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The government of George Papandreou won the confidence of the Greek Parliament in the night from Friday to Saturday with only three votes in advance (153 votes out of 300). A reprieve for the Prime Minister called for the formation of a coalition cabinet, in a speech before the crucial vote for the ratification of the Europe Agreement Debt of Greece and the future of the country. According to Papandreou, the early elections – that the Conservative opposition was calling for – was a disastrous decision, likely to endanger the payment of the sixth tranche of aid from the European rescue plan.

On borrowed time since the disputed proposal to hold a referendum on the agreement, laboriously adopted at the European summit at dawn on October 27, Papandreou has started to prepare for his release, saying in his speech he was ready to leave office ."My position is the last thing I care about. Even matter if I am not re-elected. (…) I never conceived of politics as a profession, "he said.

The head of government has indeed lost the little credibility he had left with the political elite and the Greek people. Even within his party, PASOK (Socialist), leadership is increasingly contested. The barons of the government are the finance minister, Evangelos Venizelos, Minister of Education, Anna Diamantopoulou, the Health Minister, Andreas Loverdos, lambasted the escape of his responsibilities as representing the call to the people, as unexpected as moved. The abandonment of the idea, which had angered the countries in the euro area was confirmed Friday in Athens.

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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Fitch Ratings lowered the rating two notches from Spain, which now stands at "AA-". Spain held so far a "AA +", the fourth highest on a scale of twenty. More worryingly, the note is accompanied by a 'Negative' outlook, which means that the agency could lower it back to medium term.

Spanish growth at half mast

Moody's in turn should decide by the end of October on a possible downgrade Spanish now "Aa2" (the third best possible)."With significant funding needs" of the Spanish State, to cover its budget expenditures and net external debt is "one of the highest in the world" (91% of GDP), said Fitch, "the more volatile strong a negative effect on financing conditions in the market of Spain. "

But there are also internal factors in the country "risks to fiscal consolidation as a result of performance parts." The same agency Fitch has lowered Wednesday including the long-term rating of the Basque Country, one of the richest region in which it criticizes the "weak fiscal performance." Growth forecasts have been revised downwards. Wednesday, the Bank of Spain announced that the country's growth expected to slow in the third quarter, to reach an economic activity 'lackluster'.The Spanish government has also recognized that the economic growth targets it had set for 2011 and subsequent years would be "hard to reach" because of the risk of recession in the world.

Italian governance into question

Fitch also lowered the rating one notch to Italy, "A +" against "AA-" and does not see her again in the fall if the country would miss its targets for reducing the budget deficit. Fitch was the last of three major international rating agencies have not downgraded from Italy since the beginning of the debt crisis in the eurozone guaranteed unsecured personal loan. She explained that the high level of public debt and budgetary financing needs, combined with the low level of potential growth (the country), made in Italy especially vulnerable.The Agency is challenging the country's governance and stressed that the differences in the Parliament and the escapades of the prime minister Silvio Berlusconi, help to weaken the ruling coalition.

Belgium heckled by Dexia

Belgium is also in sight. The agenceMoody's said it was considering lowering its rating, currently at "Aa1", the second best possible. The agency cited three reasons: the crisis in the euro area, concerns for economic growth and the possibility of additional support to the banking system, particularly in establishing Franco-Belgian Dexia.

Another European country in turmoil, Portugal, has been confirmed its rating of "BBB-" (the last before falling into the category of "speculative") by Fitch, which continued on negative watch at least until the end of the year.Standard & Poor's, confirmed Tuesday the rating "BBB-" from Portugal, while maintaining it as a negative outlook. Portugal, the third country in the eurozone after Greece and Ireland to receive international financial assistance, is facing new economic challenges that undermine his efforts to clean up its public accounts. Progress in implementing the program of the European Union and the International Monetary Fund (IMF), and its budget for 2012 will be crucial.

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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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"Wall Street Weathering the Storm

New blow for Societe Generale. While the second French bank is particularly turbulent stock market since the beginning of the summer, with a share price halved in three months, she has to face new suspicions. After the unfounded rumors about the supposed risks of bankruptcy, after questioning by U.S. authorities in a fraud complaint on subprime, Societe Generale now sees its relationship with the Gaddafi regime scrutinized. The new Libyan authorities are looking into effect on the investment made by the French bank with the Libyan sovereign fund, the Libyan Investment Authority, reports the Wall Street Journal. Some of these funds would have landed in the hands of people close to the government in place, the paper said.Societe Generale would have paid a certain amount to a Panamanian company, Leinad to help manage and advise an investment fund of one billion dollars in 2008. If the exact mission of Leinad is not yet clear, its role has at least been criticized by members of the Libyan sovereign fund, before the start of the Libyan revolt, the newspaper said cash till payday advance.

