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Investors play the card of caution in Europe before the announcement always expected employment figures for the month of September in the United States. Halfway through, the Paris index symbolically gives 0.42% to 3 062.55 points. Elsewhere in Europe, London slipped 0.30% to 0.27% and Frankfurt.

Thursday, the European Central Bank (ECB) announced a series of measures to help European banks to refinance. Global stock markets have accelerated their gains, the CAC 40 ended up sharply from 3.41% to 3075.37 points and the Wall Street lining up a third session in the green. This morning in Asia, the trend is bullish.

Nicolas Sarkozy, in addition, announced this morning that he will discuss the issue of a possible recapitalization of banks with German Chancellor Angela Merkel at their next meeting on Sunday in Berlin.A barrel of Brent North Sea crude for November delivery gave up 38 cents to 102.44 dollars.

Vallourec is lowering its forecast EBITDA

As for values, the banking sector remains very guarded. Dexia said in a statement Thursday that the Belgian regulator had requested suspension of trading of its title until Monday morning.

Credit Agricole (-2.81% to 5.30 euros) and Societe Generale (-1.93% to 20.28 euros) suffered some profit taking.

Vallourec (-3.92% to 42.25 euros) Friday revised down slightly its forecast for gross operating profit (EBITDA) for the second half because of the uncertainties surrounding the economy, but confirmed that an increase its production and its sales on the strength of the energy markets.

Gecina (-0.63% to 66.58 euros) is considering the sale of 500 million euros of additional residential assets to accelerate debt reduction.

EDF (0.77% to 22.22 euros) loses an ally in the U.S.: chief of the service responsible for issuing controversial loan guarantees from the U.S. government for the development of "clean energy", Jonathan Silver, resigned, according to the Washington Post.He was one of the main support for the proposed construction of a nuclear reactor at Calvert Cliffs, Maryland, supported by EDF and its U.S. partner Constellation.

Veolia Environnement (-2.71% to 10.61 euros): UBS lowered its recommendation on the value to "sell" against "neutral."

NYSE Euronext (0.31% to 17.77 euros) recorded in September increased volume of transactions on the cash market and derivatives over a year. Trading volumes of derivatives totaled 9.5 million contracts daily in September, an increase of 23.2% over the year but a decline of 8.4% from August. On the spot market, 1.9 million transactions were recorded in Europe, an increase of 34.6% over a year and a decline of 13.5% over the month. In the U.S., sales rose 12.3% to 2.6 billion shares daily volume. A month, 19.8% volume regresses.

SNCF never ceases to celebrate 30 years of its TGV. After the launch last May of a train specially decorated, a new celebration takes place Saturday night in the Gare de Lyon in Paris. The President of the SNCF Guillaume Pepy, and Nathalie Kosciusko-Morizet, Minister of Ecology and Sustainable Development, will attend a particular video show projected on the facade of the Gare de Lyon which left the first TGV, the September 22, 1981.

A few figures summarize the tremendous success of the first high-speed train developed by Alstom to accommodate all age groups, mobile executives, young, old … In all, nearly two billion passengers have taken in 30 years. 83% of French people have traveled at least once on board the TGV, which now serves 230 stations.

But the station pulled the alarm a few years ago commercial success, the TGV is not an economic powerhouse.The accounts of the industry are deteriorating, the fault, including the tolls the operator must pay to Réseau Ferré de France, the operator of the system for the use of high-speed lines. Today, nearly 30% of high-speed lines in circulation are not profitable. Guillaume Pepy regularly reminded that the company can no longer afford to invest in next-generation trains no fax payday loans.

The future railway landscape

Several projects of new lines are under way: the Rhine-Rhone, just opened, the Tours-Bordeaux, Brittany or the Loire region, not to mention the circumvention of Nimes and Montpellier. But others are virtual as the Paris-Caen. The success of the TGV has indeed given to the regions want to have "their" TGV.But the question of funding problem and use increasingly common in public-private partnership, a financing involving the state and communities in building a private group, is not a panacea.

After the festivities, Focus on the rail, a kind of rail Grenelle oragnisé by the Department, will again bring together industry players at round tables austere. Objective: To shape the future landscape railway … and give the French the prospect of other celebrations in the coming decades.

