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During the crisis, tensions continue. The markets had another busy day, Thursday: doubts about the ability of the euro area to overcome the debt crisis have sealed the shares. They weighed on bonds issued by France and Spain led to a further surge in rates especially Spanish and Italian in the secondary market – the debt of "opportunity." The French rate also rose, to a lesser extent, before new Italian bond purchases by the ECB do a general relaxation.

European capitals are still struggling to unite, despite these new turbulence. Or because of them. Thus, the debate on the role of the European Central Bank it off again with a vengeance payday loans.The ECB's independence is considered an insuperable line in a country that is traumatized by hyperinflation of the 1930s. For Berlin, the only way to restore confidence in the euro area is to institutionalize fiscal discipline. Changes in the European treaties must strengthen the powers of Brussels to punish offenders, said Angela Merkel.

The Chancellor reiterated Thursday its opposition to further action by the ECB. "The European treaties such as we see them do not give the ECB the opportunity to resolve these problems," she says.

From our correspondent in Berlin

The symbol will not have escaped anyone. The first act of the EU summit held in Berlin earlier this afternoon. German Chancellor Angela Merkel recueillli a very large majority, including within its own ranks, having traced the Bundestag outline of the stabilization plan for the euro area, as envisaged by Germany.

Some 503 deputies of 596 votes cast, approved the "motion" filed jointly by the government majority and the opposition. The two pages of the text set to Angela Markel its room for negotiation, deal with its European counterparts, tonight no question of charging more the European Central Bank, making it taste too many Germans. And not about to spend more than 211 billion euros already pledged by the country.The Chancellor had to fly to Brussels with a clear mandate, intended to strengthen the positions defended by Berlin.

She assured members that the solutions involving the ECB for the enlargement of the European Financial Stability Dondi "are no longer on the table" for negotiations provided for in the evening. A key point for Berlin, where the risk of inflation is the line not to cross. Therefore the purchase of government bonds on the secondary market should be transferred to the ECB EFSF. The outstanding guarantees amounting to 211 billion euros in Germany, will not be increased, has added Merkel.The conclusions of the summit will EFSF then again ratified by the Bundestag, the chancellor promised.

Need to amend the Treaties

"Unemployment has not been this low in 20 years" in the country said Angela Merkel, stressing that it will work on the implementation of "viable" tonight online payday loans. But Germany can not continue to act as if its European partners are in trouble. This is why Europe must become a "union of stability." The objective is clear: "prevent the crisis from spreading to other European countries."

For Greece, the Chancellor said that the goal is to "find a solution that would allow Greece to have a debt / GDP ratio of 120% by 2020." "It is impossible without the private sector participates more strongly than had been decided in July," she said.The discount should be between 50% and 60%, parliamentary sources said.

"The report of the troika shows that Greece is the beginning of a long and difficult road," said Merkel advocating sending a permanent mission in Athens to help the country return to growth .

For Angela Merkel, the crisis demonstrated the need to modify the EU treaties to impose greater "stability culture" in the economic and monetary union. Berlin wants to include enhanced penalties, with the possibility of prosecution before the European Court of Justice, for countries that violate the rules of the European Stability Pact. "We must repair the imperfections of the euro, now or never," she insisted.

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"We can not accept that the agents are subject to threats or attacks," warned Sunday Christian Charpy, the Chief of employment center. A few days after the hostage-taking occurred in a Parisian agency, on October 17, management of employment center announced the launch of a major consultation on internal security agents. One way to defuse the anger rumbling in the public institution. In an already tense social climate, officers were called last week to exercise their right of withdrawal, in protest against the increasing number of attacks.

This finding, management did not question. Christian Charpy acknowledged Sunday that the hostage-taking last week's "testimony to the rise of attacks, mostly verbal but sometimes physical, faced by agents." 5500 incidents were recorded last year.Above all, their number increased by 20% in the first half of 2011, he told AFP. Heightened tensions, insults more frequent in the Home: Agents evoke an environment that has worsened since the merger and the simultaneous rise in the unemployment rate.

