Saturday, the Prime Minister on the road to Morzine already displayed color. Debt crisis forced the state budget for 2012 will be "one of the most severe since 1945." There is no alternative to debt reduction, and it will be possible by reducing public spending, he said in substance.

"The hour of truth has come, he warned.There is no need to attack rating agencies, bankers, speculators or some sort of scapegoat, no need to believe that there are hidden treasures to finance our spending. [...] There is no other income to reduce debt but to reduce spending, "said Francois Fillon. But thanks to these efforts, the Prime Minister considers that France "will remain one of the ten countries in the world with the best financial credibility," and therefore the loan conditions are most favorable.

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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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Similarly, the notes of Crédit Agricole and Societe Generale are also placed on negative watch.In the case of Crédit Agricole, the note changes from "Aa1" to "Aa2," the decision is related to exposure to Greece, while that of Societe Generale, whose rating is downgraded to "Aa2" to "Aa3," the review is to reassess the assistance that could provide the authorities in case of crisis. Note however that the long-term rating of the bank red and black was reduced by only one notch, while Moody's had raised the possibility of falling down two notches. In fact, Moody's decision was expected by the markets. The agency warned on June 15 of this possibility when she made notes of the three banks on negative watch.

The banks were quick to react.Crédit Agricole has announced the establishment, by the beginning of December, a formal support mechanism to the bank market Crédit Agricole Corporate and Investment Banking (CIB CA), according to a statement. BNP Paribas has in turn decided to adjust its balance sheet and Societe Generale had announced a plan to save money. For its part, Societe Generale said "take note" of the decision of Moody's, in a statement released Wednesday.On an optimistic note, the bank then see a confirmation that "exposure to Greece," and more broadly to all sovereign debt of peripheral countries in the euro area remains "modest and manageable" in terms of " profitability and its capital. "

Among the top rated banks in the world

Sebastian Bartholomew, head of credit analysis of Louis Capital Markets, perspective the decisions unveiled this morning by Moody's since these actions "were expected by the markets and for Societe Generale, Moody's improves even his original plans due to the inclusion of systemic support. The agency estimates that banks are able to cope with their exposure to countries in need. The weaknesses of the three French banks, said Moody's, lie in their dependence on the interbank market. "A malfunction of this market could lead to further degradation.

In addition, the analyst said that even lowered, the ratings assigned by Moody's are higher than those awarded by S & P. Moreover, French banks are among the institutions rated in the world. Only the English banks present assessments of the same level.

"A relatively good news"

Shortly after these announcements, the Governor of the Bank of France, Christian Noyer, sought reassurance. He said the position of French banks is not likely to deteriorate further. The microphone of RTL, the latter has said: "I do not think the situation continues to deteriorate and I may surprise you but I think even the degradation of the notes of two banks is relatively good news."

And member of the Board of Governors of the European Central Bank believes that "French banks keep high marks and are the same as the big European banks (…) There is no very bad news." French banks "do not need money to meet their commitments" and nationalization of the banks "would not make sense," said the Governor of the Banque de France.

In addition, Sebastian Bartholomew, head of credit analysis of Louis Capital Markets, said that French banks

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In every European bank, customers benefit because in case of bankruptcy of a guarantee on their deposits: checking account, savings plans, deposit accounts, or bank books (excluding Livret A, guaranteed by the state).But it is capped at 100,000 euros per person.

In France, it is provided by the Guarantee Fund deposits, which now has … two billion euros. Obviously too small a sum to compensate customers of a major bank. "The fund is one of the best capitalized in Europe. And he may at any time raise additional capital or borrow from banks, "says Thierry Dissaux, CEO of the Guarantee Fund deposits. In practice, its mission is primarily to avoid the worst, by participating in the rescue of troubled institutions before it is too late.

Life insurance affected?

And it is ultimately the more reassuring for the French: none imagine that the state gives up a large bank. The debate, which opened this weekend on the assumption of a partial nationalization in point.Some investors wonder, them, especially the fate of their contract of life insurance. Although insurers claim to have little Greek bonds, a default of Athens served diminish returns to investors. Yields as affected by the collapse of the Exchange.

Insurers also hold, in proportions much larger government borrowing Italian or Spanish. If concerned about this exposure to sovereign debt, and disappointed by the declining returns of their investment favorite, the French withdrew their money en masse, insurers could be forced to sell their assets at the worst time. "We're not there. Withdrawals from the contracts increases for two years, partly because the holders of life insurance age and draw on their savings to finance their retirement, "said Chistophe Eberle, President Optimind, actuarial consulting firm.But insurers still manage the risk. "In 2008, the drying up of liquidity in the markets had led to withdrawals from the contracts. In our funds in euros, so we decided to keep cash in the interests served by our bond portfolios, to be ready to face any withdrawals, "says Sonia Fendler, General Heritage.

The group offers non-binding expected by early October. If the evaluation of Redcats by the buyers does not seem in doubt, difficulties in finding funding from banks could encourage them to drop their offer of a few hundred million. A possibility that PPR, well known for selling its subsidiaries, refuses to accept in advance. "I'm not going to sell off assets with a view short-term approach, says François-Henri Pinault.I have no debt, no big acquisition to do. "

In addition, PPR does not seem to need to sell Redcats to finance acquisitions of medium size. François-Henri Pinault has acknowledged that the group was discussing with the families of the Italian owners of ready-to-wear Brioni, officially on sale for many months. "Unfortunately, we are not alone," smiled the CEO, by refusing to specify whether it has filed a binding offer to sellers. Brioni, who directed last year a turnover of 117 million euros, is also of interest to other luxury groups and investment funds. The owners have so far taken their time. François-Henri Pinault, who wants to strengthen the pole on the PPR luxury segment of the jewelry available, however has refused to confirm his interest in Italian Pomellato.

