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Full financial and economic crisis, Spain will nationalize Bankia, the fourth largest bank, formed by the merger of seven Spanish savings banks in December 2010. The information, released Wednesday by the newspaper El Pais and ABC, has been confirmed in the evening by the Ministry of Economy. This indicated that the government would take 45% stake in banking group, which would make the majority shareholder. "The nominal value of these investments amounts to 4.465 billion euros," the ministry said in a statement. The money would come from public funds to support Spanish banks, the Frob, founded in 2010.

Shortly before this announcement, the Bank of Spain was also confirmed that Bankia had applied its partial nationalization. Announced for several days, this bailout is intended to reassure investors, while the bank accounts are sealed by prime mortgage risk.

The prospect of nationalization of a large Spanish bank, unprecedented in the country since 1992, does not please the markets. On Wednesday, all Spanish banks were sanctioned Exchange: Santander and BBVA have yielded 4.52% and 4.73%, respectively, while Bankia lost 5.84%. Sector In falling throughout the Ibex 35, which closed at a new level since 2003.

A rescue plan Friday

If the measure makes sense in Madrid, Spain is not the first European country to have nationalized its banks since the crisis erupted in 2008. Belgium, the Netherlands, the UK and Ireland nationalized much of their banking sector. In Ireland, the cost of bank bailout was so high, it has increased the deficit to 32% of GDP, forcing the country to seek IMF assistance and the euro area no fax pay day loans.

In Spain, the nationalization of Bankia a turning point in worrying the banking crisis. After the collapse of Lehman Brothers, the big Spanish banks such as BBVA and Santander were cited as examples for their strength. The problems came from "cajas" savings banks that invested with a vengeance in real estate. Today, they are more than a dozen sips but risky assets, including 37.5 billion for the only Bankia.

The government has already asked in early February to banks to provision 53 billion a year, is preparing to present a new rescue plan on Friday, the Council of Ministers.

Recapitalization needs of the Spanish banking sector are estimated at EUR 100 billion, while loans amounted to 143.8 billion euros, according to the latest figures from the Bank of Spain.

Unable to refinance when rates soar on debt markets, Spanish banks have no other choice but to call for help from the state. But the government has not the means to save the entire sector, while its deficit already stands at 8.5% of GDP. And he has already committed for 2012 of 47 billion euros saved. Even if it costs him politically, Mariano Rajoy could be forced to go through using the EFSF (European Financial Stability Fund).

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In Athens,

In the land of Athena, the political wisdom does not really progress. After the euphoria fueled by thirty years of fiscal profligacy, the hurricane of the economic crisis and its attendant drastic austerity measures have devastated the morale of the Greeks. It is in this context they are called to vote for crucial general elections Sunday, the first since the trusteeship of the country by the European Union (EU) and the International Monetary Fund (IMF). A protest vote is more than ever on the agenda and many experts are worried about a coming political chaos in the country.

The thirty-two contending parties are divided into two camps. On the one hand, the "pro-memorandum," those who voted for and signed the austerity measures imposed on the country in exchange for two loans of 110 and 130 billion euros. Three parties are distinguished in this category: PASOK, Socialist Party headed by Evangelos Venizelos, former finance minister. Despite the seriousness of the situation, he is convinced that Greece is on track and ensures a crisis in the next four years. New Democracy (ND), Conservative Party, whose leader, Antonis Samaras, is leading in the polls, has primarily to renegotiate the terms of the memorandum by betting on the revival and development of the economy. Finally, the Democratic Collaboration Dora Bakoyannis, former Foreign Minister, may see his party not to cross the 3% threshold to enter parliament.

For Giannis Panousis, professor of criminology at the University of Athens, these parties may pay their hypocrisy. "The major parties say they have the solution for overcoming the crisis, while everyone knows that this is not viable. Even before the polls are open, public creditors remind the country that we will have € 11.5 billion of budget savings in the next two months. That means more job losses and new taxes, "he analyzes.