Warning system

Christian Charpy, however, refuses to see a specific employment center. Believing that the public body does not suffer more than others of the progression of antisocial behavior, it does not bind the surge in attacks "any degradation of service cash advance in one hour."

The solutions were then primarily emergency measures in cases of proven abuse. "We must ensure that the existing warning system works effectively anywhere," said Christian Charpy. Each agent is indeed supposed to activate a silent alert his office, which appears on computer screens of his colleagues.They can then take action.

If Christian Charpy does not support the presence of security guards in the agencies – a "temporary solution" – he argues in contrast to the introduction of mediators, "to facilitate discussion and resolve conflict." Such a solution is currently being tested in Seine-Saint-Denis and Marseille.

The director of employment center would also like to "systematize the presence of executives close to the reception areas, which are often the scene of the assault." In many cases, officers who work there are indeed inexperienced, often in CSD, and less able to deal with a tense situation.

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MEPs adopted Wednesday night special tax on high incomes, who must participate in the return to equilibrium of public finances. As announced, following a compromise between the Assembly and Matignon, mandated after the changeover to the left of the Senate, it will be 3% on income from 250,000 to 500,000 euros, and 4% in excess of 500,000. It will apply until the public finances are in balance. If it retains its provisional nature, it should last beyond 2013 in order not to die better than 2016-2017.

The fee will cover the 26,000 to 27,000 homes, as determined by the general rapporteur of the Budget, Gilles Carrez (UMP).It should bring 410 million euros, according to latest figures, nearly twice that in the version announced by the Prime Minister on August 24.

Rejection of the marginal portion

At seven months of the elections, the vote of the tax as part of the 2012 budget was at high risk. Prime Minister Francois Fillon had in fact called to order the deputies, some of which expressed inclinations tax too pronounced. In Focus, an "amendment Piron," which proposed to introduce an additional tax bracket of 46% for incomes over € 150,000 per unit. UMP deputy from Maine-et-Loire, Michel Piron, was shown last fall by attacking the tax shield. With the help of the president of the deputies of the majority, Christian Jacob, the Prime Minister has finally managed to convince the group which instituted this new band would be a bad idea.The amendment was eventually withdrawn. Taken on the fly by the opposition, it was nevertheless presented to the vote and rejected.

The new center, which has long championed a range of income tax to 45% from 150,000 euros per unit, he has also left his amendment to the closet. The option of withholding tax "is a much harder edge to 45% on income", defended on Wednesday night Charles de Courson (NC).

Charge against ISF

The budget minister, Valérie Pécresse, has in turn highlighted the "justice" of the tax as "a targeted very high incomes in all their components," as calculated "income tax reference." An argument which has not really convinced that the opposition believes that the tax is "cosmetic"."I want you to do a good number throughout the evening by saying" we tax the rich "while in June you have left half of the taxpayers (ISF) for 1.8 billion euros. The movie tonight is to say they are going to take 400 million! "Launched Henri Emmanuelli (PS). François de Rugy (EELV) was also delivered to a small calculation: "A single person earning just under 500,000 euros or 40,000 euros per month, you ask 625 euros a month!", He denounced . Senators will have their turn to vote.The total budget for 2012 must be voted by AUI December 15.

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Mutual did not took off. And three-quarters of the French objected to the new tax increase on complementary health from 3.5% to 7% since October 1, according to a Harris Interactive survey for the French Mutuality published last Thursday. Over 85% believe that this will result in lower purchasing power. Mutual claim because they are forced to pass on the increase to their policyholders. "In recent years, the taxation of complementary health" officials "went from 0% to 13.27% since in the new 7% tax added to the CMU of 6.27%, that mutual insurers and health are the only ones to fund.We can not support such increases without raising rates, when, in addition, new regulations require us to strengthen our reserves and our solvency, "said Philippe Mixe, the president of the FNIM, the National Federation of Independent Mutual .