For now, the bank declined to comment on its relations with the sovereign fund Leinad or Libya, says the Wall Street Journal. Societe Generale however, that it has "worked occasionally with financial intermediaries in countries where it is not directly present."And these consultants are "fully selected and monitored in accordance with our procedures and ethics with the law and in full transparency with the customer," said the group, some have "acted in full accordance with the laws and regulations the sovereign ".

Throughout the reign of Colonel Gaddafi, it was indeed common for large groups pay foreign intermediaries, advisors and consultants to do business with Libya.

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Was rotten to the producers of French fruit and vegetables. Multiply these actions to raise awareness of the state of their precarious economic situation. Vegetable growers now call their members to "strike of public payments," inviting them to no longer pay their payroll and other taxes. "I did not revive the disastrous situation of 2009, laments Angelique Delahaye, president of vegetables in France. Treasuries of our 40,000 businesses are very tense, 10% to 15% risk of extinction. We invite them to put themselves insolvent employer contributions to the MSA, deadlines and other bank charges. We must keep what little cash we have left to pay our employees and our local suppliers, "she says.

The gardeners feel they have lost 20% to 40% of their turnover since the crisis of cucumber, late MayAfter the questioning of vegetables by the German authorities in the bacterium E. coli, there has been a surplus of vegetables in the European market. With, as a consequence, a collapse in prices. These never reached the levels of last year payday loans. First victim, the tomato, which is officially in economic crisis last week.

Finally, the bad weather came to tarnish the situation. "The winter vegetable pot-au-feu or those consumed in béchamel as cauliflower are selling well right now over their cost," says Angelique Delahaye.

Targeted actions

Fruit growers are hardly better off. They have the advantage of cross-over for the holiday challenge on the road. "Sos Fruits, Europe guilty, absent policies …" be able to read on the tolls or stickers on banners hung on the bridges of the A7."We sell our fisheries currently 30 cents below our cost, deplores Regis Aubenas, producer of peaches in the Drome, the cause of this action by the FDSEA. We call policies to regulate the market so that the Spanish leading provider of fisheries in Europe, stop the dumping by selling eg 35 cents per kilo in Hamburg at Lidl. "

The player is used by default in the articles of figaro.fr. Maj7

It's time for Spain to be in the sights of Moody's. The agency placed the credit rating of the country under surveillance for any reduction, said a statement issued Friday, indicating a downward revision of the country's Aa2 rating one notch lower. The agency believes that the difficulties of Madrid to borrow at an acceptable rate will escalate following the second plan the rescue of Greece, who "made history" involving the private sector and a marked increased risk for investors bondholders fragile in the euro area.

The rating agency also advanced a weak growth of Spain and fiscal slippages in some areas of the country, adding that it would present risks, burdens on efforts to reduce deficits, which have recently been undertaken by Madrid guaranteed cash advance.

Highlighting the challenges that the Spanish government will face for fiscal consolidation and improving the fiscal situation of the Spanish provinces, Moody's has given the banking regulator Spanish Fondo de Reestructuración Ordenada Bancaria (FROB) a rating Aa2, providing a possible degradation of the latter in the future.

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Professionals of the solar French looked forward to these provisions since the beginning of the year. Nathalie Kosciusko-Morizet for Le Figaro reveals new rules for large installations in excess of 100 kilowatts peak (kWp) more than 1000 m2 of photovoltaic panels. They go through a series of tender whose final details were refereed this weekend at Matignon.

The aim, says "NKM", is to stimulate the development of a photovoltaic technology made in France. "The previous system (with the purchase price of photovoltaic electricity by EDF very favorable, Ed) favored the volume and price. The companies have made in the technology standards. "The new scheme aims to develop innovative technologies on which high yield" French companies are well positioned, "says the Minister of Ecology."We have not developed industrial mass on the first series of panels, but we're not trying to go after China and Germany. We are planning the next move, "says NKM.

Now all the facilities of over 1000 m2 will be tender. With two categories. For installations "average" (from 1000 to 2500 m2), the specifications will be simplified, and the main criterion for selection will remain the price. In other words, the candidate who offers the current EDF cheapest wins. A first batch of 120 MWp is to be published on 1 August, in the opinion of the Commission for Energy Regulation (CRE) expected July 26. Follow the quarterly on six 30 MWp each. These volumes will cover two and a half years "to give visibility to the industry," said Nathalie Kosciusko-Morizet.And guarantee of "credibility" of the device – but also clear political signal – the first competition the candidates will be selected before the presidential election.