So, the vast majority of candidates appear in the opposite camp, the "anti-memorandum." They denounce the exact figures of sovereign debt, the trusteeship and loss of sovereignty. They rely on the record figures of unemployment and recession to convince the most disadvantaged and the young, depressed by the lack of future. Apart from the Communist Party (KKE), who wants to see Greece leave the European Union as soon as possible, the parties "anti-rigor" consider the place of Greece in the euro area as a given unbeatable. "They can not exclude us, otherwise there will be a domino effect and will be in a very bad position," quips Panagiotaros Ilias, number two Chryssi Avgi, "Golden Dawn" violent far-right group which expected to enter parliament for the first time.

In campaign rally in the Peloponnese, he assured his constituents that in addition to return all illegal immigrants in the country he will veto any legislation introduced to Parliament if they do not defend the interests of the Hellenes. "We do not need these bailouts which in reality are not. Greek debt is sustainable, but we pay the speculations of the great capitalists, "he says. Rhetoric that brings. Many supporters of this group recognize that ideology does not differ greatly from that of the far-left parties, "more patriotic".

Risk of paralysis

"Greece for the Greeks" is a slogan that is also found in the clan Panos Kammenos, leader of the Greeks independent. Surfing also on the crisis and desperation of the Greeks, the former Conservative wants to build on the country's natural resources to repay debt. He admits to not being away from ideas of Syriza, left-wing coalition led by Alexis Tsipras, also rose sharply in the polls.

If Greece is found unable to form a majority government coalition or Sunday, the risk of paralysis is real. "The instability will result when a violent change of political system as a whole and lead very quickly to new elections. The country can not be governed effectively as the situation requires it, "said political analyst Antonis Karakousis. "The question is whether the country can support a political crisis over the economic crisis or whether we will go, as some fear, toward a financial disaster and a danger to the sovereignty of Greece." ……. .

This may especially endanger the European reforms undertaken so far and very controversial in the population. Hence the concern of the country's creditors, which would like the Greeks realize that Greece plays its European future at the ballot box.

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

 

In Europe, stock markets resumed their breath on Tuesday, but uncertainty still hangs over the debt markets, fueled by the political crisis in the Netherlands and the period between the two towers of the French presidential election.

Spain and Italy have borrowed at rates up sharply Tuesday. Madrid has raised no issue 1.933 billion euros in vouchers at 3 and 6 months thanks to a strong demand of investors, but she had to pay his show twice what it had paid on March 27 for a similar operation; 0.634% to 1.580% three months and six months against 0.381% and 0.836 respectively

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The Spanish Minister of Budget, Cristobal Montoro, speaking before MPs met to discuss the 2012 budget austerity, acknowledged that his country was "in a moment of extreme fragility", as the recession sets in peril promises deficit reduction. The country has promised to bring its public deficit of 8.51% of GDP at the end of last year to 5.3% this year and to 3% next year

The chief minister, Mariano Rajoy, said in Parliament that "the economic policy is a policy hard, expensive, that does not produce short-term effects, but this is what we need right now ".

Asian sovereign funds

For its part, Italy, who had taken advantage of favorable borrowing conditions since the beginning of the year, faces a rebound in interest rates business card design. The Italian Treasury has borrowed Tuesday nearly 3.5 billion euros on the market, as in Spain enjoying high demand, to 6.5 billion. But the rates of bonds maturing in 2014 surged to 3.355% against 2.352% at its previous similar operation in late March.

All is not lost, however, in the eurozone. Despite the political crisis and the threat of rating agencies on the Dutch AAA, the Netherlands has borrowed two billion euros in two years Tuesday, rates fell to 0.52% against 0.66% on secondary market on Monday. Many investors believe that the Netherlands has solid fundamentals frankly. "The yields are high but traders are satisfied," said Lyn Graham Taylor, bond strategist at Rabobank.