Investors already know that he must not expect miracles, especially not that the two largest economies in the euro zone agreed to set up Euro-bonds, which would be financially harmful to Berlin. "Do not expect anything dramatic" at the end of the meeting Monday said a spokesman for Angela Merkel, that "people expect once again a spectacular blow."It should only be to continue discussions on the governance of the euro area, following decisions taken by Heads of State and Government of the European end of July.

Operators still expect progress on this issue. "If nothing is announced, it will mean that there is a deep rift between Paris and Berlin markets can get excited again," warned Yves Marc, sales of shares in Global Equities.

Meanwhile, Asian markets have already set the tone with very mixed sessions, despite the good momentum on Wall Street, which closed yesterday on a sharp rise. Oil down with a barrel of "light sweet crude" that is losing 45 cents to 87.43 dollars and that of Brent which cedet 42 cents to 109.49 dollars.Sign of nervousness room, gold was up, quoting around 1767 dollars per ounce at the opening in Hong Kong dollars in 1744 against the previous day closing in New York.

Busy schedule

In addition to the meeting, investors will be occupied by the many indicators that will be published on both sides of the Atlantic. Germany will open the show with the first estimate of GDP for the second quarter. The GDP of the entire euro area over the same period will also be unveiled at the same time as the trade balance in June

In the U.S., markets will learn in the afternoon of housing starts, prices for import and export and especially of industrial production.This indicator is closely watched as markets worried about more and more sluggish growth of the world's largest economy.

Values ​​to follow

On the corporate side, the news is much thinner. Bank stocks will again be followed after strong gains yesterday. They should respond to the Sarkozy-Merkel meeting.

GDF Suez is added to the list of preferred values ​​of UBS. Veolia Environment should react in the wake of this recommendation.

In China, the trend is more optimistic: the Hang Seng in Hong Kong climbed 3.27% to 19,963.60 points while the index of Shanghai CSI allows itself to 1.96% 2853.10 points.The indices are likely including a new record, the exports recorded in July, which allowed him to show a trade surplus rose sharply to 31.48 billion dollars, customs said Wednesday. The surplus in June had risen to 21.27 billion in June. Exports rose 20.4% year on year in July, and reached a record value, since 175,130,000,000, they exceeded the amount of those of June, already a record. Imports in turn increased 22.9%.

Investors reacted positively to the announcements of the Fed, which has ensured that U.S. interest rates remain near zero until mid-2012 and is considering other measures to support the U.S. economy in trouble since the rating is downgraded sovereign debt last Friday.Ultra-accomande policy that outlines the real weaknesses of the world's largest economy, which continues, and promotes equity markets mechanically.

However for Barack Obama the "time is running out for agreement on the debt." "If they (elected officials, ie) show me a plan I'm seriously ready to move," said the American president during a conference at the White House.He found that the Republican plan without raising taxes was "not serious" and expressed regret that "elected officials are blocked by their ideology."

Ideas to raise the debt ceiling

"Obviously, time is running out is pourquuoi I told the congressmen that they should submit to me within 24 or 36 hours the ideas they have to raise the debt ceiling," at he said. Barack Obama has decided that this issue should have been resolved long ago, adding that, underlying deficits should be addressed. The owners of private jets and millionaires, could pay more taxes to participate in solving the debt problem, he added savings account payday advance.

He also dismissed the idea of ​​a reduction of $ 2.4 trillion federal budget unless it is accompanied by an increase in taxes."By immersing myself in the numbers, I have not seen a credible plan that would allow us to find 2400 billion dollars without affecting the average American," said Bush. "The idea that we do this without asking the wealthiest among us, or without removing tax loopholes for companies, does not seem serious."

Threat rating agencies

Since mid-May, the U.S. federal debt has reached the maximum allowed, an issue that the Treasury does not get around forever and that requires raising the legal limit by a vote of Congress.The Republican majority in the House of Representatives blocked for now, we want to tackle the deficit, having grown an opposite attitude for years until 2009.

The U.S. president comes as two credit rating agencies have suggested that they could degrade the debt rating of the United States currently in AAA (the best) if no ACORD between Republicans and Democrats was found by the deadline Aug. 2.

(With agencies)

In the special regimes, this age will increase in the same way, but from 1 July 2017.

The age of the full rate – that is to say that from which an employee receives a full pension even though he has not contributed enough quarters (165 quarters forward) – is raised gradually from 65 to 67 between 2016 to 2023 on line pay day loans.

The early retirement at age 60 is still possible, under the "hardship".By persons possessing a degree of permanent disability of at least 20% and, after notice of a multidisciplinary committee, those possessing a degree of permanent disability between 10% and 20% are still able to go 60.

With this reform, the government hopes a return to equilibrium of the pension system division in 2018. He has now a deficit of 30 billion euros.

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At 43, Philippe Nicolas (ESSEC, NAS), board member and CFO of Euro Media Group (provider of audiovisual services) and former CFO of the group France Televisions will succeed Nathalie Collin Laurent Joffrin who will join the group Nouvel Observateur.

Chairman of the Supervisory Board and shareholder at 26% of Libération, Edouard de Rothschild had said in early June Figaro interesting applications that were submitted to succeed Nathalie Collin."We will choose three: Bruno Ledoux, Colbert Land Group, the daughter of the Italian shareholder Carlo Caracciolo, and myself," he had said.

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