"No engagement will not solve the demographic problem," still insisted the prime minister, noting that previous pension reforms of 1993 and 2003 had been "challenged" and "are now accepted by everyone."
The banks have apparently not learned the lessons he's passed. While the crisis has raised among investors need for transparency and simplicity in marketing financial products, Madeleine Guidoni, mediator of the MFA, criticizes them in his 2009 report published on May 28 last, having taken their bad habits: those not well enough informed their clients about their content that sells the Fund or market products that are too complex and not meet the expectations of their customers. What about the first five months of the year 2010? "We see no obvious improvement vis-à-vis the general public," she says. The marketing of financial products was the main (67%) claim of investors in 2009, in mediations.This is why at the end of April, a common pole with the supervisory authority was created "to strengthen the control of the marketing of financial products," stated the AMF said in a statement in May last. Called Insurance Savings Bank-Info Service, will come in three forms: a website, a helpline and a mailing address that will be implemented "in the month of June," says one to the AMF.
object width = "425" height = "344">
"Greece can she leave the euro area?
"What is the role of rating agencies?
"Greece can go bankrupt?
"Is there a risk of contagion to the rest of the euro area?
"What risks for European banks?
"Why do they attack the markets as Portugal?
"Does France have any reason to worry?
• Greece can she leave the euro area?
»Back to top
The want it – despite the financial risks – Greece would have the greatest difficulty to get out of the eurozone for legal reasons. If a Member State may be expelled from the EU if it no longer meets the political criteria, this option is not provided by the Treaties for the euro area. This legal vacuum is subject to interpretation."It is inconceivable that a Member State legally so the euro area without retiring in parallel with the European Union," says Phoebus Athanassiou, legal adviser to the ECB. As for expulsion from the monetary union, it would be "virtually impossible from a legal standpoint, because it would amend the treaties unanimously, says he, in a research note. Angela Merkel had called in March to exclude the possibility of a country does not fulfill the conditions of membership of the single currency. Without revising the treaties, the option of expulsion would be "perhaps achievable through the back door" by establishing a de facto monetary union with two speeds. The emerging countries could keep the euro as parallel currency.But it is more of a possibility is more theoretical than practical, as the hazards are many.
ALSO READ:
"Merkel should be able to exclude a country from the euro
• What is the role of rating agencies?
»Back to top
Rating agencies – the number three in the world – are private and independent agencies that assign a score to countries or financial companies. Investors rely on this note to know the risk level of bonds they buy. Each agency to its own methodology. Standard & Poor's, for example, attributes the "AAA" rating to the best transmitters, then descends to "AA" and "A" and "BBB". Each time, these notes are accompanied by signs + or -.Then, the notes come down to "BB" and are then considered to reflect the level of obligations "rotten" … In general, the rating reflects the percentage probability that the issuer will default. Thus, an issuer rated triple AAA, like France, has 0% chance to fail in three years. An issuer 'BB', as is now Greece, 23.08% to fail within three years.
• Greece can go bankrupt?
»Back to top
Photo credits: AFP
The International Monetary Fund (IMF) Wednesday nudged up its forecast for global growth but said the risks to the recovery, particularly the developed countries' public debt and imbalances in capital flows. In fact, the institution has maintained its growth forecast for the eurozone to 1% in 2010, while stressing the fragility of the recovery against the risk of the Greek budget crisis and its possible contagion effects.
In its "World Economic Outlook, the IMF now expects growth of 4.2% against 3.9% estimated in January. The forecast of +4.3% for 2011 is unchanged. In 2009, world GDP had declined by 0.6%.
"The recovery of the global economy has developed better than expected," said Fund."The activity recovers at different rates, timidly in many advanced countries, but strong in most emerging and developing," he noted.
Growth will be slower in Europe (1% in the euro area, 1.3% in the United Kingdom) and Japan (1.9%). It would be higher in contrast to the United States (3.1%). But it would mainly driven by emerging markets and developing countries (6.3%), the Asia head (8.7%, 10% for China).
In this context, the IMF expressed concern about the impact on capital flows."Estimates of IMF economists show that current account imbalances will increase significantly with the resumption of world trade, improving financial conditions and the stabilization of commodity prices at higher levels," said the institution No fax pay day loan.
