Whatever the final scope of the Franco-German compromise on a European recovery plan, a point is a virtual consensus: the European Investment Bank (EIB) will be further tapped. During his campaign, Francois Hollande has repeatedly cited the institution, explaining to want to see more funding for innovative projects. Chaired by a German, Werner Hoyer, the EIB has the added advantage of being compatible with the philosophy of Berlin in public finance.

Created after the Treaty of Rome, in 1958, this arm of the European Union acts as a conventional financial institution with its shareholders – the 27 EU member states – and its own funds – 232 billion – which it serves as collateral to raise funds on the market and in return grant funds to the public sector. In other words, an appeal to the EIB does not dig, as such, deficits in the area.

Finance ministers of Twenty-Seven will meet Tuesday morning in Brussels, the Governing Council to start work on the practical modalities of strengthening the institution. An exercise stress: no question that the EIB, currently rated "AAA" by the three major agencies, lose this precious document. Where applicable, the cost of refinancing is found in heavy and interventions become less effective.

Two schemes in the study

Request more loans the EIB is therefore to provide in return the appropriate funds. Two schemes are under consideration. The first is to rely on the EU budget. The idea of ​​bringing the Commission to the capital being strongly opposed by the Member States, the solution that emerges would be to use part of European funds as collateral for loans which would then be granted by the EIB. It is this pattern that has been adopted in Greece, for example where the Bank has committed to lend up to 1 billion euros for innovative SMEs from a guarantee of 500 million EU.

The second scheme – which holds the rope – is a mere increase of the EIB's capital, financed by the 27 shareholders. The magnitude of this increase would be about 10 billion euros, which would allow the EIB to grant 60 billion of loans that can generate around 180 billion investment, thanks to the leverage caused by the co-investment from the private sector. An overall figure on which refuses to engage the side of the EIB, "everything depends on the type of investment, leverage is stronger in the context of public-private partnerships in SME lending" says an official. However, the figure of 10 billion additional capital seems to be confirmed.

The impact is not negligible for the European states. The two main shareholders of the bank, France and Germany, which each own 16.5% stake, will write a check for $ 1.65 billion. And even if it is not, strictly speaking, additional debt, the stress on budgets is important. The talks between finance ministers will continue in the coming weeks, to stop a scheme before the European Council in late June.  

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"Vote and go anyway!" Displays the travel agency Nouvelles Frontieres, "Vote by proxy and win a free night for two nights and get" diffuse the tourist office in Les Sables d'Olonne, "Voting is open its mouth but better "placards at all is a sign of fast food in ten different languages, while the ski resort of Chamrousse proposed his" ski pass citizen "and that the General Council of Essonne offered tickets to a rugby match to persons who have completed their duty to vote. In short, all the slogans that incentives, like ideas, no lack of originality in recent weeks. The objective is twofold: to reduce abstention but also generate additional revenue, or at least ride the wave of presidential elections.  

When the ballot becomes a ski day

The tourist office in Chamrousse (Isère) has understood that he had a vested interest in dragging this track one: "We decided to align the end of the ski season with the day of the first round of presidential elections , by implementing a package to a Euro on presentation of the electoral map duly stamped "says Medhi Kerbati, director of the tourist office. Obviously, he had to get up early to vote at a time and enjoy a sunny day of skiing. The Director welcomes further: "In 2007, we sold between 300 and 350 pass the same day, while on Sunday we have been almost 4,000 packages a day, including 2800 'skipass citizens'." Therefore a boon to the small station with 90 km tracks. It would be even one of the best days of the season.  

Discounts or freebies appreciated

In Roubaix (North), fast food Burger Food Familiy partnered with the association "Brigade civic action" to grant 10% discount for two rounds of elections, upon presentation of the electoral map stamped. The manager, Ahmed Meguedmi, was very satisfied with the effects of operation: "We found that customers who were not usually crossed our doors, especially young people, but our clientele is 80% family time normal. On April 22, traffic on our restaurants increased by 30-40% compared to other Sundays, "he says. An approach more citizen when one remembers that Roubaix had obtained the record abstention in the first round of regional elections in 2010, over 71%. In the first round of this year's presidential, abstention remained high at 31.43%.

