The top news headlines

The thorny issue of Greece is further complicated with the rise of extremism in the parliamentary elections. And subsequently also in reaction to the election of Francois Hollande, Asian stock markets retreat this morning instead of Tokyo lost more than 2.6% in mid-session after being closed since Wednesday, the Hong Kong 2 , 4% at the same time the Shanghai index posted a loss of more moderate 0.3%. The doubts surrounding a possible policy change in Europe also weighed on the euro. The single currency dropped below the $ 1.30 early this morning, exactly at 1.298 dollars and 103.63 yen against 104.46 rating yen Friday night.

Japan will "closely monitor" the debates in Europe following the recent elections, said this morning the spokesman of the Japanese government, Osamu Fujimura. "The developments of the European economy significantly affect our economy," he said at a news conference. Greek and folder should be quickly put on the European agenda and the new president of the French Republic, Francois Hollande.

The thrust of extremist parties in Greece could indeed prevent the two major parties to maintain their position in the Greek Parliament. The new political situation poses a risk to the continuation of the austerity measures, a factor that could jeopardize the plan of assistance granted to the country. In fact, the parties opposed to an increase in austerity-with-a neo-Nazi training have won 150 seats in parliament, or exactly half. The remaining 150 seats, less than the absolute majority of 151 seats, the two parties come together in a governing coalition, PASOK (Socialist) and New Democracy (right).  

ALSO READ:

"The election worries Greek markets

»Week at risk to the Paris Bourse after the election

After seven weeks of political crisis, the good student of the euro area has fallen into line. The Dutch Minister of Finance, Jan Kees de Jager, snatched on Thursday night, a tentative agreement with the liberal VVD, D66 Democrats, the Greens of GroenLinks and ChristenUnie promising to return to 3% deficit in 2013.

The Dutch stability program will be sent this Friday in Brussels before the deadline of April 30. For achieving compliance with the Stability Pact, the Netherlands had to find 14.4 billion euros in savings. This agreement has been hailed by assitôt markets: the borrowing rate to 10 years in the Netherlands fell back to the lowest of the year.

Retirement at age 67 in 2024

The austerity plan, rejected by the extreme right – provides for cuts in many areas. Government salaries will be reduced. The health system will be reformed in order to save 1.6 billion euros. The subsidy on home loans, very sensitive issue for decades, will be revised downwards, which will allow the state to recover 5 free instant credit score.4 billion euros.

Revenues are revised upwards: the richest taxpayers must pay a "tax crisis". The retirement age will increase by one month, starting next year, to reach 66 years in 2019 and 67 in 2024. VAT from 19% to 21% and the tax paid by banks will be doubled.

The political agreement was obtained following a procedure described as "unprecedented" by former Prime Minister Mark Rutte. His finance minister has succeeded in five days what the government (VVD, CDA) had failed to do in seven weeks. Geert Wilders, leader of the Party for Freedom (PVV), which supported the government broke off negotiations last Saturday.  

ALSO READ:

"The Government of the Netherlands resigns

"The European fiscal pact threatened by Paris and The Hague

"In the Netherlands, the crisis shook the government

Presidential in major cities Paris | Leeds | Lyons | Toulouse | Leeds | Sheffield | Liverpool | Bordeaux | Lille

Financier, philanthropist, George Soros published by Presses de la Cité The Global Financial Chaos, a book in which he details the relentless chain of events that precipitated the world of the subprime crisis than in the euro area. He shares his solutions for the financial reform and save the single currency.

LE FIGARO. – How do you judge the situation in the euro area?

George Soros. – The crisis is worsening day by day. Politicians have said that it was prematurely terminated, but that is incorrect. The situation is even worse since the beginning of this year certainly intelligent and exceptional measures taken by the ECB has lent € 1,000 billion in three years European banks have helped alleviate these and indirectly support loans States, but they have only to save time. The underlying problems remain. The differences in competitiveness between countries, which have widened when interest rates were converging, remain. Furthermore, the differences between creditor and debtor countries have worsened. One of the most disturbing in the euro area is currently re-nationalization of the debt markets to which we are currently observing. Spanish banks buy debt Spanish and French banks of the French debt, but you see more of French banks to buy Spanish debt. This could potentially blow up the euro. As if we were trying to recreate eggs after making an omelette. It is however not an inevitable process and there is still time to reverse things by taking political decisions really original.