"The currencies of a number of Asian economies remain undervalued in significant proportions in the case of the yuan, while the dollar and the euro remained strong over the medium term fundamentals," said the IMF.
In addition, the Fund insisted on another risk to global growth, the swelling public debt of developed countries.
While advising maintain expansionary policies in 2010, he believes that "many of these countries must also take urgent credible medium-term strategies to reduce public debt and then back to more conservative levels ."The risks associated with foreign states may depress the activity for a variety of reasons," noted the IMF.
"The high ratios of debt (relative to GDP, ie) would hinder budgetary flexibility, lead to higher interest rates in the general economy, increase the vulnerability of economies budgetary difficulties, and compressing the growth," he listed.
Finally, the Fund has called on governments to "repair and reform the financial sector, to end the gaps in regulation, and to" support the creation of jobs and the unemployed, the unemployment rate to remain at around 8.5% in developed countries until the end of 2011.
Wall Street starts the week with stability: the Dow Jones is quasi-equilibrium (+0.03%) in the first exchanges, the Nasdaq also (+0.06%). few minutes after the bell, the indices are moving a bit better: to 15.45, the Dox Jones up 0.17% at 11,016 points and the Nasdaq is 0.21%, to 2459 points. The S & P 500 wins he, 0.28%, to 1198 points.
The Nikkei closed up 0.42% to 11251.90 Monday lmatin points, supported by positive indicators published this weekend in the United States and by higher metal prices that has benefited the trading companies.
The U.S. stock markets have recently experienced six consecutive weeks of increases, an unprecedented series from the lowest 12 years and a half touchdowns in March 2009.On Friday, the Dow briefly crossed into the symbolic meeting of 11 000 points to finish at a cable that level at precisely 10 997.35 points. For its part, the Standard & Poor's 500 took 0.67% to 1 194.37 points and the Nasdaq Composite Index advanced 0.71% to 2454.05 points. Since its low point of March 9, 2009, the S & P 500 has now increased by 75%.
On the foreign exchange market, the euro is rising against the dollar this morning after the announcement yesterday by the countries of the eurozone plan the details of aid to Greece.The European currency was trading at just below $ 1.37.
Indicators to monitor
On the macroeconomic front, the week will be marked by several important indicators, as the index of consumer prices, retail sales for the month of March, industrial production, housing starts and the first estimate of the confidence index Reuters / Michigan.
The markets will also follow the hearing of Ben Bernanke, chairman of the Federal Reserve, the Congressional Joint Economic Committee on Wednesday and will monitor closely developments in the case of the Greek debt.
Alcoa will open the show publications
The week will be decisive for the U.S. markets. Investors will receive the first quarterly results of major listed companies.As usual, the aluminum giant Alcoa will kick off the season of publications, on Monday after the close of Wall Street. Analysts expected a return to profit, its first since a year.
Meanwhile, Alcoa shares are 1.53%, to 14.62 dollars.
The coming week will also be driven by quarterly results from Intel, Google, General Electric and JPMorgan Chase & Co. banks among others.
On the side of values, the oil industry runs the meeting. Friday Chevron (0.74%, to 80.1 dollars), without giving a figure, has announced an increase its refining margins in the first quarter. The group takes advantage of the rising oil prices and a possible improvement in its refining margins.The major U.S. must publish its accounts on April 30.
According to the press, the merger between United Airlines and U.S. Airways (2.73%, to 7.52 dollars) should be performed exclusively by exchange of shares.
The green color should still be the day the Paris Bourse. Comforted by the end of the Japanese Nikkei up on Monday, the CAC 40 should continue its momentum on Friday. The key index in Paris had ended the week up almost 2%, surpassing the 4000 points to 4050 points.
Investors should be reassured by Parisian rescue plan with Greek details, as expected, were finally unveiled this weekend. The European system, operational since Sunday, includes up to 30 billion euros in loan agreements with joint assistance from the IMF. The new fact in any case already boosted the euro. In morning trading, the euro is worth 1.3675 dollars, up 0.12% against the greenback.
On the face of macroeconomic indicators, no news likely to react to the markets is expected.Important data such as current accounts or French industrial production in the euro area, will in the coming days.