In the wake of the fight against abstention, in Arles and Aix-en-Provence (Bouches-du-Rhone), the taxi company and Co-bikes Taco has offered to the two rounds of elections free transport customers to their polling station. Was free from 8h to 13h, and the operation has been very positive as explained Aldric Monteux, co-manager of the company: "We were able to combine a citizen but also environmentally friendly, while trying to reduce the abstention. We have carried twenty, or forty trips. This was especially the elderly or people then cut transport, which would probably not displaced. "  

Campaigns sometimes left fallow

Another tourist office, that of Les Sables d'Olonne (Vendee), capitalized on an extended operation on the four weekends of presidential and legislative elections, of offering a third night for people who have established an attorney. In agreement with a dozen providers, the business case put forward here is quite as indicated Dixte Mathieu, marketing manager of the site of the tourist office: "We launched the operation on March 28 because not only the elections Presidential is a drag but tourism and more at this time we still see a drop in attendance of around 15-20%. It was a way to both promote our destination, and encourage people to vote. "  

The only cloud on the table: because of bad weather, the impact has been almost nil, although the website of the tourist office in question recorded an increase of nearly 17,000 visits over the same period (March 24 to 23 April) compared to last year. The operation, in turn, drained 1600 visits since the beginning of the operation.

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The auction winner will take over the shares of Bridgepoint funds (57% stake) and Apax (20%). Alain Afflelou he has planned to stay in the capital. It could even slightly increase its stake, now 22%. "This component has not yet been decided, it will depend on the nature of offers and future discussions with the fund that will prevail," says a close case.

The group, which produced last year a turnover of 785 million with 1,083 franchised stores, is valued around 800 million euros by connoisseurs of the file. To finance the purchase of three quarters of the capital, the next owner will have to fund raise around 300 million euros of debt. A challenge in the current, extremely volatile. The transfer operation, organized by the Banque Rothschild, commissioned last year, has proved complex enough to induce sellers to be cautious. "Bids are expected soon, said Didier Pascual, Chief Executive Alain Afflelou. But nothing is decided yet. The hypothesis of the IPO will remain open. "

A founder ubiquitous

The way back on the stock exchange, which would switch to vendors, if possible in the fall, when tenders found attractive can, was long regarded as the preferred option of management group, and especially its founder. Last June, Alain Afflelou Echoes indicated to not want a new leveraged buyout (LBO).

The entrepreneur has long maintained a difficult relationship with investment funds that have succeeded in the capital of the group. Starting with Alpha-Marine-Wendel, entered in 1997. By 2000, Alain Afflelou decides to regain control; with funds Apax, he released Alpha, which doubles his bet. The group then returns on the stock exchange, before leaving in 2008. Meanwhile, Bridgepoint has taken over half the capital in 2006, in a transaction valuing the company 500 million euros.

But the tone rises rapidly from Bridgepoint and Alain Afflelou, who wishes to provide for the succession of the leader, now aged 64. After months of arm wrestling, refereed by Apax, the owner agrees to step back and became chairman of the oversight committee in the summer of 2010. But the chief executive then hired a former McDonald's has to pack up five months later, before being replaced by Didier Pascual. Alain Afflelou is known internally for its ubiquity and influence. And there is the muse of the brand in advertising the group, making it unavoidable. Bain Capital and Lion Capital, the next business partner, will address these sensitive issues.