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The penalty was expected, but it still sounds like a shock. In the night from Friday to Saturday, the rating agency Standard and Poor's lowered the rating on the debt of the United States, and deprived of their "AAA" for the first time in their history. S & P said in a statement it had lowered the rating a notch, the best possible, to bring it to 'AA +'. It also downgraded the outlook to "negative", which means that Standard and Poor's believes that the next time the note will change, it is to be lowered again. The United States were rated "AAA" by S & P since the creation of this agency in 1941.They remain in the other two major agencies, Moody's Dean (since 1917) and Fitch Ratings.

Standard and Poor's, which had warned in April that it was considering lowering, justified its decision with "political risks" to see the country taking insufficient measures against its budget deficit. For her, the political debate on these issues is not up to the problems caused by a debt of more than 14,500 billion. "The plan for balancing the budget on which Congress and the Executive have recently agreed is insufficient compared to what, in our view, would be needed to stabilize the dynamics in the medium term public debt" said S & P, citing the law known as "control the budget" passed Tuesday.

The U.S. public debt to more than 100% of GDP

The first power of the world is, well, so sure before.The loss of this seal of excellence is expected brutal impact on the financial markets, difficult to imagine right now paperless payday loans. But while the financial world is upside down, the risk that markets continue to dive is high. The announcement of S & P comes in effect when the markets were closed for the weekend, closing on both sides of the Atlantic one week black.

For now, only Japan has responded. Second World holder of U.S. debt, Tokyo assured that his confidence in the U.S. Treasury and its strategy of purchasing these bonds were unchanged. But China, by far the world's largest creditor United States, found that she had "every right now to require the United States to address their structural problems of debt."

Two days ago, the U.S. debt has passed a symbolic milestone.Because it exceeded the threshold of 100% of GDP, just after raising the debt ceiling by Congress. The United States saw their public finances sealed by the harsh recession that crossed their economy from late 2007 to mid-2009. Since then, economic growth has returned, but they are not able to restore the health of their public finances. According to estimates by the International Monetary Fund, they should acknowledge this year, with about 9% of GDP, the highest budget deficit of the G20 countries, except Japan. It is sixteen countries rated "AAA" by Standard and Poor's, four of the G7: Germany, Canada, France and Great Britain.

(With AFP and Reuters)

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The king of the foreign exchange market is losing its supremacy.The dollar, already eroded by the successive plans and massive injections of liquidity into the markets by the Fed to support the economy of the first power of the world crumbles at full speed: everyone sulking the greenback, while the scenario of a failure to pay the United States, powered by the impasse between Democrats and Republicans on increasing the amount of the debt of the federal state could be realized.

If the financial world does not seem to want to believe in a U.S. bankruptcy – the consequences for the global economy would be "very, very, very serious," according to Christine Lagarde at the IMF – is growing concern as the rating agencies, Moody's and Standard and Poor's head, threatening more and more seriously degrade the note of the long-term debt of the United States, currently at AAA – the highest rating possible."This fear that the U.S. lowered rating is increasingly based," said Andrea Tueni, market analyst at Saxo Bank. Combined with poor economic data, especially on the face of real estate and employment falling for several weeks across the Atlantic, such news would further loosen the dollar "as investors are less likely to buy bonds U.S. long-term because they are less safe and more expensive, "said the specialist.

The euro could rate to about $ 1.50 without the Greek case

Faced with a dollar that loses value, the other major currencies, they, climbing mechanically. This rise is not seen on the exchange rate euro / dollar as the euro, too, was abused by his sovereign debt issues."The Greek case far from over, the German finance minister has even admitted today that Europe will still have to meet to resolve the European crisis. This weighs on the euro, "argues Andrea Tueni.

So on Wednesday, the euro it suffers more the situation in Europe as the dollar is disadvantaged by the issue of U.S. debt, the euro yield 1% against the dollar at 1.4369 dollar. But yesterday, the euro was trading more than 1.45 dollars, registering an increase of almost 1%. "Right now, the problem Greek counterbalancing about the American problem, so that the euro / dollar remains relatively stable. Without the Greek case, the euro could move above $ 1.45 even reach $ 1.47, "predicts analyst.

The Swiss franc at record high

But for the other major currencies, the effect of the dollar's decline is palpable.Especially for currency called "safe haven" to which those investors are turning in uncertainty and fear when the market gains. As the yen or Swiss francs. Indeed, Japan is concerned that the yen is so strong: for a dollar, you are under 78 yen. Unheard of. In Switzerland, the situation is unprecedented: the Swiss franc is the highest in its history against the dollar, which fell to 0.7996 Swiss francs on Wednesday.