Another encouraging sign: the European Financial Stability Fund (EFSF) lifted successfully 3 billion to 7 years at 2.65%, or 160 basis points more than Germany. "This is a great achievement," commented Frédéric Gabizon, HSBC has submitted a tender. "Especially since 40% of the demand comes from sovereign wealth funds from Asia, which shows that outside of Europe investors are confident."

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Living under the bankruptcy system, the famous Chapter 11, is not easy for a company. In a document filed with the court last week, the company found, in fact "a marked rise in employee departures in the first quarter." Departures deemed "particularly damaging" to the management level.

That's why Kodak offers to pay $ 8.5 million in an initial group of 119 frames, which still represents more than 71,400 dollars per person, to retain them. Another group of just over 200 employees, has been identified and should receive $ 5 million, or about $ 25,000 per employee.

Out of "Chapter 11" is a real possibility in the United States. The most striking recent example of a successful exit is to make the assets of General Motors bad credit unsecured personal loans. This scheme allows the company to restructure while being protected from its creditors, a situation similar to the existing backup procedure in France. To achieve this, we must however keep its senior most "critical activity and the restructuring process," according to Kodak.

The company explains that "among the 7,600 employees of the group, there are many who have unique skills and value, but the weakness of available funds requires the group to make a strict selection of the beneficiaries" of this plan.

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The games are made for the launch of the giant project of installing offshore wind turbines off the French coast. Reportedly, Alstom and EDF are expected as the big winners of the operation. The State has chosen to allocate their consortium of three fields that were at stake: those of Saint-Nazaire, Fécamp and Courseulles-sur-Mer.

Spanish Iberdrola, the French partner Areva, would win him the field of Saint-Brieuc. The fifth and last field, the Tréport, wait again, the tender was declared unsuccessful on about.

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One million dollars per day, or 750,000 euros. Such is the cost of operations by Total to plug the leak on board its platform Elgin, North Sea, said Monday its chief financial officer Patrick de la Chevardière. Added to this bill a loss of $ 1.5 million each day (1.12 million) which corresponds to the cessation of production from fields adjoining the Elgin and Franklin, for a total cost estimated to about 1.9 million euros. These two deposits, located 240 kilometers off the coast of Aberdeen in Scotland, representing 2% of the total hydrocarbon production.

The company was still awaiting the green light Monday from the British authorities to dispatch technicians on the platform, removed a week earlier. Total will begin simultaneously on the one hand, to "kill" the leaking wells at the platform, out of the water, and, secondly, to drill two relief wells Faxless payday loans. If the first operation, "relatively easy", according to Patrick Chevardière, successful, drilling (at least 100 million euros and six months of work) will be useless.

According to Total, gas, mainly methane, disperses quickly in the air. Only 7m3 of condensate (light oil such as gasoline) are currently prevalent in sea Greenpeace, arrived on Monday with a vessel area, intend to verify these statements.

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A few weeks before the start of the tourist season in Greece, industry professionals are concerned about given the country's image abroad. The clashes that broke out between police and demonstrators, repeated strikes in public transport and the crisis affecting the economy, trade and health, greatly tarnish the reputation of "Mediterranean paradise" Greece had so far.

For Francoise Deschamps, Director of Travel Agency Profile in Athens, it is a bad trial because the country. "Violence is not the nature of the Hellenes. There are fewer demonstrations and strikes if they only last a few hours when it comes to archaeological sites. The Acropolis is always accessible to all, "protested she.  

Lower prices

While acknowledging that bookings were down this summer, Francoise Deschamps makes a point of honor to overcome stereotypes, "apart from the American Express (which is rarely accepted because traders are unwilling to pay 7% commission) you can pay everywhere with a credit card or a Visa. No need to bring cash into oneself. Distributors are always stocked, "she says.

