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Very touched by the toxic loans, these loans whose interest rates can soar, the Socialist Mayor of Saint-Etienne, Maurice Vincent, claimed that the government take responsibility. "The Ministries of Economy and Interior are asking us to manage ourselves the question with the banks negotiating with them. But this can not be a solution! "Storm elected.

St. Stephen was able to renegotiate certain loans: from toxics declined from 70% to 34% of its debt. But not all. Because in some cases, banks are asking the community to pay a cash adjustment to transform the high-risk loans in a normal loan. The principle of the balance is logical: the bank must be "compensated" as she would have received in interest rates high – up to 24% in Saint-Etienne with toxic loans.But its amount, which varies according to market conditions, may be prohibitive. "For a loan of 20 million, Deutsche Bank in early 2010 we asked a cash payment of fifteen million. It had no advantage for us, "said Maurice Vincent. Which concludes that most communities are in this case. The Court of Auditors number between 7 and 12 billion the amount of toxic debt, total debt of a community of 160 billion. The mayor of Saint-Etienne believes that the cash payment to pay to get out is now about ten billion euros, given the market conditions. Or communities can not afford to pay such a sum to get rid of loans at risk.Or more precisely, they could afford at the cost of tax increases – from 15% to 20% in Saint-Etienne after its mayor – and lower public spending.

"That's why I want the government set up a bad bank," concludes Maurice Vincent. This structure would take over the toxic loans communities, which would then be freed of the problem. This would be the banks that finance the bulk structure défaisande. And so that would take the loss. So far the government has been opposed to this idea. And the Court of Auditors as well.

Communities have, however, a weapon used today: the trial. Saint-Etienne sued the Deutsche Bank and RBS (Royal Bank of Scotland), including failure to board. The first verdict next year.And in the meantime, the payment of interest is suspended.

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Free for now will accept cash, or take away from the call for applications for licenses 4G. Wednesday, the Council of State rejected the application for an interim operator to obtain a spreading of the payment. The sages have ruled that Free was justified "or a breach sufficiently serious and immediate interests, or consequences that may affect sustainable competitive market structure that would be likely to constitute an emergency." In other words, not Free convinced that the call for candidates favored the larger operators, who have the means to immediately implement the fixed portion of the license.

Free for all is not over. The State Council will consider the application for annulment of the procedure "in the coming months." Meanwhile, the call for applications for these frequencies will take its course. And the timing is tight.The operators concerned must submit an application before September 15 for the 2.6 GHz band and before December 15 for the 800 MHz band, which relate to the state at least 2 low fee payday advance.5 billion euros and accelerate access mobile Internet. "We were as far as possible to encourage competition. But we also need strong operators, able to achieve very significant investment for years to come, "explained the Minister of Industry Éric Besson Le Figaro on Monday.

Two other cases against the call for applications for licenses 4G remain. Several unions require the licensing to be accompanied by a clause of "location of jobs in France." Bouygues Telecom, for its part, denies that the operators have to bear the costs associated with the 4G frequency interference by the signals of TNT."We assess that risk to less than 2% of homes," said Eric Besson minimized Monday in Le Figaro. In response, however, the government will establish "a single phone number with a small call center, so that individuals can report any such interference on their TV and get the linkage with the responsible operator."

New blow for SocGen. 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 organize and advise an investment 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 payday lenders.

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, said she 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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Washington, our correspondent

Dominique Strauss-Kahn said goodbye as expected Monday afternoon in Washington with his colleagues in the IMF. Refusing to say more, the spokesman confirmed that DSK was also "briefly" met with Christine Lagarde before. It was "private meetings" held at the request of DSK and that the press was not invited.

The IMF staff was asked to say "goodbye" in a room usually devoted to the headquarters press conferences. Tea and coffee were served. Dominique Strauss-Kahn is mounted on the platform to speak for ten minutes. He wanted not only to greet his colleagues, but he also apologized twice "for the harm done" to the institution.

A lot of people to greet him was in a hurry. "Several hundred" witnesses said. "He was applauded.The atmosphere was warm, "commented one frame. Many, especially women, especially African, wanted to be photographed with him.

