This estimate was released Wednesday by the Institute for Research and Documentation in Health Economics (Irdes).Of course it raises a question of quality of care (from 5.3 to 7.1 adverse events "serious" occur for 1000 hospital days, showed a previous survey). But it also points a real financial issue: according to Irdes, "the total cost of ownership of these adverse events is estimated at 700 million" a year. Compared to 460 million deficit in public hospitals in 2010.

The average additional cost is 500 euros for birth trauma, often resulting in lighter and less than one additional day of hospitalization, and 20,000 euros for sepsis (18.5 days).

The head of the Italian Government is committed to the adoption by Parliament before Nov. 15 its plan to revive growth, the first stage at least. The measures were approved Wednesday by the Cabinet. Among the main liberalization of regulated professions and local public services, commitment to gradually raise the retirement age to 67, administrative simplification, auction of 15 billion euros in property assets of the state in three years.

This plan is in addition to 54 billion budget savings passed in September to restore public finances to balance by 2013, when the deficit reached 3.9% this year.

The first event will be played next week in the Senate.Silvio Berlusconi to seek the confidence for his government. He should get it easily, with a large enough majority in the House. In the process, he will present the text for final approval in the House of Deputies. It will be a different story. On October 15, on another vote, there was obtained the confidence by 316 votes against 301. But since his majority has disintegrated. Six deputies Wednesday, two more have defected Friday. "They will return to their positions," said Silvio Berlusconi in Cannes Friday.

Days numbered for the government

A release is actually unlikely. For four days, the Head of State Giorgio Napolitano multiplies the consultations, calling on all political forces, including opposition to "assume their responsibilities in Europe."

Can we talk of success? Yes, in terms of revenue for the state. Still, some believe that the French would hide 90 billion euros in the vaults of Swiss banks. Less than 10% of assets have been regularized. This raises the question of a new policy in the fight against fraud. Britain and Germany have signed an innovative agreement with Switzerland, called the "Rubik". From 2013, Swiss banks will levy taxes on the money hidden in their vaults by the Germans or the British, and then repaid to the treasury of their respective countries.

Fred and Farid are a pleasure to see. Proud owners of brand new premises in the ninth arrondissement of Paris, the duo is pleased advertising. Happy with his jokes, the generation of Digital Natives on which he intends to bury the lines of how pubar Séguéla.

At 40 years old, Fred and Farid are out of the woods: 200 employees, 40 marks, trophies crowning international campaigns lined up in the office they share. For those two did not leave.Like all of their employees is in open space, they share the same desk, in the same office.

Unshaven, a bit thugs around the edges, they like to do the evil spirit on the back of their sister Mercedes Erra, aimed valves, practice self-mockery and derision, claiming an instinctive diversity in the composition of workforce the agency and distrust of the original CV too low fee payday loans.

Fred & Farid met at the end of the previous century and could not framed in the beginning. The video shows them at home, the fact of advertising fame, the happy path. It robbed in the lobby of the new building, which they own, they have plastered their motto: "If one day you give up, we cut the head."Another way of saying that despite the years, it all starts today.

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"This is a world first, exclusive service and unprecedented," enthuses Jerome Yomtov, general secretary of Numericable. "We want to bring all the mobile services already on the box at home, at home or abroad called unlimited," he says. Over 100 countries are included in this offer, including most major destinations throughout Europe, the DOM, the United States, Canada, Asia.It is extended to calls to Morocco and Algeria for Numericable subscribers who have subscribed to the "Maghreb More" on the NCbox.

This new offering "world" not only to make calls to landlines abroad, but also to the Chinese mobile, U.S. and Canada. And supply expected to be enriched in the coming months. "You can call the U.S. since its unlimited mobile to 34.90 euros a month. United States, to call a mobile to mobile unlimited is $ 70. In short, it will be cheaper to call the U.S. from France, than to be there! "Said Jérôme Yomtov.

Numericable says the offer will be profitable.While the cost of communications decline in Europe and the world, he found a business model by negotiating agreements with major international operators such as Verizon, Telefonica, Cable and Wireless, Tata Communications.

One way to cut the grass under the feet of Free which means lower prices but also change the mobile uses. "This is the mobile revolution continues," trumpets for days on Numericable Tweeter … which led to his being sued by Free, which considers the term as its slogan identity. Atmosphere!

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These loans, called "subprime" are the cause of the bursting of the real estate bubble in late 2008.Institutions making home loans had significantly eased lending standards to attract new customers and sell homes they had no way to pay, betting on a continued increase in the property market.

