Aug 31 2011

Jean-Paul Herteman: "Never change a winning team"

Tag: Uncategorized, features, international, people, resourcesadmin @ 2:12 am

LE FIGARO .- Facing Pratt & Whitney is said very offensive commercially, CFM International, joint venture between Safran and GE, she due make concessions for boarding the B 737 NE?

John Paul Herteman. Of course, there was a negotiation. But ultimately, we do not change a winning team. Our relationship Boeing and customers is more than thirties. In 1983, we completed the first repowering of B 737 with CFM-56 engine for the company SouthWest. We were single engine. Our reactor brought gain Fuel Consumption 20% very strong improved reliability, factor 10 in terms rate breakdowns factor 2-3 on lifespan engine. It was a technological leap and quality.

In 1996, we completed the second repowering of B 737 with a more advanced version of the CFM-56, still single source.In total, we produced 15,000 engines to equip the B 737, the aircraft most commercialized in the world. Not surprisingly, Boeing wanted to play the card of the continuity of this success with our LEAP which also provides technological leap and quality.

What was cost Development this new engine?

He will represent the order of 1 billion euros for Safran and GE both for our partner for all three applications C919, A320 and B737 NEO NE.

Posed market B 737 BN for Safran?

Can be considered a potential 20,000 engines Leap for 3 applications over a period of 10 to 15 years.With after-sales, this represents a turnover approaching $ 100 billion over 30 years at CFM International, 50% for Safran payday loans.

This success puts the Leap into a market position as strong as the one we have today with the CFM-56 on medium haul, with nearly 60% of Airbus, Boeing 100%. Added to this is 100% of future Chinese developed by Comac C919. It's not that common to see an industrial renew a best-seller retaining all of its market positions over a period of 30 years.

The B 737 is more "short legs" than the A 320 NEO. Do you need to adapt the Leap specifically for Boeing?

Yes.The product will be suitable for the B 737 is actually smaller than the A 320 at the landing gear, as is the case with the current CFM, 50% of the parts are common, however, between Airbus and Boeing .

When will it certified?

Depending on the engine versions from mid-2015 and early 2016.

The Leap has over 1300 orders and the potential is enormous. Are you able to produce in a timely manner to accommodate your delivery commitments?

We anticipated investing to produce more. We still have tens of millions of euros to commit to follow the rate increases that will soon Airbus A 320 to 40 per month and those of Boeing. We will also need to build a new plant adapted to new technologies of composite blades.

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Aug 29 2011

Greece: aid modalities still curled

Tag: Uncategorized, business, money, people, top newsadmin @ 9:32 am

Tension mounts for the closure of the practicalities of the second bailout of Greece, whose general principles were agreed at the summit on July 21. Brussels wanted to have everything completed in late August. But three days before the deadline – informal – discussions are still underway, slowed by the problem of guarantees required by Finland, while in Athens, further fueling fears of fiscal slippage blur.

Finland does not swerve: before committing, it requires collateral equal to its participation in the assistance plan. A headache for officials in the euro area, who fear back into a turbulent period when investors are recovering to question the solidarity of 17. Friday again, negotiators from ministries of finance in the euro area have tried to find a way to break the deadlock."The main obstacle is political," sighs one in Brussels.

The case was the seed from July 21. Helsinki was signed on the condition that a clause be added to the text, to provide for the establishment of safeguards "where appropriate". The application of this provision could have significant impact if other countries like Austria, Slovenia and the Netherlands for example, demanded similar treatment. Last week, Moody's had warned against a possible delay of the plan of aid to Greece that could "precipitate the collapse of the country."

German Chancellor Angela Merkel herself denied any plan leading to preferential treatment of one country over others.Several tracks are given for the guarantees, which could be pledged in the form of real estate or shares in companies or public institutions.

Special Session

However, it becomes urgent to complete the text before the bailout vote by national parliaments guaranteed approval cash loans. Greece this week to begin a new round of discussions with the Troika (ECB, European Commission, IMF), for the release of the next tranche of aid this fall. However, the Greek finance minister, Evangelos Venizelos, spoke Friday a possible fiscal slippage as a result of austerity measures administered in the country with an expected contraction of GDP "above 4.5%" in 2011, instead of – 3.5% originally envisaged."This does not mean that we revise our goals," down, assured the minister, promising to lead as agreed including privatization expected to report 50 billion euros.