Why?

Europe must establish a real growth policy. We can not escape from a situation of excessive debt just by practicing austerity, because it causes GDP to fall and, ultimately, in nominal terms, the debt burden increases compared to the national wealth. The ultimate risk with too much austerity, it is plunging into a deflationary trap of over-indebtedness, which is the road to disaster. The best way to reduce debt is therefore parallel to the rebalancing of accounts, to maintain GDP growth.

How to sustain this growth? By stimulus measures or structural?

Structural reforms are necessary but not sufficient. We must put money back in growth projects. It is impossible for countries to have exceeded the limits of Maastricht. The only solution is to raise capital throughout Europe.

The rest of the world can he finance this stimulus?

No. If Europe makes the right decisions, they can save themselves only. She has no choice: it is absurd to be financed by the Chinese whose standard of living is one-tenth that of Europeans. How can we ask in these conditions for China to continue to pay our way of life? In addition, we should not always rely on help from the IMF, because the loans from the fund are always compared with other seniors. Mechanically, this degrades the value of other debts contracted by governments and costs more to them, which does not solve the problem of financing the fund. And do not forget that IMF assistance in exchange for drastic savings measures, the country may plunge into a lost decade, as in Latin America of the 1980s.

How can Europe pay her own recovery?

One of the problems of the common currency is that it prevents countries from issuing their own currency and that their obligations are, somehow, in foreign currency. However, we can reverse things a bit, because states have transferred their right of seigniorage – the one to beat the currency – the ECB, which draws 25 billion profit a year. According to independent studies conducted by two economists, Willem Buiter, Citibank, and Huw Piil, Goldman Sachs, the seigniorage represent a capital value from 2000 to 3000 billion euros. We could group them in a special fund to lend to states to finance their raise in exchange for serious budgetary commitments of the latter.

The Germans would they agree to such a policy?

The German people have difficulty understanding why a policy that worked in his case may not necessarily work for all of Europe. Reduce wages and profits to regain competitiveness is an expansionist policy one way he can not play consistently across an entire area. In a closed system, not everyone can be a creditor at the same time. The Bundesbank should understand but it is unfortunately prisoner of his ideology that recognizes the dangers of inflation and prevents him from seeing the risks of deflation. His situation is ambiguous because she feels that the eurozone is threatened. Proof, it is taking steps to limit its losses in case of dissolution of the euro area. This coverage is raising, asking for higher guarantees to other central banks of the Eurosystem in which it lends money, is potentially self-fulfilling.

The euro bonds are they a solution?

I agree with President Sarkozy when he said that the euro bonds may not happen at the end of the process, when better budgetary cooperation is established between the countries.

Bank regulation is necessary?

Yes, more than ever. The crisis is more a banking crisis a fiscal crisis. With the exception of Greece, all other European states experiencing fiscal difficulties have now slipped because of their banks: Ireland has cut its deficit to nationalize its financial institutions and Spain is experiencing tension because its banks suffering from the bursting of the housing bubble.

France can it be attacked by the markets after the second round?

France must prove its ability to quickly boost its economy, taking strong structural measures, but they may not be sufficient. There is a reality in any case in which France can not escape: his difficulties in reforming the place permanently in a weak position against Germany, which is only in charge of Europe at the moment.

ALSO READ:

"George Soros, the new ally" Indignant Wall Street "

"Soros invests at Valeo

Undisputed king of big hypermarkets, Auchan is still not satisfied with its supermarkets in France. The revival began in 2009 has not had the desired results. That year, Atac supermarkets had moulted within a few months in Simply Market, a concept "midway between discount stores and supermarkets," considered at the time as one of the most innovative.

Like the hard discounters Aldi and Lidl, the sign promised to offer low prices permanently, without promotion, building on the savings from reducing the number of references. The investment of 100 million was the largest ever made by the supermarket industry. But in the first month the Simply Market are struggling to approach two goals: increase revenue by 5% to 10% and volume growth of 10% to 15%.  