Such inflation of the currencies directly threatens the economies concerned, particularly exporters. In Switzerland, the economic research he expected slower economic growth in Switzerland over the coming months, corroborating the analysis of the ETH Zurich. The prospect of Swiss GDP growth for 2011 was reduced by the Ministry of Economy to 1.5% against 1.9% expected earlier.What revive the theme of the currency war.

Countries react to contain the surge of their currency

A new central bank intervention Swiss and Japanese is possible. How? By buying dollars to turn back the greenback, and therefore, lower than their money. This is precisely what would have done on Wednesday India's central bank, the agency Dow Jones, which is to prevent the rise of the rupee, at its highest in 35 months against the dollar. Other Asian Institutions designated having exercised the same operation in recent days.

Brazil's real has not been as strong since 1999 (at 1.53 reals to the dollar), when the country began to make its currency fluctuate. Since the beginning of the year, the Brazilian currency has appreciated by 8.08% vis-à-vis the dollar.In 2010, the real had appreciated 4.6% against the dollar and 32.7% in 2009 after falling 23.17% in 2008, the year of the global financial crisis. This outbreak is explained partly by the decline of the dollar, but especially the effects of "carry trade" that make the real rising: investors are the difference in interest rates between the United States from 0 to 0.25%, and Brazil, more than 12%. On Wednesday, the Brazilian government announced the strengthening of control and taxes – up to 25% – on the derivatives market. "I think that this measure will be less profitable speculation, and I hope it will bring down the real," said Guido Mantega, Brazilian Minister of Finance.

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Rupert Murdoch warned that things will change. "Given the current problems by News International, we are taking serious steps to deal with the past and ensure that these problems do not happen again," wrote tycoon in an email to all employees on Wednesday. This shipment came a day after his hearing before a parliamentary committee in London, about the wiretapping ordered by the newspaper News of the World, which led to the resignations chain, including the head of Scotland Yard.

"Those who have betrayed our trust, will assume responsibility before the law," he said, adding that the group will emerge stronger from this crisis, but it would take time.

Trying to manage the crisis, the News Corp. has decided to publish an advertising campaign in the British press last weekend to apologize. According to the statement of James Murdoch, son of the founder of News Corp, which was published in The Guardian last Friday, the group plans to communicate widely to explain the actions the group will undertake in the future to manage the crisis. "Our company has made mistakes. She was indicted, but it will make developed to respond to unfair attacks, "he said.

The case made waves in Australia

The wiretapping scandal that broke out in Britain, is now cause problems for the media empire of Rupert Murdoch abroad.The Australian prime minister Julia Gillar said Wednesday in an interview in New South Wales that News Corp. will be forced to answer "hard questions" of Australians in relation to this matter. "I think there are many people who would ask questions related to the practices of News Ltd in our country," she said.The Australian arm of News Corp. News Ltd. controls 70% of the press in the country and trying to acquire other media in the country.

Despite the reassuring statements of Rupert Murdoch, News Corp activities pourraitent be permanently sealed by the case, which led Standard & Poor's yesterday to place the note in the group under surveillance before a next possible degradation.

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More calm, but not necessarily the trees that ascend to heaven. That's the feeling of professionals after a first half that gave them turn cold sweats and serious blows hot. Wall Street has ended sharply higher Friday, reassured on industrial production in six months and the CAC 40 gained 5%, not bad. But the last six months have not been a straight line, making investors 'waltz' sectors in their portfolios over the month. Next? The majority of the fifteen institutions we surveyed supports the actions. A conviction is not new, six months ago the answer was the same as other financial investments lack of prospects. But no one still believes in a peaceful market."The agreement to be on the U.S. debt ceiling will take over any concerns, we can expect markets corrugated iron over the summer," warns Edmond de Rothschild AM.

The jolts are therefore likely to be numerous. "Be a little patient and wait for the summer," advises Pictet. For individuals, two solutions: building a portfolio, forget the frenzy of the CAC 40 and look at the long-term performance by focusing in the range of performance. Or take advantage of periods of decline to make purchases with it like the pros. "The economic environment is still fragile and volatile, we remain cautious and prefer shopping on the decline," said Franz and Wezel at Axa IM.