The questions also feed threats of Athens on the possible cancellation of its debt exchange, if too few bankers involved in the operation. It tempers the case in Brussels, in holding that Greece seeks above all to "speed things up a bit."

These latest developments in the debt crisis will be extensively discussed in Parliament today that the European Commissioner Olli Rehn, the head of the Eurogroup Jean-Claude Juncker and ECB President Jean-Claude Trichet, are expected for a special meeting of the Committee of Economic Affairs.This is probably an opportunity for parliamentarians to advocate the introduction of euro bonds and the extension of European fund rescue currently has 440 billion euros. Sunday, the president of the European Financial Stability Fund (EFSF), Klaus Regling, told Spiegel that the euro area is expected to overcome the debt crisis "within two or three years."

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Aug 27 2011

Essilor is launching a new category of lenses, fog

Tag: economy, international, life, money, peopleadmin @ 8:24 am

Essilor International is innovative. According to the global glasses, "75% of wearers expect an anti-fog solution." To meet this demand, the group decided to create anti-fog lenses under the name of Optifog. This new "represents a disruptive technology," with a "layer with hydrophilic properties," said Essilor. With this new product, which is "all continents", Essilor International is "1.2 billion consumers worldwide."

Results aside, the mood is set fair. The group recorded the first half revenues up 6.9% to 2.06 billion euros and net profit up 30.7% to 258.2 million euros. Adjusted net income per share was 1.25 euro, up 9.3%.

Essilor attributed these results to the "increase in volumes related to the expansion strategy in high growth markets, the rapid development of the supply in the mid-range" and the "growth of industrial investment."

Context "increasingly uncertain"

These performances allow the group to maintain its growth objectives in sales "between 6% and 8%" (excluding currency and acquisitions, strategic) for this year, despite "an economic environment more uncertain." Essilor also wants to maintain the high level of profitability, excluding strategic acquisitions.

The specialist in ophthalmic optics says it "will continue to rely on innovation, operational efficiency and financial capacity to consolidate its position in the high end."The group also intends to "continue its conquest in the mid-range and benefit from the rapid expansion of high-growth countries."

At the Paris Bourse, this news is greeted coldly. In early trade, the title Essilor loses 0.11% to 53.07 euros in a market down 0.05%.

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Aug 26 2011

The stock market still sluggish just before Bernanke's speech

Tag: events, features, finance, publications, worldadmin @ 6:04 pm

Caution on the Cac 40. In the wake of the Asian stock markets and the day after a sharp drop on Wall Street, investors do not risk the last trading day of the week. At midday, the benchmark index in Paris is still evolving in the red (-0.77%) ironing below 3100 points to 3094.99 points.

At the London Stock Exchange, the FTSE-100 is 0.46% to 5107.30 points while the Dax-30 from the Frankfurt Stock Exchange, after opening steady, widening its losses (-1.72%) in 5582 , 50 points.

Markets are waiting with some anxiety the president's speech to the U.S. central bank, Ben Bernanke, the outlook for the U.S. economy. An hour and a half ago (1430), the U.S. government has released its second estimate of GDP for the second quarter.The consensus growth overseas could fall by 0.2 point to 1.1% from the first estimate. On Thursday, weekly jobless claims rose. Causing a sharp decline in U.S. stock markets.

In this uncertain environment expected on ads across the Atlantic, the euro resumed slightly against the dollar Friday in a market without much volume. To 11 hours in Paris, the European currency was worth 1.4440 dollars against 1.4378 dollars on Thursday night.

In the euro area, the lack of major macroeconomic news does not help to give a clear trend to markets.This morning, the companies manufacturing have revised their forecasts down slightly investment for this year and expect a 14% increase (against 15% previously).

The bank's head Cac 40, Peugeot sinks

Essilor International: -0.11% to 53.07 euros

Essilor International in the first semester a turnover of 2.06 billion euros, up 6.9%, the band announced via a press release issued in the edition of Les Echos to appear Friday.