"We started to rework the concept in April 2010, adding between 400 and 500 references, including national brands and premium stores in 21 tests. The results were improved immediately, Hamet recognizes Gilbert, chief operating officer of the Ile-de-France Sud, which inaugurated Tuesday in Saclay, near Paris, a concept more upscale, radically different from the original. We had to go even further. The Market Simply type, like Saclay, has 14,000 references, 4,000 or more than three years ago. "

This description applies only to the Simply Market in category "food supermarket of attraction." As Auchan is also reneged on its uniform concept, which was not sticking to park Atac, very heterogeneous. Supermarkets, which vary from 500 to 3,000 m2, now have no fewer than five different vocations, the store "ultraproximité" located at the foot of the buildings in the downtown "store of great attraction" in rural areas, compared to small hypermarkets.

60 stores will be revamped this year

"All the Simply Market are committed to being the cheapest way to store their catchment area, Gilbert said Hamet. Our price image has suffered from the gradual introduction of national brands. We lower our prices again and communicate about it in May. We insist particularly on the products in less than a dollar, supplemented by our own list of 52 products permanently low prices, including for example the croissants and steaks. "

Simply Market also relies on promotions, which were reintroduced: an article in ten is now sold at a discount. It is still two times less than the average recorded in supermarkets, but it's the level of promotion in Monoprix.

By the end of the year, sixty Simply Market will be revamped in France. They are especially enlarged to accommodate more products. Auchan seeks a return on investment in 5 years instead of 7. Gives an important family group, which has invested heavily in 2009 and wants to finally find the right formula for its supermarkets. Despite these tentative beginnings, the group is still growing 12% a year for this industry, which must have 3,000 stores worldwide, including 1,000 built in 2015.

ALSO READ:

"Auchan creates a new type of shopping center

"Small hypermarkets seduce

"Auchan fixes it in its supermarkets

By launching a "pico" that can creep into his jeans pocket, Sagemcom, already number one in Europe, hopes to boost sales. Last year it sold 225,000, a growth of 75%.

"We estimate that the global market should be increased tenfold by 2015 to reach 5 million units sold," said Nicolas Denis, Director Sagemcom documents. He said the ultimate. "Rather than looking at more video on the screen of his phone, kids can project onto a wall, table … their image in large, up to 3 meters diagonally," he adds. To give more visibility to its pico, Sagemcom decided to market them under the Philips brand. "We have a licensing agreement with Philips brand which has an international reputation," says Nicolas Denis. A contract that allows the Dutch, in addition to the payment of interest, maintain the brand recognition among the general public.

The pico-projectors can also be connected to some digital cameras, a PC or a tablet. But for Sagemcom, use will be primarily related to smartphones. Even if they could be the main competitors of pico-projectors. Samsung has launched the Beam, a smartphone with integrated pico. For its part, Sony has built into a camcorder. They also arrive in cameras and nothing precludes a tablet with a pico-projector arrives one day in this market.

To compete with this type of product, Nicolas Denis put on two assets: the battery of these devices – the image projection is very energy – and the brightness of the projected image, still relatively low when it comes from a smartphone. This last consideration is specificity in Lumens. The latest addition to Philips displays SamgemCom-30 Lumens, it is two times more than a smartphone. This allows to see the image without needing to be in the dark. "There is a demand for pico projectors, as there is for USB. It depends on the degree of expected performance, "said Nicolas Denis, who also builds on the innovative capacity of Sagemcom. For proof, Dragone's latest is also a USB port (patented). What limiting cables to transport and adapt perfectly to the side "pocket" of the object!

ALSO READ:

"The Samsung Beam

CaixaBank became the largest bank in Spain by total assets. At its 270 billion in assets, "La Caixa", continue to call it like the Spanish, in addition to 72 billion Banca Civica, absorbing the entity resulting from the recent merger of four cajas (savings banks) . Exceeds the group and the two Spanish giants, Santander and BBVA. But size does not balance the economic: the stock market, Santander (54 billion) and BBVA (30 billion) will remain far ahead of their new rival (15 billion after months of reconciliation.)

On the ground, however, Caixa will expand significantly. The network of 1,400 branches and 7,800 employees of Banca Civica will expand the 5000 branches and 25,000 employees that already CaixaBank across the country. Especially in northern Spain and the Canary Islands. The operation occurs just days before the deadline set by the government. Credit institutions must have in effect before March 31, a sustainability plan. In total, banks and cajas must be provisioned 50 billion euros to cover the risk real estate.