DSK told his audience of the importance of imagination in the IMF mission. He also said that if their recommendations had been followed eight months ago, Europe would not be where it is today.

A popular leader

The ousted boss of the IMF gave no indication of its political intentions or professional on his return to France. He however praised the speech made Saturday by Christine Lagarde warned that the G20 leaders risk of relapse into recession and the need to practice in the short term even the stimulus spending quick cash.

The former CEO had arrived with his wife Anne Sinclair to 3:30 p.m. at the wheel of his Audi.He chose to enter quietly through the underground garage and left the same way.

Dominique Strauss-Kahn was popular with staff. He recognized great qualities to have changed the image and practices of the IMF during the financial crisis. The institution is now much more visible in debates on the reforms to be implemented to combat the crisis. It is emerging as a kind of secretarial and "think tank" of the G20, while providing enormous resources urgently to stabilize countries in crisis.

Critics of economic policies made by the IMF are more biting than in the past. The contribution of funds to support plans to indebted countries in the euro area is crucial, both in terms of funding and conditionality. Provided the results of these plans are not yet up to the expectations.And recommendations to the rich countries do not seem to be better monitored than before.

Employees recognize the IMF provided that their favorite patron has made huge mistakes personal trial and that the abandonment of criminal proceedings against him can not be the "whitening" or erase their mistakes.

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The Italian government, which has set a target to stop the speculative pressures of markets on Friday adopted an emergency order providing for a new austerity plan amounted to 45.5 billion euros over two years. These austerity measures designed to recover 20 billion euros in 2012 and 25.5 billion in 2013. Their adoption will enable Italy to cancel its public deficit to 3.9% today – by the end of 2013.

For the first time, the prime minister Silvio Berlusconi has agreed to weigh the tax burden with a "solidarity tax" on higher incomes. According to leaks distilled by the social partners, this contribution could rise to 5% for every € 10,000 for employees earning over 90,000 euros, and 10% in excess of 150,000 euros. Self-employed workers earning more than EUR 55,000 will be taxed at 41%.However estates and housing will remain free of taxation. A single tax of 20% will be charged on income from capital, currently 12.5% ​​against and 25% of bank deposits.

Aggressive fight against tax evasion

The introduction of fiscal federalism will be early in 2012, the government hopes to make them more aggressive fight against tax evasion. It will become mandatory to report transactions of more than 2500 euros and harsh penalties are provided for activities not issuing bills or receipts, up to closing. The project plans to make savings, the merger of provinces (38 disappear) and municipalities (in 1500 should be merged). On productivity should be increased with the removal of bridges and the automatic transfer of national holidays on Monday.

The cost of the policy will also be cut with the elimination of 50,000 positions elected at the central government and local communities. Heavy sacrifices will be required to Italians in particular as regards social welfare (social services and family) who will suffer next year the bulk of the effort (about 20 billion euros) all levels of assistance and social transfers to local governments will be affected. However the Northern League had opposed the cuts, pensions will be spared. Women in the private sector will be encouraged to continue working until age 65, or 7 years older than today.

Silvio Berlusconi said his "heart bleeds" to the idea of ​​going against his promise to "never get their hands into the pockets of Italians."But he justified his decision by "the dramatic situation", stressing that the new measures were "inevitable." He added that "the vote in the council of ministers was unanimous." Silvio Berlusconi said that the new measures "are in line of what had been hoped the European Central Bank."

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Find a solution to the debt crisis before the holidays. This is the roadmap of finance ministers of the euro zone next week. The European Council President, Herman van Rompuy, do not let them choose by calling Thursday for a summit. In the meantime, they must agree on the terms of a new plan of aid to Greece, the key to stability in the euro area.

"Our agenda will be the financial stability of the euro area as a whole and the future funding of the program (help) Greek," said Herman van Rompuy in a statement released Friday night. A summit should be held this week, but the disagreements were apparently still too large to meet the ministers of the euro area.