Be opportunistic

Experts predict on average a CAC 40-4172 points (4%) in late December, while it has risen above the figure of 4,000 points Friday faxless cash advance.If these forecasts prove correct, 2011 would be a good year. This scenario is nevertheless undermined by the U.S. economic slowdown and the state of public finances in Europe and overseas. "Historically, growth slows sharply when the public debt ratio exceeds 90% of GDP. This will happen in many countries in the coming years, which will eventually be detrimental to the equity markets, "said Pierre Sabatier in Primeview. In this context, some sectors such as electricity producers and telecom operators, are considered sensitive by Pascal Heurtault Aviva Investors, their operating conditions can deteriorate suddenly due to changes in regulations.

Finally, the first half was disappointing those who had bet on emerging stock markets. Should we return to these places? "No.They always treat with a bonus to unrealistic expectations of growth without any problems, "says Alain Bokobza at Societe Generale in which inflationary pressures are still weighing. The development of emerging economies, however, makes it increasingly difficult global analysis. "We can target a few countries like China or Indonesia but staying away from Brazil and India," says Pictet. Others believe the potential of Russian actions. Schroders recommends devoting 15% of the pocket to the emerging international equity.

Pressure is mounting on the management of Air France-KLM. 144 MPs from all sides have signed the petition launched by Bernard Carayon, UMP deputy from the Tarn, to encourage Air France Airbus to focus on as part of a mégacommande of long-haul aircraft. Tuesday, Pierre Lellouche, Secretary of State for Foreign Trade, has announced its intention to meet with Pierre-Henri Gourgeon, the CEO of Air France-KLM to seek "explanations" about its intentions to purchase. The meeting should take place this afternoon.

For the government, bad foreign trade figures – which has grown to more than 7 billion euros in April – have sounded like a severe reprimand. Especially for companies with the state is a shareholder. Air France-KLM, it has "15%" of capital.Pierre Lellouche, but considers that the company can "pass the buck" in a state that has "greatly helped" the group "when he had problems with Brussels." A similar call to order the respondent last week at PSA Peugeot Citroën, after the revelation of its possible plans to close two plants in France. PSA is not a public company, but it has benefited from state funds during the crisis.

Strategic choice

Political pressure put on Air France is a measure of the challenge: a mégacommande – the first made jointly by Air France and KLM – a hundred long-haul aircraft. The project is described as historic by the leaders of Air France-KLM themselves: it should be in the tens of billions of dollars. The verdict of the direction the company should have to fall soon after the general meeting in early July.Now, executives of Air France-KLM believe that the announcement will probably be delayed for several weeks, "the time that the discussions become less passionate."

Internally, the political turn taken by the case shocks. Bernard Pedamon, the representative of the pilots on the board of directors of Air France said he was "surprised and displeased." "These are the strategic choices that can be for an airline. It is a commitment for twenty years which must respond to economic considerations, he says. Currently, we are witnessing the return of our old demons. The days when you could bring in managers office at the head of the company or impose choices of planes is a bygone era. "

At present, the weight of the two aircraft manufacturers in the fleet of the company is not the same lights.On all its long-haul aircraft, Air France Boeing totaled 63, 35 against Airbus. The company has indeed bought many Boeing 777-300 at a time when Airbus had no equivalent model. However, all of its medium-haul (ie 153 units) are Airbus.

The controversy of recent days is all the more surprising that for several months, officials of the fleet of Air France have expressed their intention to mix Airbus A350 and Boeing 787. "The case studied by our team for the purchase of these devices are not made on a corner table," said an executive of the company."We look at many criteria: the choice of engines, maintenance costs, the impact on our maintenance business …" considerations rather far from campaign issues.

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To reach its target of 7.5% deficit in 2011, Greece has no choice: Time to austerity measures. The rating agency Fitch has warned the country by cutting three notches last Friday's note from the long-term debt. And Minister of Economy and Finance, Christine Lagarde, has assumed the garb of Director General of the International Monetary Fund (IMF) which is designated as a favorite, calling for "results" to Greece.

Recognizing that international creditors are losing patience, George Papaconstantinou, the Greek finance minister, said Monday night after the cabinet meeting, the first wave of privatizations. The state holdings in the capital of the telecom operator OTE and the Postal Bank owned 16% and 34% by the state, will be sold by the end of the year.Management companies in the ports of Athens and Thessaloniki and the Water Company of Salonica, which owns 75% and 74% of capital will also be sold.

Continue the fiscal consolidation program

In the end, the government hopes to draw 50 billion of those sales. What he could save the payment of three billion interest per annum on the debt. The details of the new consolidation program will be released after the completion of the Troika mission and after consultation with all Greek political parties, "said George Papaconstantinou payday advance online.