So that was played Saturday night clasico the FC Barcelona-Real Madrid, it's another training professional football in the city, Espanyol, who spilled the most ink in recent weeks. As the euro area, the club is indeed great lengths to put its finances. Last March, the boss from July 2011 to the current tenth of the Spanish league first division, Ramon Condal Escude, did not hesitate to explain that he would put his players on the transfer market at the end of the season, to bail out instant payday loan. For RCD Espanyol, it's nearly a million casualties in 2011 and a debt of 148 million euros (nearly 69 million euros to the Spanish tax authorities). Abysmal, while the club budget fluctuates from year to year between 40 and 45 million euros.

Fiscal austerity

Ramon Conde, head of the Catalan club and "Merkel football"

The ras-le-bol rises among users of TGV Nantes / Angers / Le Mans / Paris. And also the response … The members of the collective defense of Subscribers Line Atlantic (Ladala) took a new step in their protest movement against the repeated delays of the station, on the line leading to the capital. The trick to reach the railway portfolio. To do this, they have not hesitated to launch a "ghost TGV" massively by booking every seat of a TGV line in question. Of seats they will not play of course. Each member buying between 5 and 10 seats, 800 seats have already been blocked, all classes, as pointed out this morning on RTL Pascal Mignot, the representative of the collective.

Reaction except the SNCF, the train should travel empty, which would result in a serious shortfall. Because the protesters are concerned subscribers, a status that gives them access to places for a mere $ 1.50. And the date chosen is not trivial since the 250 members of Ladala have set Wednesday, May 16, the eve of Ascension Day and the weekend so great starts.

Greece of tickets

This is not the first time Ladala tries to voice his displeasure. Mid-March, the group had launched a strike of tickets and passes, along with daily rallies in trains and on platforms. Faced with the continuing delays and lack of financial consequences for the SNCF, the association thus increases the pressure, also taking on its website a statement of the duration of the movement, and delays on this line poor credit personal loans.

Faced with the accumulation of failures since the schedule changes in December 2011, their demands are clear: rate freeze on packages (over 500 euros per month), on-time to avoid disputes with employers, indemnity 2.5 euros per 10 minutes late, and got 150 euro for subscribers to compensate for failures of January, February and March. In total, officials estimate that the collective duration of 14 hours cumulative delays over this period.

Side of the Authority of the quality of service in transport (AQST, dependent on the Ministry of Ecology), although the figures show a surge in failures since November, with up to 30% of trains delayed . But since February, the trend seems to be improving. Apparently not enough to calm those subscribers, still wearing a badge "subscribers on strike," which also launched an online petition and sent a letter to presidential candidates. Denouncing a 18% increase in travel time on an ordinary trip to Le Mans / Paris, they have finally created a Twitter account inviting followers to list all the failures of the Atlantic line. An initiative that has been emulated the Creusot subscribers and Amiens have since joined the movement.

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Less than three weeks of its annual general meeting, it is very bad news just learned that the 40,000 shareholders of Berkshire Hathaway. Buffett suffers from prostate cancer.

"This note to say that I was diagnosed with prostate cancer stage 1. The good news is that my doctors told me that my health does not put anything in my life in danger or does not weaken me enormously, "says legendary investor highly respected in the financial community, in a letter. In his message, he explains that he and his doctors decided he would undergo radiation therapy for a period of two months starting in mid-July.

This protocol will restrict its ability to move, but not prevent it to work everyday, he said. The shareholders of its holding company, Berkshire Hathaway, will be required to the evolution of his health, he further said.

However, the American billionaire sought to reassure its shareholders. "I feel very well – as if my health was perfect – and my energy is 100%" guarantee multibillionaire. More importantly, this announcement comes six weeks after the guru of finance said that the estate is already assured. He concluded: "I will inform the shareholders (Berkshire Hathaway) immediately if my health changed. One day, of course, it will happen. But I am convinced that this day is still far from us, "he concludes.

European capitals have asked the Commission to bone up on the fight against unemployment, but many probably not appreciate his advice: the lowering of wage costs to the free movement of labor across the EU through a minimum wage "modular", Brussels risk of setting fire to the powder to the left and right.