However, the quarterly publications begin Monday in France and the U.S. cash till payday. Intel, Google, Bank of America, or General Electric are expected across the Atlantic this week. The France oversee Alcoa or Atos Origin.
Values follow
In an interview with the Journal du Dimanche, the chief executive of Publicis said this weekend that the advertising investment is not expected to regain its 2008 levels by 2012.The latter also expressed readiness to re-evaluate its offer for the advertising of France Televisions, if the advertising was finally upheld.
France Telecom is in difficulty in Egypt where a court on Saturday confirmed its decision to block the bid from France Telecom on the minority of ECMS, the first mobile operator in terms of number of subscribers.
According to sources close to the deal, EADS will unveil its position on a possible bid to tender for the supply of tanker aircraft to the U.S. Air Force.
Alcoa publishes figures for its first quarter after market close in New York.
A first for a group of ACC 40.Total was indicted on 27 February by the French judge Serge Tournaire, corruption, complicity and concealment of influence peddling in the case called "oil-food cons", echoing the UN program established in 1997 for the Iraqis, when the international embargo following the invasion of Kuwait.
After the setbacks in terms of image for Total, with Erika – Total was sentenced on appeal to pay 375,000 euros – and AZF, this attack could further extend the negative perception of the French vis-?-vis the oil group .
A decision "incomprehensible"
The investigation started in 2002 had directed to various French personalities suspected of having distributed the early 2000s kickbacks to members of the Iraqi regime of Saddam Hussein that the group continues to source barrels of oil outside the framework imposed program of the UN oil-food cons.
Several officers and employees of the group had been indicted personally since 2006. But this time, it's Total as corporation that is under no faxing pay day loans.
"This decision (of indictment of the Total Group, NDRL) recommence the proceedings," said Master Veil, the lawyer of Total, has told AFP the date of the indictment, and thus confirmed information from the newspaper Les Echos."The judge took this decision against all odds, while his predecessor and the prosecution had held the contrary, at least implicitly," he added, saying the indictment "incomprehensible."
Total will watch his side surprised by this indictment, which "comes eight years after the commencement of the trial, with no new element has been placed on file," according to Les Echos.
Indeed, Serge Tournaire succeeded Xaviere Someone who had requested a non-place for all employees and former employees, and the boss of Total, Christophe de Margerie. In addition, Total said that "the report Volker independent commission of inquiry established by the United Nations had rejected any complaint of corruption."
ALSO READ:
"Total sentenced on appeal to the Erika disaster
"AZF: the appeal trial in early 2011
In discussions for several months, Renault and Daimler could seal the alliance next month. Reportedly, Renault convened April 6 board of directors on this extraordinary subject. Y will be referred to the amplitude of the partnership between the two groups and an exchange of shareholdings which reach a symbolic level of around 3% of the capital, the Financial Times.
The holding of this board proves both that the proposed partnership is strategic and that Renault wants to make a quick decision. The aim is to announce in the wake to shareholders of Daimler and Renault, whose general meetings held respectively on 14 and April 30.
A partnership on small cars appears to be established."We saw no fundamental obstacle that would prevent an agreement", said earlier this month Dieter Zetsche, head of Daimler, maker of Mercedes and Smart. Both groups were formalized in late 2009 for discussions on small cars. He would share components between models Renault, the successor of the Mercedes A and B and the Future Smart, and even create a common platform to both manufacturers for smaller models. The agreement would also cover vehicles and electric utilities. This would allow Daimler, which has lost a lot of money with its smart, make economies of scale crucial.
Carlos Ghosn, CEO of Renault, has never hidden his willingness to open the Renault-Nissan Alliance in a third partner, bad credit payday advance . Objective: "search for additional synergies.The owner of the mark in the Diamond does not believe the alliance cooperation without capital, only "a symbol that the relationship is long term." "It is difficult to ask the engineers of two competing companies to share fully their skills without the link," said he.
Participation Nissan
The Japanese Nissan, which Renault owns 44%, could also be part of the agreement with Daimler. According to the Nikkei, Daimler would provide bigger engines to Nissan, which in turn would make electric cars and batteries to the German group."If Renault signs an alliance with Daimler extent, I suppose Nissan will join the alliance," said a Nissan executive quoted by the Japanese newspaper.