Greece also plans to pursue "the fiscal consolidation program by taking additional savings or new revenues on 6.4 billion euros."Among them, lowering the number of contract of civil service, increasing the working time of employees to 40 hours per week instead of 37.5 hours or even tougher conditions for obtaining unemployment benefits. Chapter tax, Greece plans to lower the ceiling for exemption on the income tax, increase taxes on the trappings of wealth (yachts, luxury cars and swimming pools), to increase taxes gas, soft drinks and car registrations.

The Athens Stock Exchange lost 1.50%

With these measures, Greece hopes to get the green light from Europe and the IMF for the release of the fifth tranche of aid (12 billion euros) over 110 billion awarded in May 2010 by the European Union, European Central Bank and the International Monetary Fund.Shaken by new fears about the debt of Greece, the Athens Stock Exchange in the wake of other European financial centers, has dropped to 1.50% on Monday, closing at 568.94 points.

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At the Paris Bourse, investors have turned their backs on Monday's meeting. On Tuesday, the Cac 40 closed up 0.70% to 3908.58 points. The goal of returning to 3900 points is reached.

In Germany, the DAX index of the Frankfurt Stock Exchange closed up 0.18% to 7039.31 points and in the UK, the FTSE-100 index gaining key values ​​0.46% to 5922.21 points .

The meeting was facilitated by a series of publications. This morning already, Essilor, Faurecia has announced their quarterly sales figures. Tonight, one of L'Oréal is expected.Side economic figures in France, activity in the private sector has increased sharply in April, supported by the services, whose growth reached its fastest pace for over ten years, according to preliminary results of the survey Markit among purchasing managers released Tuesday.

European side, new registrations of passenger cars fell 5% in March on a year within the European Union (EU), show figures released Tuesday by the European Association of Motor Vehicle Manufacturers (ACEA). However, sales have increased in most European markets, notably Germany and France, which recorded a sales gain of 11.4% and 6.1% respectively.

Current accounts of euro area were in deficit by 7.2 billion euros in February, seasonally adjusted data, according to figures released Tuesday by the European Central Bank.

In the U.S., housing starts stand at 549,000 annual rate, while the market was expecting 520,000 after 512,000 in February (revised from 479,000). They display and a recovery of 7.2% over one month after a decline of 18.5% in February.

On Tuesday morning, the euro resumed 0.57% to 1.4310 dollar. Oil prices leave before the end of the afternoon in Paris, after dropping much of the day. on the New York Mercantile Exchange (Nymex), a barrel of light sweet crude for May delivery traded at U.S. $ 107.51 (+0.36%).

Faurecia and fly Zodiac

Side values, EDF (5.35% to 28.06 euros) headed the CAC 40 in mid-session.The redemption price of electricity to EDF's competitors is set at 42 euros on 1 January 2012. Eric Besson, Minister of Industry has confirmed the news Tuesday morning on Europe 1.

Faurecia is gaining 4.57% to 25.83 euros.Le group saw sales rise by 24% in the first quarter versus the first three months of 2010, an increase of 15% on a comparable basis.

Zodiac climbed 5.40% to 52.87 euros. Zodiac Aerospace announced Tuesday it raised its forecast operating margin for the year 2010-2011 after having almost doubled in the first half thanks to the recovery confirmed the aviation sector.

LVMH (4.24% to 114.40 euros) saw sales growth accelerate in the first quarter despite the earthquake and tsunami that struck Japan on March 11, while analysts had forecast a slowdown Growth of global luxury goods giant fast cash online.

Michelin (2.01% to 60.88 euros) announced Monday the signing of a Memorandum of Understanding with the Chinese groups and Double Coin Huayi for the creation of a joint venture dedicated to the production of tires for the Chinese market.

Essilor advance slowly from 0.80% to 55.13 euros. Specialist ophthalmic equipment has confirmed its annual targets by announcing Tuesday an increase of 13.4% of its turnover in the first quarter thanks to its good performance in Asia and Latin America.

Archos tumbles

Edenred (-0.79% to 20.17 euros) announced an increase in its turnover and volume of issuance in the first quarter thanks to strong performances in Latin America, while those in Europe are more mixed.

Soitec (+0.09% at 10.66 euros) reported an increase of 34.4% of its turnover in 2010 thanks to a rebound in demand in the fourth quarter and expects a EBIT "slightly positive" for the year.