Financials

The ban on short selling financial stocks on Thursday was extended to France, like Italy, Spain and Belgium, and the Financial Markets Authority (AMF) said it would review its position by late September.

This decision only briefly managed to reassure investors.If this decision technique to limit selling pressure on the sector, it does not address the fears that persist on European banks and their exposure to countries in need. After posting the largest gains of the Paris stock in early trading, financial stocks are once again very attacked: Societe Generale lost 0.91% to 21.75 euros, BNP Paribas declined more moderately from 0.60% to 34.15 euros, Credit Agricole down 1.31% to 6.42 euros while Natixis closed the show the worst performance (-3.38% to 2.74 euros).

In an interview with Le Figaro, the executive director of Credit Agricole said the group has "significant cash reserves" and "not difficult to obtain financing."

Conversely, other cyclical stocks, car manufacturers, will gradually take after opening the largest declines in the Paris stock exchange.Peugeot, which bought between 12 and 22 August last, about 2% of its capital amounting to 92,010,000 euros, reduced its losses (-1.54% to 19.18 euros), after having dropped to 2.05%. The title, however, fell more than 35% over the last month. A little stronger, Renault drops 0.57% to 26.05 euros.

Total: -0.72% to 32.50 euros

Total expected to present a reorganization in the fall of scale of its operations downstream, with a planned merger of its refining and petrochemicals, according to Les Echos, citing union sources.

As for oil, prices were mixed Friday morning during electronic trading in Asia, in a sluggish market, before the highly anticipated speech of the head of the U.S. central bank (Fed).In morning trading, a barrel of "light sweet crude" for delivery in October gave 10 cents to 85.20 dollars per barrel of Brent North Sea crude for October delivery took 19 cents to 110.81 dollars.

Note that APRR and Bel Cheese (1.95%, to 165 euros) will publish their interim results after market close.


Aug 24 2011

Social plans continue to decline

Tag: economy, events, features, online, technologyadmin @ 3:20 pm

The Ministry of Labour are fewer social plans. The first half of 2011, recorded 507 Dares backup plans in employment (PSE), according to Les Echos on Wednesday morning. It is 30% less than the first half of 2010 and 60% less than the same period of 2009, where the destruction of jobs reached a record level.

In total, the plans submitted earlier this year targeted the elimination of 25,000 jobs, against 35,000 in the first half of 2010. The stigma of the crisis have not yet been erased: PSE 507 registered in the first half, it's still 40% more than in 2008.

Increase job creation

These figures confirm a trend already highlighted by the INSEE and Dares. The net job creation continued to rise in the first half, despite the uncertainty on growth.126,500 jobs were created in the market sector, a trend that accelerated in the second quarter.

The particular industry, particularly affected by the PSE, recorded in job creation for the first time in ten years. "With the acquisition, the use of overtime in the industry declined, giving way to new hires," Dominique Barbet analysis, economist at BNP Paribas. These new jobs, however, remained insufficient to curb unemployment, increased again in May and June

Substitution effects

The decrease in the number of PES is also to be taken with caution. Part of the ruptures conventional recorded since the scheme in 2008 could indeed have substituted for the redundancies, and thus contribute to an artificially low numbers.The development of off mobility and the increased use of temporary and fixed term contract, could also have played.

With a growth rate in 2011 likely to be less than expected, this downward trend may not otherwise be pursued so as frank. The PMI index released Tuesday by Markit already reveals a contraction of industrial activity in August. Business leaders surveyed this month said a volume of new orders down, the most severe recorded for 27 months. The rate of creation of posts at the highest level in four months, it does not yet felt.

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Aug 23 2011

Asian stock markets back safely

Tag: economy, features, finance, technology, top newsadmin @ 12:04 pm

After a week marked by sharp declines, Asian stock markets leave forward cautiously. Investors remain troubled by the prospect of a new economic recession in the world. As such, they are waiting with some excitement the second estimate of GDP of the United States on Friday and the president's speech to the U.S. central bank, Ben Bernanke. The markets expect the Fed printing money stimulus to boost the economy.