Only the GMF took the opportunity of talking to her, announcing that it would not apply to customers the increase decided by the government. A promise that did not cost too much: it has launched its health contract for just over a year, and still only 30,000 policyholders. "We want to develop healthy techniques and results are good. It is normal that we do enjoy our policyholders, "said Patrice Forget, Chief Operating Officer of the GMF. But the GMF stands alone.Even other newcomers in this market – as Amaguiz, the Internet subsidiary of Groupama, which has just launched its contract health – have incorporated the tax rates.

According to Mercer, the French who have subscribed to one of these individual contracts can expect an average increase of 8% of their bonus next year. An increase that reflects not only the tax but also the increase in health spending at the expense of additional no faxing pay day loans.

Contracts "storey"

Insured employees as part of their business are not better off. "The increase will be at least 7% on average," said Philippe Mixe. An invoice less and less accepted by employers. "From 2007 to 2011, contributions of corporate contracts have increased by 6.80% per year, including taxes," says Eric Demolli at Mercer.Today, faced with employees very attached to these contracts, companies, always keen to control costs, tack. "They seek to spread the increase over time in negotiating with insurers, mutual and pension funds. They play better competition. And they refine the guarantees, for example by eliminating reimbursements to "actual costs" too expensive, "says Eric Demolli.

More and more companies are opting for contracts as "storey" in excess of a basic "minimum" common to all employees, the company funded in whole or in part, employees who wish to be better protected may subscribe for options, they bear the cost alone.In their individual contracts, insurers also offer more health insurance "a la carte", where everyone can dose coverage of individual items (ambulatory care, hospitalization, dental, optical) depending on its needs and its budget. They also imagined, as in the last contract Amaguiz of low-cost, to benefit the insured packages for reimbursement when they increased from the previous year have not been exhausted, optics, for example.

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Households that sell for the first time a property (second home, rental investment) and use the proceeds of such sale to purchase their primary residence would be exempt from tax on capital gains in real estate: This is what Gilles Carrez The rapporteur UMP Budget to the Assembly. It will introduce an amendment to that effect to the proposed 2012 budget. An amendment must still be approved by the Assembly and the Senate to take effect.

The regime has been tightened

This measure, if adopted, would address the problems of people in big cities like Paris. Many people initially buy a second home in the country, prices being more affordable. A few years later, they may wish to sell the first property to purchase their principal residence.

But today, the sale of second homes and the sale of any property outside the residence, are heavily taxed. The regime has even been cured. 32.5% of the gain now from taxes and social faxless cash advances. And for the deeds of sale entered into after 1 February 2012, the gain will be exempt only if the property is held for over thirty years (instead of an exemption after fifteen years now). Of course, allowances will apply after five years in prison but they will be ungenerous. In short, the amendment would Carrez restore some flexibility in this plan.

In addition, many members of the Finance Committee have agreed to reduce to 250,000 euros per person and 500,000 euros for a couple the input threshold for the tax on high incomes.In the government's plan, the threshold is € 500,000 per person and one million euros for a couple.

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On one stone? Intense negotiations are under way for at least a solution, at least in part, to two simultaneous problems: the failure credit faced by French local authorities, and the fragility of the balance sheet of oversized French-Belgian bank Dexia.

Concordant sources, in fact, Dexia, the Deposit Bank and postal workers, under the watchful eye of the state, to create a new bank, public, local communities. Friday, none of the parties did not wish to make comments.

The new entity will take over long held by Crédit Local de France (CLF), ancestor of Dexia, with mayors, councils and other French regions.Its creation would be an opportunity to ease the minds of elected officials, heated by the explosion of interest on certain loans "toxic", including underwritten by Dexia before 2008. The new state-owned bank could put forward a much more wise.