The second category of calls for tender for the large facilities of more than 2500 m2 and covers a total capacity of 450MWc (read the cons detail below). In addition to the price that will account for 40% of the notes will weigh other criteria: the industrial project, the research contribution and the environment. Example cited by NKM: solar power projects on a brownfield or a former quarry will be clearly favored over a planned plant on agricultural land. Also new candidates must provide guarantees of recycling and decommissioning of their plants at the end of their life cycle.Through these tenders, the government wants to promote technologies such as still emerging mobile mirrors that track the sun throughout the day.

Professionals expressed particularly through the union of renewable energy (RES) denounced the ceiling of 500 MWp per year announced in March for the entire industry. This is not a ceiling but a target, insists on the ministry. Which will be passed this year, since, already, for the first quarter alone, 300 MW were installed, as announced in Le Figaro NKM July 5.

Objective achieved Grenelle

Added to 973 MWp installed in late 2010, according to the Charpin report, the objective of 1100 cumulative MWp for 2012 set by the Grenelle of the environment is already exceeded. "There was no halt in the industry," insists Nathalie Kosciusko-Morizet, supporting figures.However, the minister understands that "the successive changes of the frame, every six months since 2008, have been penalized. But this period is over, "says she.

Meanwhile, the gel three months declared photovoltaic systems weakened in December of SMEs and forced some to put the key under the door. Even if individuals were not affected by the moratorium, nor by lower prices, the market has slowed, we are assured the SER. For some SMEs, between the moratorium in December 2010 and the response to tenders in the spring of 2012, eighteen months without activity have been fatal. Of the 25,000 jobs in the sector, the Ministry states that the workforce in research (8200) should increase. The remaining jobs (16,700 in the installation and consulting firms) are subject to "adjustments" but should also benefit from the new framework.

"I want to make a new pact of trust with the photovoltaic industry," says Nathalie Kosciusko-Morizet. Professionals to respond.

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While Wall Street ended the session and declined Friday Asian stock markets see red on Monday morning, the CAC 40 continues its decline on Monday. Halfway through, he gave up 1.44% to 3858.11 points. A decline that continues to grow and to 15 hours, the Paris index was down over 2% to return to 3800 points to 3830.

Investors are very worried about a contagion of debt to Spain and Italy, who have seen their interest rates reach 10-year highs since the creation of the euro area.For his part, German Chancellor Angela Merkel, head of the main economy of monetary union, took the unusual step of calling the head of the Italian Government, Silvio Berlusconi, asking a rapid adoption by parliament of its an austerity plan.

Van Rompuy, Barroso and Trichet, heads of three major European institutions – the Council, the Commission and the Central Bank – in fact, find themselves on Monday to spur the seventeen countries of the euro, still unable to agree of mounting a second rescue plan for Greece. Then the seventeen ministers of finance are again struggling in the afternoon of the participation of private creditors (banks, insurers and pension funds) to finance the 110 billion euros expected by Athens. In addition, concerns are doing now in Italy. Friday, the country has seen its returns soar.Rumors about a possible resignation of Finance Minister Giulio Tremonti, would have triggered the movement.

These concerns continue to weigh on the euro, which widened its losses against the greenback on Monday. Around 11:00 in Paris, the single European currency was worth 1.4123 dollars against 1.4258 dollars on Friday night, falling to levels seen for two weeks.

The macroeconomic situation across the Atlantic does not reassure the markets more. The United States are also penalized by a debt record. Barack Obama finds MPs on Monday. He said Sunday night, before a meeting with key members of Congress, he "must" that Congress reached agreement on the debt within 10 days. Otherwise, the U.S. could default on August 2.

Chapter macroeconomics, INSEE released the figure in industrial production in France for the month of MayOver the period, and after two months of decline, it bounced 2%, against 0.5% expected by the consensus.

Car values ​​down sharply, despite the results of Renault and for values, the release this morning (tomorrow ahead of Peugeot-3, 74% to 30.09 euros) business results Renault (-2.17% to 38.35 euros) was not at all convinced investors. Carlos Tavares went to the site of Flins Monday. The automaker has announced an increase of 1.9% of its global sales in the first half, the strength of demand abroad offsetting supply problems it encounters in Europe.The group also expressed its willingness to establish a new sales record this year by selling more than 2.6 million vehicles due to its growth internationally and despite the poor performance in Europe in the first half, he said Monday.

The financial sector ailing

The financial sector is in bad shape, still weighed down by the debt crisis in Europe. Mid-session, BNP loses 3.92% to 47.87 euros, Axa, plunges 4.69% to 14.53 euros, Crédit Agricole ceded 3.05 9.18% to 3.88 euros and Societe Generale to 37.03 euros.