The Nikkei in Tokyo Stock Exchange is 0.58% at 8677.94 points, the Hang Seng in Hong Kong gained 0.56% to 19,596.30 points and the Shanghai CSI 300 rose 0.69% to 2796.99 points.

On the other Asian financial centers, the increase is much greater: the Taiwan TAIEX climbed 2.24% to 7476.41 points, the Kospi index in Seoul wins up 3.22% to 1765.76 points, S & P / ASX 200 gained 1.63% to 4148.80 points.Only the Bombay Stock Exchange fell slightly from 0.31% to 16,291 points.

Oil prices were careful Tuesday morning during electronic trading in Asia, in a market sensitive to developments in Libya, oil-producing country, where the rebels claim victory, while supporters of the regime say they are still in control. In morning trading, a barrel of Brent North Sea crude for October delivery fell by 2 cents to 108.34 dollars, after losing 18 cents in early trade. A barrel of "light sweet crude" for delivery in October gained 27 cents 84.69 dollars.

Gold crossed for the first time in its history on Tuesday morning a new record of more than 1,900 dollars per ounce during trading in Hong Kong. The ounce of gold was worth 1914.50 / 1915.50 dollars, after opening at 1.898/1.899 dollars.The yellow metal continues to grow for several days, attracting investors worried about the health of the global economy, the debt crisis in the euro area and geopolitical uncertainties in the Arab world.


Aug 21 2011

Wall Street ends week in the red

Tag: economic, events, international, money, technologyadmin @ 5:04 am

After a rebound during the session, Wall Street has finally caught up by letting the gloom hanging over global stock markets for two weeks at the close on Friday, the Dow Jones gives 1.57% to 10,818.48 points and the Nasdaq, dominated by technology loses 1.32 points 2341.86.

After opening in the red, the indices of New York had yet managed to climb briefly into the green. Before ending again in the red. Of all black this week, the Dow Jones lost 3.71% and the Nasdaq fell 6.53%.

This Friday, the NYSE has not been spared by the new storm that struck the European stock exchanges and which had already shaken the stock markets in Asia. Yesterday, as elsewhere, the New York Stock Exchange closed down a massive, affected by disappointing indicators released during the meeting confirming the poor performance of the U.S. economy.Moreover, operators, already worried by the economy of the euro area, were cooled by the large loan dollars awarded by the European Central Bank (ECB) to a bank in Europe, whose identity has not been revealed. This action has reinforced doubts about the ability of banks to refinance the region. The euro also declined against the dollar and is trading around 1.4290 dollars against 1.4319 on Thursday.

Finally, Morgan Stanley confirmed the fears of a global economic slowdown by scaling back its growth forecasts for 2011 and 2012. The bank also said the United States and Europe were "dangerously close to recession."

Evidence that the operators' confidence is at its lowest, gold, a safe haven par excellence, is powered from yesterday to new heights.On Friday, an ounce reached a new record in 1864 dollars after jumping up to 1867 payday advance.30 dollars in the morning. For its part, a barrel of U.S. light crude oil, which fell 6% yesterday, still lost 12 cents Friday to 82.26 dollars a barrel. Over the whole week, he lost 3.12 dollars, or 3.65%, registering a fourth weekly loss in a row. Contracts on October Brent have lost them for their $ 1.63 to 108.62 dollars a barrel.

Values ​​of the day

On the corporate side, this session will be marked by a slump in Hewlett-Packard, which lost just over 20% to 23.60 dollars. The group published its results on Thursday lowered its annual forecast for the third consecutive time. It now expects an annual turnover of between 127.2 and 127.6 billion dollars, against a previous estimate of between 129 and 130 billion.The group, which has made a takeover offer for the British publisher of software Autonomy, has also announced plans to dispose of its business in personal computers. Another major surprise: HP goes out of business in the mobile, arresting the development of tablets and smartphones.

Bank of America (-1.14% to 6.93 dollars) will remove 3500 positions during the quarter, according to an internal document cited by Reuters.