The merger movement continues

In the case of Banca Civica, it was found in one year € 2 billion. According to Spanish press, Madrid feared that the bank fails to achieve its own objectives. The government should therefore encouraged to approach CaixaBank Banca Civica cheap payday advance. If integration is achieved, it will be two more years to clean up its accounts. Financial reform adopted in early February was precisely to promote the absorption of entities problematic by the biggest banks.

The merger movement has not yet come to an end in Spain. CatalunyaCaixa, another group that also emerged from an initial burst of mergers, also seeking a partner. Santander and BBVA are in the running.

110 billion injected into the financial sector

Between 2008 and 2012, Spain has injected 110 billion euros in its financial sector. 80 billion in the form of bank guarantees, assumed by the State, and 30 billion in asset purchases and direct payments by the public and the banks themselves. In 2011, the government of Jose Luis Rodriguez Zapatero has merged the fund deposit guarantees, and has forced banks to take losses in the sector. This policy was pursued by the Conservative government of Mariano Rajoy. "The restructuring will not cost taxpayers one euro," promised the Minister of Economy, Luis de Guindos. Large banks, however, require the government to participate in the national effort.

ALSO READ:

"Euro area: Greece lull, pressure on Spain

"Deficit: the euro area requires an effort in Madrid

More and more French people are struggling to pay their electricity bill and gas, warning the energy ombudsman's report 2011 released Tuesday. The independent administrative authority has seen its number of referrals by individuals increased by 14%. Admittedly, this increase is lower than in previous years. But the missing payments have soared by 80% and now represent 15% of all cases handled.

Refunds and consideration received from the Ombudsman have averaged 410 euros for consumers in trouble. If the French have trouble paying their energy bills, this is largely because of the crisis and the boom in energy prices, reports the Energy Ombudsman. The regulated gas prices jumped 25% in two years, those of electricity by 8%.  

Faced with the rise of this "fuel poverty", that is to say, the difficulty of paying their energy bills, the Energy Ombudsman has issued proposals. It notably calls for an extension of the winter break for unpaid breaks. So far, only consumers who have received assistance from the Solidarity Fund for housing can benefit from this protection. "Those who are not entitled to welfare benefits and are unable to pay their bill, the suspension of energy remains real, warns the Ombudsman. It's not right to deprive of light and heat during this period [winter], people of good faith who fail to pay their dues. "

Monopoly of social tariffs

Another proposal is to break the exclusivity of EDF, the incumbent supplier, in the distribution of the social tariff of electricity. "This is a problem for customers of alternative operators who can not access them, except to change supplier and return at EDF, the Ombudsman regrets. In a market open to competition, the monopoly has no purpose. "The Ombudsman welcomed however the automation of the development of social tariffs for the beneficiaries since January 1. So far, only 650,000 households benefited while 2 million are eligible. A million more people should have access through this improvement.

Finally, the Ombudsman would like to broaden the scope of its powers. In 2011, he was unable to grasp that 74% of the 17,973 claims received. For example, "with the continued development of photovoltaic systems in particular, the Ombudsman may also intervene in disputes relating to the connections and purchase contract," the report shows. Finally, the Ombudsman called to continue the education effort directed at consumers. Nearly five years after the liberalization of energy market, only 42% of French people know they can choose their supplier of electricity or gas.

ALSO READ:

"The solar output, puzzle mediator EDF

"The energy bill peaked in France

"The energy prices fall disproportionately on smaller

"The social rate of gas and electricity is applied automatically (with the individual)

Since the tsunami of 11 March and the Fukushima nuclear disaster, the Japanese atomic reactors were arrested, one after the other to be auscultated. Today, on the fifty-four boilers that supplied 28% of electricity in the Archipelago, only two work. And they should, they also stop in April to be tested for safety.

The streets of Tokyo shine though all their neon lights, and the life of the megalopolis of 35 million people saw the usual pace of its thousands of trains daily. Certainly, the corridors of Meti, the Ministry of Economy, are left in the dark, for an example. But the great campaign to save energy this summer ended.