The document, which will be released Wednesday, could also ignite the French debate around employment and Europe, with five days of the first round of presidential elections. As Nicolas Sarkozy, Brussels appears for a lower wage cost burden on businesses. It is a "privileged instrument to strengthen the labor supply," says the latest version of the text obtained by Le Figaro. The Commission suggests alternative resources as VAT, taxes "green" and property taxes.

Another proposal leading risks in contrast to spark outcry among conservatives, echoing an old controversy about the "Polish plumber". This is to overcome the final obstacles to a single labor market in Europe, the U.S. model. "Labour mobility is not sufficient in the EU (…) In order to exploit all the possibilities, it is crucial to ensure a balance between demand and supply of jobs" at European level , the authors note.

Red cloth

On this front, the Commission advances two tracks dangerously undermined. The first is the end of restrictions on employment of Romanians and Bulgarians, programmed by treaty by the end of 2013 but refused by nine countries, including France. The second is the opening of national public employment to all EU nationals, except as validated by the sovereignty of Justice.

Finally, Brussels waving a red rag in front of the entire European left: that of a national minimum wage that could be differentiated by industry professional, provides a way she, "to support the provision of employment ". The authors do not specify the model. But they ensure that wage floors should be discussed "in consultation with unions and depending on economic developments."

The contribution of the Commission is only prospective. It is unlikely that the communication "Towards an employment-intensive growth 'lead in the state. But it looks quite controversial for the twenty-seven Commissioners wish to review it one last time with the college in full force Wednesday in Strasbourg. Against the backdrop of elections in France and Greece, José Manuel Barroso will leave the public presentation in Hungarian Laszlo Andor, Commissioner for Employment and Social Affairs.

For Brussels, it is clear that the challenge of unemployment requires bold solutions. Lagging behind the emerging powers but also the U.S., the EU has lost 4.5 million net new jobs since 2008. Since January, a second recession in three years has increased the average unemployment rate above 10%. And restarted at the same time a growth debate that nobody has yet really convincing answer

.

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Subject to market pressure, the Spanish government is ready to break all taboos to address the public accounts of the country. Latest idea, unveiled Monday on a radio by the Minister of Economy, Luis de Guindos: as health care are no longer free for Spaniards earning over 100,000 euros per year. "The regions are responsible for health and education spending. Take into consideration that, in the case of health expenditure, we have accumulated a debt of 15 billion euros and that this can not happen again, "justified the Minister.

The reform is far from being seated. But the Conservative government of Mariano Rajoy has indeed decided to initiate discussions with local executives on this delicate subject. "The regions have to give up spending much of what they spend today," said the budget minister, Cristobal Montoro, in an interview in El Mundo. This can only go through cuts in health and education, two positions that absorb 60% of the budgets of the Spanish regions. Even weakened, the Socialist Party, however, give account of the voice, his number two Elena Valenciano, who said that the decline of these two budgets was a "red line".

British example

If the regions are on the spot like is that they are the cause of the slippage of the Spanish public deficit, which reached 8 guaranteed online personal loans.5% of GDP in 2011 instead of the 6% forecast. To reduce the deficit to 5.3% the government has unveiled a new austerity plan (down from departmental budgets, cuts tax loopholes etc..). But that was not enough to reassure markets. Hence this new trial balloon, that was just after the Minister of Economy assured in an interview with the Frankfurter Allgemeine Zeitung on Saturday that Spain will emerge from this crisis "without outside help."

The idea of ​​restricting the access of the wealthiest households in the social system is not new in Europe. The UK in 2013 will remove child benefit when parents earn over 88,000 pounds (106,000 euros). In France, however, no candidate provides such a measure. Health, successive governments have preferred to increase the share paid by all French. One solution that the Spanish Economy Minister determines not to be "a panacea".

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Louis Welsh, CEO of aerospace group EADS, Airbus' parent company, for another few months, had assured him a few weeks ago the BBC: "We will continue and we will resist external interference." The confirmation of the German Ministry of Economics of a possible rise of Berlin the capital of the group could make the mission more difficult. The German government has indeed made a provision that could be used to repurchase additional shares of EADS.

