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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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Up to 12 billion euros in the envelope for help in Portugal will be used to increase the level of strength of banks. Tuesday night, the Portuguese Socialist government resigned and the delegations of the European Union (EU) and International Monetary Fund (IMF) are in fact reached an agreement Surun bailout program for three years.

The amount of external financial assistance who does not seem to be completely fixed. According to the Prime Minister, it rises to 78 billion euros, but a senior source in the euro area said that "officially, the range is between 75 and 90 billion euros.Much depends on the final needs of Portuguese banks. "

Jose Socrates said his side that the terms of the agreement, "which defends Portugal", will give the country more time than promised by the government to meet its budget deficit targets. "It's a three-year program, which defines the objectives of a more gradual reduction of the deficit: 5.9% of GDP this year, 4.5% in 2012 and 3% in 2013," he said. Portugal had previously committed to reduce its deficit to 4.6% this year to 3% in 2012 and 2% in 2013.The imbalance of Portuguese public accounts in 2010 amounted to 9.1% of GDP, well beyond the target of 7.3% from the government.

Threatened breach of funding because of prohibitively high interest rates charged by the markets, worried about the solvency of the country, Portugal, who must repay five billion euros of debt in mid-June, had requested assistance EU and IMF on April 7, after Greece and Ireland last year.

In exchange for this aid, the EU and the IMF require an "adjustment program" consisting of austerity measures "ambitious" and structural reforms involving the major parties beyond the next parliamentary elections of June 5

Divergent opinions

The opinions of analysts on the plan unveiled Tuesday night diverge."The rapid deterioration in borrowing conditions in Portugal (which saw interest rates soar in recent months, note) placed the country in an untenable situation", says Jesus Castillo, an economist at Natixis. The plan "will give the country more time to restate its finances and pursue a policy of structural reforms to improve its competitiveness deteriorated."

The plan submitted by José Socrates, for its part considers Gilles Moec, economist at Deutsche Bank, "made no reference to concrete structural reforms to enhance growth potential." However, he continues, "Portugal's budgetary problems are only symptoms of the difficulties of the country, by their source."

Others worry about the aid itself. "The size of the loan appears excessive in relation to the needs of Portugal," said Ciaran O'Hagan, strategist at Societe Generale CIB rate.The maturities of the debt amounted to 10 billion euros per year and the cost of the deficit itself will be less than this amount. In total, Lisbon auait therefore need much less than 20 billion euros a year, he calculates. "We fear that the aid will reduce the incentives to reduce spending and increase taxes," concludes the analyst.

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Lefigaro.fr – Moral and household consumption in U.S. economic growth and lowered down. Yet financial markets are up sharply since the beginning of the year. How do you explain it?

Francis Mouté – The morale of Americans is not really half-mast. They are even more optimistic, despite rising gasoline prices. Getting back to your question, several factors explain the rising trend of U.S. exchanges: the zero interest rate, the excellent corporate profitability, liquidity held by many investors, the tension on the bond markets. U.S. investors have no other choice but to invest in the shares.

U.S. companies generally show very strong first quarter.What should we expect for the second quarter?

In the first quarter despite soft U.S. growth, U.S. companies that have operations in Europe and around the world have benefited from a favorable currency impact, due to the sharp decline in the dollar. We are more cautious on U.S. equities by the end of the year. We believe that the ticket of green should stabilize or even rise against the euro. And then this exchange will not make a favorable economic growth will remain weak.

What are the priority sectors?

Our portfolio is structured in the context of sluggish growth and high inflation. Thus, we are overweight the oil companies, gold and agricultural products.While rising oil prices do not impact the market price of oil companies due to additional costs (staff, investment, energy) and the next taxation imposed by governments, but the shares remain attractive valuations.

Despite what the President of the U.S. central bank, Ben Bernanke, the dollar remains weak. Is there a risk of the dollar crisis?

Certainly, but the weak dollar also arranges the U.S. for their growth. Hear the Fed saying otherwise is a joke. Given the depreciation of the dollar as investors rush to protect assets such as gold or real estate. U.S. monetary policy remains too loose. The proof is that interest rates are zero in the short term, while inflation is at 2.7%. Ben Bernanke's speech Wednesday was disappointing.Financial markets were expecting a change in language from the last meeting. It is clear he has not changed one iota. He merely found a decrease in growth prospects and rising inflation. Ben Bernanke does not surely expect that U.S. growth is still too soft.