An equity cross between Renault and Daimler mean that the obstacle of the valuation gap between the two groups (10 billion euros to 37 billion French and in German at the current rate) has been bypassed. To simplify things, Daimler would provide the 3.5% it owns in his own group, according to Bloomberg. Finally, the merger could also speed the withdrawal of Renault in Volvo AB, the truck manufacturer with the French group holds 20%.
Deliveries of goods for export jumped 45.3% in February in Japan, their biggest increase in nearly three decades. Exports rose towards all continents for the first time since 2007, according to figures released today by the Ministry of Finance nippon.
Despite the concerns of the Japanese government vis-?-vis the deflation threat, the dramatic rebound in exports could indicate the consolidation of the recovery so far seen as fragile and dispel any doubts about a possible recession.
The sharp increase reflects a recovery of global trade but also by a calculation that gives in February 2009 as the reference period. Japanese exports were then plunged 49.4%. Imports were up 29.5% last month.
The mobilization of Tuesday has been much lower than last year. 800,000 demonstrators responded to the appeal of unions on Tuesday by the CGT for a national day of action aimed at influencing government policy on political and social. If this mobilization came shortly after the regional elections, the appointment union had however taken immediately after the Social Summit in February, meeting at the initiative of the Head of State to discuss, among other things, the upcoming construction of the reform pensions.
Tuesday afternoon, thousands of demonstrators began to march throughout France. If 60,000 participants were recorded in Paris by the CGT, 10,000 people marched in Nantes, the source said, police still had no figures available. They were 7000 in Le Mans, police said. In Rennes, the mobilization seemed weaker.Lyon accounted as 10,000 demonstrators by police, and Marseille, between 12,000 and 50,000. Bernard Thibault, the CGT leader, welcomed Tuesday a "mobilization rather good, given the lack of communication media on the day of action, because of elections."
The strike of civil servants was also relatively followed in mid-day. The department estimated that 21% the proportion of striking teachers, estimated at 40% for the SNES-FSU, a rate higher than the previous mobilizations. 11.45% of the postal employees were also mobilized by the leadership. At the station, the strike rate was estimated at 28% by management, and 32% by the CGT.At RATP, it would amount to 14% depending on the direction, the CGT-RATP not yet have figures to communicate.
Pension reform crystallized discontent
Two main points Tuesday crystallized the opposition of unions, following the government reshuffle.
• Pensions: major point of contention between the unions and the government, the pension reform was launched at the Social Summit in February. While the dialogue should begin early April, several union leaders have spoken about this on Tuesday, sending a warning to the government. The CFDT leader Francois Ch?r?que has called for reform reduces inequality cash advance america ."Of course we must change our pension system, but it does not evolve towards greater social justice, this is again a loss of confidence in politics." Therefore, it could "be the sport at a social level," he warns. Jean-Claude Mailly, secretary general of FP, for his part reiterated on Tuesday his commitment to the LCI retirement at age 60, holding "absurd" the solution of longer working hours to alleviate the funding problems induced by the lengthening of life expectancy. "If we follow this logic, women live longer should work longer," he argued. As for Bernard Thibault, leader of the CGT, he believes "we can not impose reform on accounting criteria exclusively, also challenging the objectivity of the Advisory Committee of pensions. "This appointment will be very difficult to carry," he predicted.Probably heard a speech by the new Labor Minister, Eric Woerth, who insisted on Tuesday on the need to "protect" the current system "an equitable reform.
• Employment: while the unemployment rate back above the 10% in the fourth quarter of 2009, the CFDT called for taking further steps to assist employees affected by the crisis. Pleading for an appeal to partial unemployment, training rather than dismissal, the leader of the CFDT has also called for financial support purchasing power and resources center for sustainable employment. The employees "have the feeling that we no longer speak of their real situation since September. An impression they would have in his Sunday expressed through the ballot box. The government must now "give strong signals, and change of method," he said.A view shared by the leader of the CGT, Bernard Thibault, who on Tuesday urged the convening of a new social summit at the Elysee. The meeting, a time desired by the head of state says he would aim to "take stock of the situation regarding employment, economic and social policy and purchasing power for practical decisions for implementing fast.
ALSO READ:
"SNCF: traffic estimates for strike