On Wall Street, investors are taking this threat seriously and regulatory sell bank stocks. Within minutes of opening the U.S. market, Bank of America unscrews to 8.04%, Goldman Sachs was down 4.69% and 4.13% JPMorgan loses. What stopping the benchmark index of Wall Street, the Dow Jones, which bends to its 2% share.

The controller evaluates the losses to $ 30 billion

The federal agency estimates that Fannie Mae and Freddie Mac, the two experts in the refinancing of mortgages in the U.S., lost more than $ 30 billion following contracts with the banks at issue.These losses were largely funded by U.S. taxpayers, since Fannie Mae and Freddie Mac were placed under the bridge public guardianship in the lap of the Federal Housing Finance Agency. And since the two institutions have gone to the bosom of the state, the government has already put $ 141 billion to the pot.

The agency intends to require banks to pay for all losses related to subprime securitization of famous and not rotten to repurchase the securities held by Fannie Mae and Freddie Mac, whose value has literally dropped. The New York Times explains that these prosecutions are now the FHFA as a requirement would come into play Wednesday, the third anniversary of the passage of Freddie Mac and Fannie Mae in the lap of public authorities.

The federal agency is not alone in seeking to charge the banks.Many investors are angry proceedings against the banks. The AIG claims it $ 10 billion to Bank of America. The U.S. bank has already committed to spend $ 8.5 billion to compensate investors who lost big at the height of the crisis because of its risky financial products they sold. In addition, Goldman Sachs could be fined for his involvement in the scandal of foreclosures irregular.

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The only macroeconomic indicator on the agenda on Tuesday, however, was likely to reinforce fears of the market: sales of new housing in the United States have in fact declined by 0.7% in July, following declines of 2 9% in June, according to the Commerce Department. On an annual basis, the sales trend to 298,000 units (300,000 in June after), while analysts on average had forecast 310,000. If other indicators will be announced in the coming days, investor caution, but market volatility, however, should remain in force throughout the week until Friday.

That day, in fact, speak the chairman of the Federal Reserve, Ben Bernanke.Speculation is rife, some still hoping that it will decide a third monetary easing to support the U.S. economy. Will also be unveiled for the second estimate of U.S. GDP for the second quarter.

Banks and investment funds turbulent agitated

Oil markets, a barrel of "light sweet crude" for delivery in October closed up 1.02 dollars to 85.44 dollars in New York. As for gold, it never ceases to reach new records: the precious metal has reached this morning for the first time in its history to 1900 dollars.

As for values, the securities of the banking sector managed to recover. Monday, banks have suffered a lot and have weighed most heavily on the Dow. On Tuesday, Bank of America finally finished down 1.87% to 6.30 dollars.The bank, however, lost up to 6% to 6.01 dollars after losing 7.9% Wednesday on rumors of capital increases.

UBS gained 5.23% to 13.64 dollars, while Goldman Sachs ahead of 0.33% to 106.86 dollars, a government source who reported that the bank had hired Reid Weingarten, a lawyer of reputation, that markets see as the harbinger of a tough legal battle over the role of the bank in the financial crisis of 2008-2009.

News is expanded on the side of investment funds. The fund Cerberus and its partner Chatham Lodging Trust and have informed the United States real estate company Innkeepers Trust (Marriott franchise) they did not buy the walls of 64 of its hotels in the United States.The transaction, amounting to $ 1.1 billion, was announced in May.

The investment fund Jana Partners in New York and the pension fund Ontario Teachers Pension Plan, shareholders of the publisher McGraw-Hill (4.45% to 38.69 dollars), for their part stated the recommended separation group's activities. The two investors, who had announced in early August have acquired a total of 5.2% of the capital, advocated in a paper presented to the authority of the U.S. equity markets (SEC) that the group split its divisions Education, Information and Media and stock index Standard & Poor's.

Finally, on the front of mergers over the world stock markets, the Committee on Foreign Investment in the United States (CFIUS) approved on Tuesday the merger of NYSE Euronext (5.17% to 26.23 dollars) and Deutsche Börse (-0.67% to 56.52 dollars) that should give birth to the first global exchange operator.

In addition to a base effect related to a strong rebound in sales in 2009 and 2010, this figure reflects the impact of the behavior of investors in the new home market. In 2009 and 2010, they accounted for almost two thirds of acquirers. But the reform of the Scellier, effective in 2011, and rising interest rates since the fall of 2010, helping to discourage this type of buyers.Between the first half of 2011 and first half 2010, sales to investors and have collapsed by 32%.