Friday, the German government still insisted on the need to reach a solution on this point before considering a meeting at the highest level."It's not a meeting in itself will help Greece, is a new program," said Berlin spokesman of German Chancellor Angela Merkel, Steffen Seibert. A meeting will take place only if "it makes sense and is necessary," he added.

"Practicalities"

The fact that the president of the EU sets a date for the meeting means that the countries of the region are close to an agreement to overcome their differences on the plan must shelter Greece until 2014. The difficulties relate to the private sector. While States have agreed on this principle, "the element that continues to be discussed is the scope and practical arrangements," said the Belgian Minister of Finance Didier Reynders.

This question, seemingly technical, is the more political aspects.Specifically, Germany would like the creditor banks of Greece their hands to the portfolio. German Chancellor Angela Merkel does not want to antagonize the public, tired of paying for its European neighbors. The German solution has the potential to place Athens in de facto default. An option rejected by the European Central Bank (ECB), France and Madrid. "We made good progress" in discussions of the issues that upset "but there is still work to do," said a source close to the talks.

"Treat the Greek problem '

These dissensions troubled financial markets in the euro area. The crisis reached a new level this week, the contagion affecting Italy's third largest economy in the euro area. Rome, however, managed to extinguish the fire in the markets by adopting an emergency in the austerity plan of 48 billion euros.Publication of the results of stress tests of European banks on Friday could also help calm the fears of investors.

If the finance ministers do not want to disturb the relative calm, they will present next Thursday, practical solutions. "It should address the problem of Greece, as a starting point of an overall therapy," say economists at Credit Agricole. The recipe that will be applied to Greece as an example. "

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Time is running out. While the U.S. may be in default of payment if no agreement is reached on the debt by August 2, Barack Obama issued an ultimatum. Before starting a meeting in 75 minutes Sunday night with parliamentarians, the U.S. president and said "must" that Congress reached agreement on the debt within 10 days.

After discussions between key leaders of Congress – Democrats at the head of the Senate and the Republican majority in the House of Representatives – Barack Obama said he will hold a press conference Monday at 17 noon, Paris. The negotiations between elected to continue thereafter.MPs also plan to meet every day until they reach an agreement, says Bloomberg.

Despite the optimism displayed by the U.S. Treasury Secretary Timothy Geithner, who believes that "the U.S. will not default," the discussions on key topics such as tax increases or program of government spending have little progressed. Republicans and Democrats continue to disagree on the remedies to lower debt. "It is appalling that the president and his party continues to insist on the need to raise taxes in a crisis when they refuse to reduce spending," said the spokesman of the Republican minority in the Senate at the end of meeting Sunday night.For her part, Nancy Pelosi, representative of the minority Democrats in the House of Representatives, is confident that "a consensual agreement is reached (…) it could, she says," include more cuts in public spending but on a longer period. " But she says being uncomfortable with the idea of ​​"saving billions of public health."

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Christine Lagarde supports rained since the announcement of his candidacy for the general direction of the International Monetary Fund (IMF). Not surprisingly, governments that had made her the ideal candidate have confirmed their support Wednesday.

Germany supports and "strongly" the French Minister of Economy and Finance."Madame Lagarde is a person with great skill, which it acquired after serving for years of senior positions in the private sector, in politics and in the government of his country," said the door -Seibert Steffen government spokesman who said that Christine Lagarde control "at best" the issue of the crisis of debt in Europe, "which is especially important."

For its part, the Polish Finance Minister Jacek Rostowski said that "it is a very good candidate, it is difficult to imagine a better candidate and has the support of the Polish government," he told reporters.

Previously, Didier Reynders, Belgian Finance Minister, assured the minister of his country's support, yet he who had expressed interest in a candidacy."This could be the first opportunity to see a woman lead the IMF and organization of this kind, so there is a consensus in Europe to support the candidacy of Christine Lagarde. There may be different candidates but it is an excellent candidate "has o say there.