Above all, his arrival on the market would open the tap of credit to local communities. In a financial crisis, Dexia and its competitors, such as savings banks, Societe Generale and foreign banks have largely abandoned this market in recent months.

The Postal Bank and the Caisse des Depots would hold society together, Dexia that may remain a shareholder.They should also take control of all or part of the loan portfolio of existing communities with Dexia French (70 billion euros) and Dexia Municipal Agency: such operators shall ensure, by means of mortgage bonds, the refinancing of the commitment of Dexia. A new ownership would bring also the financial strength necessary to maintain its "AAA" rating.

Pirouette history

For Dexia, the operation could be an opportunity to significantly reduce its balance sheet totaling more than 500 billion euros personal business card. It has already been reduced by 15% year on year, thanks to the divestment of assets made in the first half. But despite this recent treatment, the group remains fragile, especially in the current distrust of markets against financial groups in Europe.

"The idea is on the table.Its terms are far from being arrested, "said a source familiar with the matter. The role of Dexia, the volume of the transferred assets, their quality – particularly with regard to loans that are the subject of disputes with communities who have subscribed – all of which are still on the table. Many criteria which depend then the financial terms of the transaction.

The reactive pattern of lines of inquiry explored from 2008-2009. Even then, the idea of ​​the deposits of La Banque Postale deal with Dexia loans (assets of French local authorities are placed in the Treasury) was considered. The arrival of the CDC in the capital of La Banque Postale has facilitated the project. The project has also the flavor of a sacred spin the story to the Fund: Crédit Local de France was born of a branch of the Caisse des Depots, which then end up twenty years after a historic activity.But for the CDC, the issue is complex: it has (with the NOC) 20% of Dexia, it has recapitalized with the Belgian shareholders in 2008 to see the action rolled back in recent months. Perform an operation which finally reduces the bank's balance sheet and liquidity requirements would constitute a significant step forward. This is what its proponents would argue with the board, including representatives from Belgium, possibly as early as next Tuesday.

Commitments at risk of Kweku Adoboli have increased to 10 billion dollars (7.2 billion euros) according to the Sunday Times. Arrested on the night of Wednesday to Thursday, the trader in London the Swiss bank UBS has been detained by a judge Friday. May request bail at a subsequent hearing Thursday.

UBS said Thursday an estimated loss of 1.5 billion euros due to fraudulent transactions of its employees. Since then, the bank did not provide details on the mechanisms in question. The extent of fraud appears, however, reach gigantic proportions: it would be spread over three years since October 2008, without apparently the slightest alarm it caused internally. UBS warned regulators Swiss and British have launched a joint investigation.The bank has set up a parallel internal investigation unit called "Project Bronze" and instructed one of his best traders in derivatives, Jason Barron, to unwind positions Kweku Adoboli. While the fraud would have been discovered in the day Wednesday, all commitments have been liquidated Adoboli Friday.

Supposedly low-risk operations

The trader, who was promoted to his post in 2008 from the back office services, was a member of a small team of five people at Delta One desk. Their mission: to invest large sums to the equity of the bank's alleged market changes, via financial instruments called ETF (exchange traded funds). Generally, low profits emerged from these supposedly low-risk operations at very high volumes.Adoboli of the fault could have come from a lack of coverage of his Paris, which would have resulted in a spiral of losses since the collapse of financial markets this summer.

New to fear layoffs

The extent of the scandal poses serious threats to the future of UBS. While the bank has launched a 3500 plan job cuts, new job cuts are feared. The approximately 6000 employees of the investment bank in London feared an outright shutdown of their business, which should show a loss on the year while UBS as a whole should remain the beneficiary. Despite calls for resignations in Switzerland, head of UBS, Gruebele Oswald replied that he did not intend. "If you ask me whether I feel guilty, I say no," he told the newspaper Der Sonntag.