Meanwhile, the new interest-free loan, the "PTZ +", is still struggling to convince individuals to invest in the new. Over 70% of loans granted by the state were to purchase an old property, say the developers. Finally, sales "in the accession", down 1% in the first half of 2011, therefore not enough to offset falling sales to investors.

Especially as the prices of new homes continue to rise, contributing to a creditworthy buyers months. Despite lower demand and increased supply, prices jump by 9.7% year over year. The increase was more pronounced as ever in the Ile-de-France, due to the scarcity of land (12.5% ​​yoy, against 6.4 in the rest of France).One reason for this paradox lies in the spread of new buildings low consumption, more expensive but higher quality analysis of IPF payday loans guaranteed no fax.

Safe haven

This change in the new home market still contrasts sharply with the market of the former. While the lawyers emphasized in July attenuation of the increase in sales in the first quarter, after a very dynamic year 2010. Ile-de-France in particular, the number of homes sold decreased by 4% in the first quarter of 2011 compared to the same period of 2010. A decrease due to the scarcity of goods for sale in Paris, as well as a relative lull after the peak sales in late 2010. But on the whole of France, sales volumes progressed further by 23% in March 2011 over a year.

Despite rising real estate rates, which crowd out some buyers, prices remain steady increase otherwise.In one year, the apartments are in price by 10.5% and 7.8% of the houses, according to latest figures published by notaries in France. But these increases mask contrasting trends. If the prices of apartments in Paris are more than 20%, 21 counties recorded lower prices in one year, find notaries.

Overall, however, the real estate market should remain strong this year. "The fundamentals of the French market are safe," said Olivier Eluère, an economist at Credit Agricole. The granting of credit is not excessive, the presence of property dealers in the market not significant, while the supply of housing remains structurally inadequate in some areas. The real estate market should furthermore continue to benefit from a safe-haven status in an uncertain economy.Devices such as government or Scellier + PTZ can also support the request. Lower prices should not be generalized profile before long.

In their discussions, the three heads of state should include mention the announcement by Olli Rehn, Commissioner for Economic and Monetary Affairs this morning of a new stage in the debate on European bonds (Eurobonds). The news was welcomed on the European financial centers.After an open down sharply by 2.5%, the Cac 40 finally balanced one hour before closing. Good news for the European Commissioner who décalré on Friday during a press conference that the markets did not react as expected to the Agreement of July 21 on the new aid plan for the euro area. "The political will to defend the euro should not be underestimated," he further added, explaining that experts were working to give substance to this agreement, and that neither Italy nor Spain would need a program of emergency loans.

In an attempt to calm the fire on a sustainable European stock markets, worried a contagion Greek holiday period of European leaders, Olli Rehn has also indicated he would meet with the new Minister of Finance of Cyprus, to encourage it to accelerate structural reforms and revive growth.He will also meet the market situation with the Governor of the Central Bank Marvyn English King and the Chancellor of the Exchequer George Osborne.

A report on European bonds issued after the summer

Anyway, the official European, the European Commission will present "after the summer" a report on the opportunity to develop Eurobonds, calling on the center stage the debate that stirs and divides European officials for two years. This idea is not new in itself, proposes to issue debt securities to common European states. These securities are guaranteed by all Member States of the euro area, to allow countries unable to borrow on the markets on acceptable terms, can still be financed.In short: it would be to issue debt on behalf of the European Union, as can the U.S. Treasury to communitarise the debts of countries in the euro area. The creation of this type of debt across the euro area would therefore raise the fears of investors about the creditworthiness of a particular state.

In addition to its economic dimension, the project also presupposes political choices. It is indeed based on the principle of mutual assistance in euro, which hit the sensitivity of some countries, notably Germany, which does not hide its hostility to the project. Main complaint: the countries financially "healthy" could only suffer through the European emissions, their solidarity with the countries most in need. In short, Germany does not want to take the weight of debts of some of the euro area.Note however that according to the draft presented by the Luxembourg Jean-Claude Juncker and the Italian Giulio Tremonles, advocates of the project, Eurobonds would not intended to replace the national debt.

Halt in mid-July

After being ignored for six months the project had been emerged from the closet in early July. But 15 days later, a new setback: Jens Weidmann, the head of the German central bank (Bundesbank) has criticized the project, saying that "there was nothing better to destroy a rapid and sustained strong making fiscal policy a common responsibility for the debts of States.This is exactly what some politicians and economists to offer Eurobonds to solve the problems of Greece. "

Whatever the conclusions of the report of the European Commission in September, the debate on the desirability of strengthening the political commitment at European level promises to be more agitated.

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