The idea of ​​unified support from Europe to the French minister is confirmed by a statement by José Manuel Barroso, President of the European Commission.According to him, "the Commission, which has very close working relationship with the IMF considers that the character of Madame Lagarde, and its commitment to strengthening global economic governance are essential to ensure the mission of the IMF and its vital contribution to international economic stability. "

These reactions should be followed by those of Italy, Austria or Luxembourg, which had all three joined Christine Lagarde even before his candidacy official no teletrek payday advance. The latter has even managed to win the support of British Prime Minister David Cameron.

The United States more divided

Outside of Europe, which concentrates 35.6% of voting rights at the IMF Board, Christine Lagarde has only to win the support of the United States (16.8%) and Japan (6, 25%) to be elected. Here the task is more complicated.On Wednesday, the U.S. Treasury Secretary Timothy Geithner, has shown divided between the French and Mexican Christine Lagarde Agustin Carstens it considers both "very reliable". Paris should take advantage of the G8 summit that starts Thursday at Deauville tomorrow to try to tip the balance.

Agustin Carstens could attract heavy weight of emerging countries. Brazil, which today welcomed the fact that "there is more than one candidate" for the post of head of the IMF, has rightly said he would visit the country next week to get the Brazil supports.

Since the only rumor about a possible election of Christine Lagarde, calling for two more as the direction of the institution they finally return after a reign undivided Europe.Pessimistic, India on Wednesday said that "unless the shares eligible to vote that many countries hold the IMF to be changed to reflect new economic realities, it will be extremely difficult for a candidate non-European to win the election. " Even China has expressed support for the candidacy of Christine Lagarde, as the government spokesman, Francois Baroin.

The French finance minister, now in season, will begin a world tour to try to rally to his cause the most reluctant government.

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Anne-Marie Gaignard: spelling kill me Cadremploi

We used to say "spelling is the science of donkeys." Perhaps, but in the business, at work, in exchanges of emails and documents, some errors go to the giddiness, but others are a social marker discriminating. Woe to those whose superiors are watching. A deal done wrong can they play tricks and sometimes cost them their jobs. Anne-Marie Gaignard help senior executives and sometimes to correct their deficiencies or improve their level.

Anne-Marie is a passionate Gaignard. Her stories are excessive, removed, scarcely credible, but they say the plight of those who played a spelling trick. She knows whereof she speaks.It was no spelling, if it has no disabled until it takes the bull by the horns and decides to invent a method to remove the mistakes and never fall into the traps. She speaks with passion and sometimes by a common emotion, because behind the adult who is wrong, there is often a child who did not understand or who has missed an explanation. His method, Anne-Marie Gaignard uses today in its courses and broadcasts with the rage of a convert. It comes from afar and never forget.

The earthquake that rocked the small Spanish town of Lorca and killed 8 people, has struck a very agricultural area and little industry. An advantage when it comes time to estimate the cost of the disaster. Insured losses (excluding public infrastructure), however, could represent "tens of millions of euros," said Baunay Yorik, director Ubyrisk and specialize in the study of natural hazards.

"The earthquake seems to have caused more damage than the information from its one magnitude 5.1 on the Richter scale, could suggest," says the consultant. "This reflects the fact that the epicenter was only 10 km from the surface." Nothing to do yet with the earthquake of 2009 that destroyed the Aquila, Italy: he had killed 308 people and cost nearly $ 2.5 billion. Nothing to do with either the earthquake and tsunami, which struck Japan in March.This disaster will cost 217 billion euros.

A region rather poor

Wednesday's quake hit a rather poor part of Spain. The Autonomous Province of Murcia, where Lorca is only in effect for only 2 no teletrack payday loans.5% of gross domestic product compared to its 3% of the population. "Beyond the human cost and trauma it caused among residents, the earthquake is unlikely to have major economic impact," said Jesus Castillo, an economist at Natixis. "But the consequences can be severe for some small local contractors whose production tool has been damaged by the disaster."

Lorca is also home to a factory in Swiss cement giant Holcim. "The 53 employees are safe," a spokesman reassured the group Thursday morning. "The site itself has undergone some very minor damage, which does not involve the production chain.Power was cut, the plant discharged and engineers currently auscultate the site. "The group does not specify how long the plant will remain shut down.

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