The large luxury resort with beach, private pool and gourmet restaurant at the guesthouse, hoteliers were for the most part, forced to lower room rates and offer additional services to each reservation. "Our prices have dropped by at least 20%," says Adrian Vassilikos, director of Airotel, owns six hotels in the country. If the crisis is especially hoteliers, because of increased taxes and reduced bookings, Adrien Vassilikos remains confident: "Tourists know that Athens, like the rest of the country, is one of the most safest in the world. No risk of terrorism or crime. The crisis has not increased the number of pickpockets. To this we must add that in case of accident or illness, we have very capable hospitals, providing care free and urgency, "he said cash advance payday loan.

Of solidarity

Tourism is the second largest economic sector in the country, representing 17% of GDP, after shipping. In 2011, Greece has benefited more or less the effect of revolutions and Arab tourism, compared to the previous year, increased by 10%. This year, some professionals rely on the solidarity towards Greece, shot by the crisis. This movement is gaining ground worldwide and in all sectors. Twenty major Greek groups, as the airline Aegean or Coca-Cola Hellenic, even financed full-page newspaper ads French, German, Dutch, Belgian and British. Under the slogan "give a chance to Greece", these advertisers show a country in flux, despite its economic vicissitudes.

A bank of tourism in the study

To improve the competitiveness of the tourism sector, the Greek government uses the aid of the "task force". This working group of the European Commission, whose representatives are installed in the Greek capital, shook the tourism industry. "Being competitive yes, but then to build infrastructure for mass tourism, there is a margin," worries Francoise Deschamps, Director of Travel Agency Profile. "Greece is a country that fits the needs of every tourist. You can still find himself alone on a beach, eating in a tavern or family homestay accommodation is unique and should not destroy it for the sake of competitiveness, "she adds. Several projects are in preparation at the Ministry of Finance including the creation of a bank or tourist development projects of ancient sites, remote islands from Piraeus or agricultural areas.

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Al-Jazeera continues its sports rights market. The sports channel funded by Qatar has indeed acquired the rights for three years of the Spanish Liga. According to one expert dossier, the headquarters of al-Jazeera would not have hesitated to put the triple, or more than 20 million euro to carry the exclusive distribution of this competition previously held by Canal +. This new contract follows the co-buying last week in the Italian championship for three years. Canal + and al-Jazeera spent $ 10 million each. A few weeks ago, the chain announced Qatar had also redeem the Europa League, for an amount that would more than double the previous transaction. In all, this is currently a total budget of 260 million euros that Al Jazeera devoted to the purchase of sports rights.

This envelope is expected to rise significantly in the coming days. Industry players are in effect suspended the announcement of the purchase rights of the Euro 2012 football and Euro 2016 football. Today the negotiations between UEFA and the Qatari channel block on the number of games that the rights holder wishes to broadcast on free channels. Indeed, UEFA would like 19 games to be visible by the largest number, more than half of the competition. That does not want al-Jazeera, which until now has consistently doubled or tripled the amount of acquired rights. TF1 and M6 on their side made a direct offer to UEFA for trying to break the deadlock.

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Inequalities between men and women managers are not in the gender pay gap. In terms of mobility, too. The Association for the employment of executives (Apec) Thursday released a study showing that both sexes are in fact not at all accommodated in the same boat. If their rate of mobility, internal and external, are strictly comparable, however, there are big differences.

Women executives in, especially before thirty years, more precarious than men, they leave their companies more frequently following an end of CSD (14% of cases for the former against 4% for the latter). Result, levels of responsibility found following these mobilities are very different, with women less likely than men to keep the same level as before their departure (two-thirds of men against 57% for women). Their male colleagues have also promoted more often in cases of internal mobility (43% against 36%).

Another consequence is that wage increases are less frequent after a mobility in women than in men, especially when the transition took place without any period of unemployment. 62% of men see the amount of their payroll advance, against 54% of women. As for the perception of the future, women have less confidence (65%), their mobility was internal or external, and want to move less than men in their company. They also fear more than being unemployed (43% against 36%).

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