This return to almost normal life despite the closure of fifty-two reactors, Japan pays a high price. Imports of oil and gas only for rotating thermal power plants in 2011 jumped by 77% and 18%. For the first time in thirty-one years, Japan had a trade deficit in 2011, 24 billion euros. And began the year with a record monthly deficit of 15 billion euros for the month of January, dug by the price of crude.

In this context, the government and power companies do not hide their desire: to restart nuclear plants faster. Large industrial fear a surge in the cost per kilowatt hour are pushing in this direction. The electrician Tepco, which operated the plant in Fukushima Daiichi and navigates to the brink of bankruptcy, announced an increase in its rates 17% for its major customers.

Restart nuclear facilities, just a year after the nuclear accident which forced 100,000 people to evacuate contaminated area? "For the Japanese, it's almost existential debate," says a French expert on energy, visiting Tokyo. The surveys that follow indicate that the majority of the population wants a nuclear phase-out.

Breach of trust

Reflecting Yuichiro Yonei, student 23 years specializing in energy met at the University of Tsukuba, who lived on March 11 as "a break". The young man, who no longer has confidence in the government's word on disaster management Fukushima, became antinuclear. Many young people who share his position on social networks come to sign the petitions in the tent erected militants since the fall before the Ministry of Economy.

The government Yoshihiko Noda walking on eggshells. It will not go into force. Formally, it does not need the green light of regional governors, elected, but nevertheless takes shelter behind them. To restore confidence, after pointing a report of TEPCO and failures of government, the government is reforming the nuclear safety authority, discredited.

Sixteen reactors only have registered for "stress test". Two of them, Ohi 3 and 4, have been deemed suitable by the International Atomic Energy Agency (IAEA) and could be the first to restart.

The government plans to present in June or July of its energy strategy for the coming years. "We must remove our dependence on nuclear power and build medium to long term a company that will not have to rely on this energy," said the Prime Minister Noda Saturday.

By the summer season of peak power consumption due to the massive use of air conditioning, the Japanese will have to make tough choices: restart their nuclear reactors or pay the current high price; suffer outages new current or reduce their consumption of 10 to 15%.

ALSO READ:

"FEATURE – Japan: One Year Later, back at the Fukushima Daiichi plant

"IN PICTURES – The Fukushima nuclear power plant, after a

"One year after Fukushima, Japan forced to reinvent themselves

"The earthquake in Japan transcribed into sound waves

The Spanish Minister of Economy, Luis de Guindos, began talks with the country's banks to reduce the number of foreclosures, which increase with the crisis. It should bring forward proposals to try to avoid eviction of defaulters.

The Conservative government of Mariano Rajoy seized and a sensitive social issue, of concern to all Spaniards and which took up the movement of Indignados. In 2010, 100,000 families were expropriated by Spanish banks for unpaid bills, a number four times higher than in 2007.

This worsening situation is as much a crisis as the structure of the real estate market. In Spain, 83% of the population own their homes, a record in the European Union. Despite a change in attitude since the bursting of the housing bubble, the rental market is still very small.

At the height of the housing boom, banks have extended credit indiscriminately to 100% or more of the property value, and floating rate over periods of up to 40 years.

Bombs

As the seizures, the bankers became the first Realtors in the country. These properties are difficult to sell in a sluggish market, now constitute a time bomb in bank balance sheets payday loans for self employed.

The Bank of Spain on Friday issued the rate of bad loans of Spanish banks. At 7.87% in December 2011, the highest figure since 1994, more than double the rate that prevailed there are still three years. These credits, some of which will never be repaid, mainly concern the real estate sector and amounted to 135.7 billion euros.

Between bad loans and a stock of unsold real estate and land, assets considered "problematic" – as to the uncertain value – totaled 176 billion euros in June 2011.

Financial reform prepared by the Executive aims to clean up the banking sector, the main source of market fears. The aim is to promote the absorption of small structures deficit by leading banks and compel credit institutions to strengthen their reserves of 52 billion euros.

The law was passed Thursday by a large majority of MPs. A sacred union rarely given the urgency of the crisis.

ALSO READ:

"Young Spaniards, a lost generation

"Valencia, the city of all excesses, on the verge of bankruptcy