Air France (-1.37% to 10.06 euros) will propose October 13 routes from Marseille to France, Europe and the Mediterranean from 50 euros one way, a way, she says, to launch an "offensive" against the low cost.

Moreover, the energy values ​​react more weakly to kick off the giant tender (about 10 billion) government on the construction of an offshore wind farm with a capacity of production of 3000 megawatts.

Several candidates have already expressed: the consortium GDF Su ez (-0.84% ​​to 24.08 euros), Areva (-0.81% to 24.50 euros) and Vinci (-0.92% to 41.98 euros), another consortium Areva and combining the Spanish giant Iberdrola, EDF EN and all (-0.01% to 39.67 euros), Alstom (-1.2% to 40.76 euros ) and Dong Energy.E. ON and EDP-R have also responded to the tender.

Total (-1.09% to 39.53 euros) could write off some tax benefits. Following the controversy triggered by the imposition of any large groups of the CAC 40, Total could give up to enjoy the tax shelter known as "worldwide profits." The CEO also announced that he would pass to the pump the recent increases in crude oil prices.

Mergers in the telecoms

Bouygues Telecom, a subsidiary of Bouygues (-0.85% to 28.63 euros). The smallest of the three French mobile operators own their own network announced Monday the signing of a framework agreement with Spain's Telefonica, which will allow it to benefit from the infrastructure and the size of its new partner.For its part, rival France Telecom (-0.63% to 14.17 euros) was approached by the television channel in Qatar, Al-Jazeera, for the redemption of Orange Sport. Discussions are in progress.

Sanofi (-0.94%, to 55 euros). The laboratory has sold its dermatology at Dermik Valeant Canada for $ 425 million (300 million) to focus on its platform for growth in the United States and Canada.

Airbus, a subsidiary of EADS (-0.15% to 23.16 euros), would be willing to sell out to rival Boeing. The European aircraft manufacturer could make significant price reductions to crop market share with its U.S. rival in the U.S., in connection with the tender launched by American Airlines, says the Wall Street Journal. The U.S. airline expects to order 250 aircraft.

On the other hand airlines could face a strike in early August.The union of airline pilots SNPL filed a strike notice for all French airlines from August 5 to 8, written Tribunedans his edition of Monday.

Ipsos (-0.06% to 32.76 euros) could be thwarted in his plans to return to UK Synovate. In fact, the British investment fund would be willing to put 675 million euros for the acquisition of Synovate, the tamping pin to French Ipsos already in discussions with the company for market research, according to information from the Financial Times. The Aegis Group, which owns Synovate, however, have rejected the offer.

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Promises kept. A year after arriving at the head of Corsairfly, Pascal de Izaguirre, its CEO, says that the recovery of the former charter airline moving faster than expected. Called last month to drive the overall activities of TUI Travel to France, he now heads, in addition Corsairfly, Nouvelles Frontieres, Marmara, adventurer and Tourinter.

Moribund, the company benefited last year from 302 million recapitalization of TUI Travel, its parent company. But the fruits of this reorganization does not necessarily fall into a logical order: as next week, will open its first salon Corsairfly "Grand Large" at Orly, and late June in Fort-de-France and Pointe-à-Pitre, then that its planes have not been renovated. It will take another year, when two A 330-300 operated by TUI will enter the fleet, so that all devices are "lift".Backstage, metamorphosis accelerated attrition plan, rather generous, attracted over 200 applicants, so it was for only 118 posts.

Pilots and flight attendants work more

And negotiated labor agreements with pilots, flight attendants and ground staff have increased the productivity of the company: "All have agreed to make substantial efforts to increase the number of flight hours without increasing compensation, "said Pascal de Izaguirre, CEO Corsairfly personal business card. The cabin crew will spend this winter of 560 flight hours on average per year to 700 hours, while drivers will increase from 640 hours to nearly 800 hours.

Moreover, investment in reservation systems and payment should increase the company's revenue."In ten days, Amadeus will become our single booking platform," said the CEO, which aims to achieve 30% of Internet sales and 30% of sales via TUI.

Since October, Corsairfly grew overall sales by 15% while its class Grand Large – the equivalent of business class – would have increased by 30%. "From the winter of 2011, we will only have regular flights," said Pascal de Izaguirre. A fourth weekly frequency to Mauritius and a fourth to Miami will be added to the catalog of the company while the direct flights to Pointe-à-Pitre and Fort-de-France will become daily. "We're ahead on the roadmap that we had set our shareholder. We will be in balance by the end of 2013. But today the reorganization of Corsairfly appears as a trial run.TUI now expects Pascal de Izaguirre submit a new flight plan to relaunch this time Nouvelles Frontieres.