine stores last year, bringing its network to 127 outlets, C & A opened this year between 13 and 14, in Angers, including Lyon and Troyes.

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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).

A double crisis summit before the true summit! This is the shock treatment that Europe has inflicted over the last hour due to Greek crisis. Completely disrupting the predetermined agenda, European leaders met late Wednesday afternoon in Cannes on the eve of the official opening of the G20, to try to restore order in their home. The foundations of the euro have been greatly shaken by the surprise decision by Greek Prime Minister George Papandreou, to submit the agreement between EU leaders in Brussels on October 27, in a referendum. Called to come and explain this decision, the Greek ruler walked away from Cannes late Wednesday night.

In a press conference, Angela Merkel and Nicolas Sarkozy have shown a very high severity, both in form and substance. "We will not let destroy Europe and the euro," commented Nicolas Sarkozy.The Greeks have to say quickly and clearly if they choose or not to keep their place in the euro area. "

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A new situation is emerging in the financing of aircraft purchased by the airlines. This is a consequence of the crisis of public debt in Europe, the requirements of the new banking regulations, known as "Basel 3" and the growing importance of Asia in the economy of air transport. The challenge for French banks? Maintain their global leadership in a profession where they excel with a market share of 31%.

For several months, the pressure rises. French banks are caught between access to dollar funding more difficult and more expensive as well as compliance with the new banking criteria, which leads them to reduce the size of their balance sheets by arbitrating between their trades. Over those that involve the preservation of long-term assets in dollars, typically aircraft.Because the dollar is the currency of reference in aeronautics.

The dollar, currency of

Societe Generale announced in mid-October cut its financing by air. BNP Paribas would seek to exchange air assets against dollar assets denominated in other currencies. Markets are concerned. What would the impact of a withdrawal, even partial, of Airbus, of which 17% of deliveries were financed by French banks in the last 18 months? Indeed, everything is played on delivery. This is when the company spends between 65 and 70% of the price of the aircraft ordered several years ago and for which a timetable has been set following the first installment (5 to 10%) paid at the signing the contract.

The debt crisis that shook the euro area, the French deep mine. This is for 79% of them, the crisis "the worst" in recent years, according to a poll Ifop for the Journal du Dimanche. Faced with the economic and social situation of France, 53% of respondents said they were "rebels," while 29% are "resigned." A resignation which probably explains why the movement of "outraged" that began in Spain last spring and has spread across Europe and to the United States, failed to France.

The French are indeed very pessimistic. Only 4% of them believe in a crisis within the next six months. Nearly a majority (46%), however, do not expect improvement until 2014. "This survey highlights the malaise of the French," said Frederic Dabi, director of the division of opinion Ifop."For them, this is a serious crisis which they do not see the exit and on which policies can not be weighed." However, they are preparing for 57% of the "painful and difficult measures." They are also willing to make sacrifices, including cutting costs in their "comfort" and in their holiday budget, the study said.

When asked about the causes of the crisis, 52% of French people point the finger at the role of financial markets. Far behind, the government (26%), banks (15%), EU (10%), the French as a whole (6%), emerging (5%) and businesses (1%) are also considered partially responsible for the current crisis. "Paradoxically, while their commitment to the EU is often tenuous, the French for more Europe," Frederic Dabi analysis.As proof, they say they support the creation of a European Ministry of Economy.

Theme of the presidential election

As European leaders gather in Brussels on Sunday for a coordinated response to the crisis, the French have already an idea of ​​what the state could do 63% of them believe the government should take an interest in banks, either by becoming the majority shareholder of the establishment or nationalization. Despite their concern, 23% of respondents would prefer the state to intervene simply abstain. Maybe they think that the French economy can only suffer, as the government prepares to revise downwards its growth forecast for 2012 still set at 1.75%."Part of the public continues to believe that when dealing with Greece, it does not deal with French," says Pierre Giacometti, advisor opinion of the President of the Republic, in the columns of world.

Yet a few months before the presidential election, the crisis in the euro area will be the theme of the campaign. Nicolas Sarkozy will speak on the subject on television next Thursday, the day after the second EU summit is to say, once firm decisions have been taken. A key event with the French, while the popularity of the president is at half mast. "Even if the credits of some courage, nothing will be counted as long as there is a lack of visibility on the crisis," Pierre Giacometti analysis in Le Monde.

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