The manufacturer of glass bottles Verallia, a subsidiary of Saint-Gobain (+0.38% at 43.80 euros), announced Tuesday it had filed with securities regulators its core document, the first stage of its introduction on the TSX Paris.

Audika (1.88% to 20.55 euros) has confirmed its target of annual sales by announcing an increase of 8.6% compared to the first quarter of 2011.

Guyenne & Gascogne (0.90% to 94.95 euros) posted a turnover up 4.5% in the first quarter of fiscal 2011, mainly supported by higher fuel prices in during the period.

Le Noble Age (-2.80% to 14.92 euros) has reported a 11.3% increase from its operating revenue in 2010 to 179.9 million euros and said it expects to 2011 on an increase of 7% at constant perimeter. Its operating profit gained 30.3% to 17.2 million while the group of nursing homes and health facilities was counting on $ 16 million.

April Group (+0.40% to 21.30 euros) on Monday announced the acquisition of the Elco, based in Montreal, a broker specializing in risk of damage for which the activity represented 10.5 million euros the last year. Elco, which employs 80 employees, will be consolidated into its accounts from 1 April.

Theolia (-5.63% to 1.34 euros) announced Monday it had charged an operating loss in 2010, hit by a major disposal plan that has sealed its production of electricity for its own account.

The French designer and distributor of consumer electronics Archos (-14.77% to 7.33 euros) will launch a capital increase of 26 million euros to support its growth.

L'Oreal will publish tonight after the close of trading in its quarterly revenue and Spir Communication, and Transgene aufeminin.com.

Tradeoffs on the reform of the ISF and the abolition of the tax shield are entering their final stretch. Nothing is yet officially decided by the Head of State, which retains three options on the table. She who holds the rope is a simple layout of the ISF. A line advocated from the beginning by the Budget Ministry. The threshold for entry to the property tax would increase from 800,000 to 1,300,000 euros. The assets of between 1.3 and 3 million would be taxed at 0.25%, and those beyond 3 million at 0.5%, while current rates range from 0.55% to 1.8 %.

But Nicolas Sarkozy, who has always said he wanted a broad reform may yet decide to complete elimination of ISF. Some lawmakers and tax experts argue that influential in this sense still hoping to be heard.They even defend a third option … radically different: let the ISF in the state and simply delete or edit the shield, for example by bringing his version of the Villepin government, 60% of revenues outside CSG and CRDS, against 50% today. The tax reform would be postponed heritage and become one of the presidential debate. "The idea of ​​not touching the ISF is gaining ground," admits a senior official of Bercy. Reason? "If we reform the TFR minimum we will only malcontents without any benefits election," justifies a tax close to the UMP.

Ultimate benefit of doing nothing: the government would not raise other taxes. Indeed, reform of the ISF assumes find 1 to 1.4 billion in new revenues in case management, or $ 3.2 billion in case of cancellation.The tracks mentioned are numerous: raising the tax on capital gains securities (stocks and bonds) and dividends beyond a certain threshold, increased taxation of life insurance for large estates, increasing inheritance, always for the rich no fax pay day loan. All these measures are difficult to sell a few months before the elections. Especially if relief ISF him, is implemented as at 15 June 2012. This point is one of the major issues of reform. A change this year would theoretically impact that next year, that is to say after the election. Bercy discusses how to pass this obstacle and allow the ISF to be eased in 2011, if the option is chosen for development.

Possible spreading of the shield

Given the time to vote on legislation that would require a shift this year to the date of declaration and payment of ISF, September 15, for example. "In this case, the state will lose revenue in 2011, concerned about the environment Gilles Carrez, the UMP rapporteur of the budget to the Assembly. A loss that could reach $ 1.5 billion. "It is enough in 2011 to exempt the first slice of households (800,000 to 1.3 million assets), which would cost $ 300 million. The redesign of the scheme would, she applied in 2012, moved the UMP deputy Herve Mariton.

The budgetary aspect is particularly important that the removal of the shield would have to fill the public coffers with delay. For taxes paid in 2011, sitting mostly on income from 2010, the state will send checks his shield in 2012 and even 2013.At Bercy and the Senate and House are working to limit this effect, by measuring cap or spreading of the shield.

Finally, when development of the ISF, the government can not ignore the few losers in this option: households whose wealth is between 1.3 and 1.4 million euros. "We are moving towards a relief for them on a case by case basis they would ensure stability of their bill ISF," said Gilles Carrez's entourage.

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