The end of "quantitative easing" * In June he announced a hot summer in the financial markets?

It is not certain. On the one hand, doubts remain about the ability of the U.S. economy to get by without the injections of liquidity of the U.S. central bank (900 billion), which still represent almost 60% of the U.S. budget deficit. Secondly, financial markets know the conditions of release. So do not expect a collapse of financial markets from June.

The continuation of measures to support the U.S. economy is feasible?

Everything will depend on U.S. growth in the second quarter and oil prices. If the upward movement of black gold will continue, U.S. growth will remain sluggish in the second quarter. At this point, anything is possible including further measures to support the economy. The proceeds from maturing U.S. bonds held by the Fed, could thus be used to finance the acquisition of new Treasury bills. Conversely, if U.S. growth in the second quarter is high, the Fed will end its policy accommodation and financial markets will adapt.

The "quantitative easing" Is not the only way to revive the U.S. economy?

The "quantitative easing" is not in any way to revive an economy but to inflate the balance sheet of the Fed.The U.S. central bank can not indefinitely pursue a lax especially when we know that the debt of the United States own more than 30% by foreign investors. If monetary policy remains accommodative for too long, the risk of a bond crash is inevitable but by default support the equity markets. The U.S. financial situation is not very strong. Degradation by Standard and Poor's at the prospect of debt the U.S. is justified. However, the fact that the rating agency has dared to tackle this "monument" that are the United States, is surprising. So much so that the equity markets and bonds do not much mind. Investors do not believe a country like the United States may be degraded. They make it too confident for that.

* The "quantitative easing" (QE) is a monetary policy used by some central banks to increase money supply by increasing the excess reserves of the banking system.

The Barroso Commission is preparing a great tussle tax: it was unveiled on Wednesday a proposed carbon tax that would raise the price of diesel and coal, raising the ire of Berlin, London and the annoyance of reservations in Paris.

Reform, touted as essential to put the tax in accordance with the fight against global warming, is especially transport fuels and fossil fuels for heating. The minimum tax rate based on two parameters. CO2 emissions at a price of 20 euros per tonne to reduce harmful emissions.And energy content to promote the most efficient (9.60 euros per gigajoule for fuel and 0.15 euro for fuels).

"This is to encourage clean energy, biofuels and help reduce dependency created by imports of imported diesel," says Algirdas Semeta, Commissioner of Taxation. The unanimity of the Member States and a vote of the European Parliament will be needed to approve it, which is far from won, as recognized by José Manuel Barroso.

Diesel and fuel oil, which currently taxed, would be more. It would also be true for coal. The minimum rate for diesel would increase from 330 euros to 412 euros per m3 in 2018, an increase of 8 cents per liter. In essence, it would remain unchanged at 359 euros.

Arrangements

The goal is a minimum tax is unique in Europe.It would force it to align countries with low excise duties on fuels, such as Luxembourg or Eastern European countries who purchase Russian diesel. States that are above the floor could maintain their tax unchanged or even decrease.

This carbon tax would apply to transport, building and agriculture, responsible for 60% of the 4.9 billion tons of CO2 and other greenhouse gases emitted each year by the EU. The professionals of the sea would be exempt. Heavy industry and aviation are not affected because already incorporated a mechanism for allocating rights to pollute (ETS). Electricity is regarded as clean, is not affected at the stage of delivery.

Many improvements and grants are drawn. The dual mechanism proposed by Brussels to be operational in 2023.But he faces sensitivities as varied as the uses of energy. Germany, champion of the automotive and diesel engine, responded within the hour: "Reform is in the interest of neither citizens nor the auto industry, or subcontractors, or the environment, "said Minister of Economy, Rainer Bruederle.

France, supported in principle, fear the displeasure of its farmers and its roads. The United Kingdom, which already has a national tax, was opposed in principle to any tax imposed by Brussels. Ireland is on the same line, such as Luxembourg. Large consumers of coal, such as Poland, are finally hostile to any penalty.

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