Autodesk (-11.69% to 23.41 dollars) has reported a 6% increase in revenues in the second quarter and a net profit better than expected at 71.2 million euros, or 30 cents per share.

Gap (-8.61% to 10.67 dollars) on Thursday posted a quarterly profit above analysts' expectations despite lower sales to a number of store.Net income for the group totaled $ 189 million (131.8 million), or 35 cents a share, against $ 234 million, or 36 cents per share a year earlier.

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Aug 19 2011

The decline continues at the Paris Bourse

Tag: economics, features, life, online, peopleadmin @ 11:00 am

This Friday looks bleak at the Paris Bourse. The CAC 40 starts on the day down 0.37% to 3064.49 points. London and Frankfurt lost 0.35% and 0.38%. 1.09% loose Madrid, Milan were down 0.30% and 0.61% in Zurich.

Operators are struggling to recover from their emotions after the new European stock markets plummeting and U.S. yesterday. This morning, Asian stock market sent negative signals with indices in very sharp drop. This bad mood due to a surge in concern about the state of the global economy, reinforced by poor indicators of the Atlantic. Bad index measuring the Philadelphia Fed manufacturing activity in the region, lower sales of existing homes in July, new jobless claims rising again during the second week of August … All signs of the apparent stagnation of growth in the United States.

Concerns about U.S. growth fears add to the debt crisis in Europe, European banks are the first to bear the brunt. In its Thursday edition, The Wall Street Journal reported on fears the U.S. Federal Reserve on the liquidity of European banks. And for the first time since February, the European Central Bank (ECB) has given a major dollar loan to a European bank, whose identity was not revealed. An action that reinforces doubts about the ability of banks to refinance.

Morgan Stanley has added his two cents to panic, explaining that she perceived the United States and Europe as "dangerously close to recession." The President of the European Union, Herman van Rompuy, tried Thursday to calm the mind by ensuring that there was "no new recession" in sight.And this morning, Chinese Vice President Xi Jinping has reaffirmed that the U.S. economy was "resilient". In vain.

"The bears are back"

"The bears (pessimistic players, ie) are back in force that night, after disappointing U.S. economic indicators and renewed fears about the stability of European banks, which prompted investors to push the button sales," said Ben Potter, an analyst at IG Markets in Australia. "There seems to be getting ready for a weekend very ugly, with a market dominated once again by fear and panic," he added.

Gold reached a new record Friday morning in Asia, to 1,837.50 dollars per ounce, due to the concern. And oil, which fell 6% in New York yesterday, continues to fall in morning trading.A barrel of "light sweet crude" for September delivery lost 1.69 dollars to 80.69 dollars while that of Brent North Sea crude for October delivery gave 68 cents to 106.31 dollars.

No significant indicator that could reverse the trend, are expected on Friday.

Values ​​to follow

The banking sector

European financial stocks, which had been rolled by a renewed tensions in the interbank market and concerns about the short-term refinancing of banks are still misguided. BNP Paribas (-3.22% to 33.11 dollars), Natixis (-2.90% to 2.81 dollars), Credit Agricole (-2.70% to 6.06 euros), Société Générale (-2, 69% to 21.02 dollars) and AXA (-0.56% to 10.28 euros) are in the red.

Danone: -1.75% to 46.05 euros

Nestlé, the group became a favorite activity for infant formula, Wyeth, Pfizer subsidiary, valued at approximately ten billion dollars (seven billion euros), officials said a source familiar with the bank.

Technip: -3.67% to 57.77 euros

The French engineering group said it had received a letter of intent on the part of the American oil company Anadarko for the construction of an offshore platform for the Gulf of Mexico.


Aug 17 2011

The CAC 40 returns to the green

Tag: economics, news, publications, special, worldadmin @ 5:36 pm

The Paris Bourse do not know which way to turn on Wednesday. After starting down 0.58% at 3212.23 points, the CAC 40 is pressed into the green in mid-day, hause of 0.17%. It continues to grow and advance of 1.39% to 3275.80 points in 16 hours. At the London Stock Exchange, the FTSE-100 reduced its losses and lost 0.20%, as the Dax in Frankfurt which yields 0.55%. Madrid is pressed into the green and earns 0.30%.