Last November, Berlin had confirmed the recovery of half of the shares of the automaker Daimler, or 7.5%. The aim of the German government was not to lose ground against the French government retaining these shares in the lap of Germany.

But Berlin could therefore go beyond. The government has made a provision so that the public bank KF – who had already intervened in the case Daimler – can optionally be able to take additional units, the ministry said. In Focus, 4.5% stake now held by a group of private investors, shareholders also 60% of a consortium named Dedalus. This last group of public and private investors, includes, alongside great names of German finance Deutsche Bank, Commerzbank and Allianz, regional states in which EADS operates in Germany (Bavaria, Baden-Württemberg, Hamburg and Bremen ). Dedalus has a total of 7.5% of the aerospace group payday loan lenders.

Power relations

By the end of the year, the consortium Dedalus might decide to sell 4.5% stake. If he offers to the German State, it will be obliged to redeem them, the ministry said. Deutsche Bank and Allianz, who took 10% of each Dedalus at the time of formation of the structure in 2007, did not comment. According to the Financial Times Deutschland, the provision of government reach 1.6 billion euros. The new acquisition would amount to 12% of Berlin's participation in the capital of EADS. According to Les Echos, it could reach 13% if we add the 1% held by the public bank KfW in Dedalus. In front, France has 15% stake, and Lagardère 7.5%.

The balance of power at EADS are a sensitive subject. Recently, the German government has expressed its fears of excessive weight of France in his eyes in the division of roles and assignment of key posts, including the changeover from the center of gravity of EADS in Toulouse. Thomas Enders, Airbus President and current successor of Louis Galois, had proposed to his headquarters in Toulouse.

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A priori, the CAC 40 prefers the left. History shows that when the Socialists were in power, the index climbed an average of 5.9% per year, while a majority right does increase by only 2.12%. However, according to a study conducted in 2010 by researcher David Le Bris, the best stock market performance of the left are possible … with the right! In reality, everything is played just before an election: when the left is still installed but the government that the right was favored to regain power, while the CAC 40 climbed 9.6% in the three months preceding the election. Conversely, when the left was favored to grab a majority to the right, the stock market fall of 7.4% in three months. Statistically, we can predict that the Paris Stock Exchange lost ground in the coming weeks, if Francis Holland continues to remain the favorite in the polls.

Apart from this pre-election volatility, the stock performance of the left, however, are virtually the same as those of the right. "The markets have no political orientation. What counts is how to lead. And what they hate is uncertainty and risk, "said Alexander Hezez, responsible for managing AM in Convictions. According to him, the markets, which have so far joined the alternation, show no signs of panic and should not reproduce a May 1981 when Mitterrand came to power, the CAC 40 was won by 33%. For thirty years, governments of all stripes were infused into the economy leading stimulus measures, which led the public debt to soar from 20% to 85% of GDP without allowing full employment not support growth quick cash. "Today, the critical issues of fiscal consolidation and the continued construction of a Europe weakened by two years of debt crisis are incorporated into the curricula of the two main candidates," notes Xavier Lepine, President The Executive Board of the French PM. "Whatever the winner of the election, he will have his hands tied by these budgetary constraints and European," he says.

Still, Francois Hollande raises more questions than Nicolas Sarkozy. "PS The candidate seems to prefer higher taxes rather than reducing spending to clean up the public accounts, putting the French economy in danger and pressure rating of the country," notes the U.S. bank Citi. On the European front, the markets held in effect above all that the Franco-German partnership remains strong and welded. "If Francois Hollande did not ratify the European fiscal pact, it calls into question the future of the euro area", warning Gilles Moec, economist at Deutsche Bank. An implausible scenario for operators, who are betting that the PS candidate, if elected, will only add a paragraph on growth targets. "Provided that the markets are right," says Xavier Lepine.

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