Concerned about its reputation with its clients it manages fortunes, UBS wrote them a letter Saturday to try to reassure them. "We fully understand that this incident may worry, says the bank. We are very disappointed and we also assure you that UBS is taking the matter very seriously and makes every effort to resolve it quickly. Your assets are safe with us. "

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No less than 7000 pages posted! This is the amount represented by the reports of its nineteen nuclear power plants (58 reactors in operation over the EPR under construction at Flamanville) EDF is currently on schedule to transmit to the Nuclear Safety Authority (ASN) . The "policeman" of the atom is committed, through the voice of its Director General Jean-Christophe Niel to publish in full on its website.

The delivery of copies by EDF and other operators of nuclear facilities is only the first step in the process of "revaluation additional security" required by François Fillon after the accident at the plant in Fukushima, and conducted in parallel with the European approach called "stress tests". Experts from the ASN and IRSN (Institute of Nuclear Safety and Radiation Protection) now have three months to publish their report.Extra work for which the ASN has even mobilized to reinforce the "three or four young retirees". Even before the peer review of these reports by experts from other nuclear countries in Europe, between January and April 2012, some foreign experts will participate in the analysis of the copy of EDF.

Alongside the work on paper, the ASN program completed in October of 38 inspections in power, focused on protection against earthquakes, floods, power loss, loss of cooling and crisis management.

During December, the ASN requested EDF as it deems necessary measures – as it has already been done to strengthen the concrete slab of the Central Fessenheim. From January to April, reports of national safety authorities will be considered by their European peers.In the nuclear environment and the hexagonal Quai d'Orsay, is expected to undergo strong pressure from Germany to close the central border Fessenheim, Cattenom and Chooz.

The salvation of the euro area could come from China. Forced to borrow at prohibitive rates Monday morning, Rome had in fact asked Beijing to make significant repurchases of its sovereign debt, reports the Financial Times. A member of the Italian government confirmed on Monday the existence of discussions with the Middle Kingdom on potential investments in Beijing in the third largest economy in the euro area. The latter emphasizes, however, that the purchase of debt as of the Italian state was not central to the negotiations which took place several weeks ago, the agency Bloomberg.

The Financial Times for its part indicated that Lou Jiwei, the chairman of China Investment Corp (CIC), accompanied by a delegation, arrived in Rome last week to meet with Finance Minister Giulio Tremonti, and officials the Cassa despositi e Prestiti.

Relief markets

In any case, the information had an immediate impact on equity markets and bonds. The news triggered a rapid rise of U.S. indexes, which ended the session up when they were, like all European markets, a sharp decline shortly before the information.L all the indices of world is indeed suspended at the least information related to the status of sovereign debt in the euro area. In fact, the fear of contagion shook the Greek market.

In addition, the bond market has also relaxed.Good news for countries forced to place their debt securities, especially Italy. Interest rates have soared Monday in an issuance of public debt in Italy. Rome has indeed placed a total of 11.5 billion euros of shares, including 7.5 billion of bonds a year at a rate of 4 payday loans.153% against 2.959% in the previous similar exercise conducted on August 10.

Foreign exchange markets also reacted. The information has strengthened the euro, trading at 1.3678 dollar this morning.

China has pledged to support the euro area

The assumption of support from China bound for the euro area is particularly taken seriously by the markets as the Central Bank of China recently said it was ready to support countries in difficulty to repay their debt.

Moreover, China has already come to the rescue of countries in the euro area in difficulties in recent months.In late May, Beijing had expressed its intention to purchase debt securities issued by the European Stability for Portugal. In January, China had purchased European titles for bail Ireland. And from the beginning of the crisis, China had come to the aid of Europe's sick of his debts. Earlier this year, the country had bought the Spanish government bonds for a hundred million. The Middle Kingdom is also committed to acquire Greek bonds

By helping the EU now, China is diversifying its investments in debt securities. In addition, the country is gaining leeway in future negotiations.

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