The small increase in opening on Wall Street allowed the European indices to regain some ground after a volatile morning. Investors are, in fact, not reassured by the proposals of German Chancellor Angela Merkel and French President Nicolas Sarkozy yesterday on the governance of the euro area.These include notably the establishment of a "real government of the euro area", the adoption of a golden rule of balancing the budget by the seventeen members of the euro area and the introduction of a tax on financial transactions. The French president and German Chancellor did not, however, proposed to increase the European bailout fund not to launch Eurobond market as hoped.

If these proposals were welcomed by governments, many analysts believe, therefore, they lack the substance to calm global stock markets. Sony Kapoor, the think tank Re-Define, based in London, believes that "economic government's proposal, which may be an important step towards an even tighter union, is of little use to address the most urgent" ."The meeting between the German and French leaders failed to alleviate concerns about the debt crisis in the euro area," adds Ker Chung Yang, an analyst at Phillip Futures Oil in Singapore.

The euro is trying to back up the hill, looking for gold

The most tangible sign of the disappointment of markets: the decline of the euro. It was worth 1.4365 dollars in Tokyo Wednesday, against 1.4406 dollars in New York the night before. He came down this morning in Asia to 1.4352 dollar. At midday, the European currency, however, able to bounce back and exchanged to 16 hours at 1.4482 dollar."The Franco-German meeting did not result in clear solutions and this has caused sales of euros," said Nobuyoshi Kuroiwa, a leader in foreign exchange Hachijuni Bank.

Gold, a refuge in times of crisis, was worth 1795 dollars on Wednesday afternoon in Hong Kong, 1780 against the dollar the day before closing.

Oil prices opened sharply higher in New York, supported by expectations of declining stocks of petroleum products, synonymous with an application may be better than expected guaranteed payday loans. Around 1:10 p.m. GMT on the New York Mercantile Exchange (Nymex ), a barrel of "light sweet crude" for September delivery was trading at 88.29 dollars, up 2.24 dollars compared to the previous day.

Always on the side indicators, inflation excluding volatile items fell in the eurozone in July, Eurostat said Wednesday, confirming also the overall annual inflation rate.Excluding energy and unprocessed food packaged, retail prices fell 0.8% monthly increase of 1.5% annually from 1.8% in June

United States, the producer prices rose more than expected in July, 0.2%, after falling 0.4% in June, according to the Labor Department.

Values ​​to follow

The banking sector

The Franco-German proposal to create a common tax on financial transactions was announced Tuesday after the close of European stock. As Wall Street and in Asia, French banks respond poorly. BNP Paribas (-2% to 36.75 euros) is the second largest drop in the CAC. The bank is followed by Societe Generale (-1.58% to 24.87 euros) and Credit Agricole (-0.87% to 6.72 euros).Natixis (0.72% to 3.08 euros) and Axa (0.49% to 11.27 euros) are in green.

The project also affects the stock exchange operators: NYSE Euronext lost 6.38%, 6.22% yield Deutsche Börse and the London Stock Exchange was down 4.42%.

Lafarge: -0.09% to 29.21 euros

The cement manufacturer announced Wednesday the sale of the autralien Boral's share in their joint venture LBGA (Lafarge Boral Gypsum Asia) for a total of 429 million euros.

Renault: -0.14% to 29.09 euros

The South Korean subsidiary Renault, Renault Samsung, Wednesday denied news reports suggesting its possible initial public offering of Seoul.

Edenred: -0.54% to 18.50 euros

The group announced the sale of its Australian subsidiary Trahaire Davidson, a consulting company in human resources, specializing in psychological assistance to employees as part of a transaction of approximately $ 35 million.

Rodriguez Group: -4.01% to 3.83 euros

The group released a drop of 38% of its sales in the third quarter to end June, due to lower sales of new boats, but the group expects an improvement in sales of used boats on the last part of his 2010-2011.


Aug 16 2011

Crisis: the common front Sarkozy-Merkel

Tag: Uncategorized, business, news, online, opinionsadmin @ 1:20 am

A day back in the middle of August. Nicolas Sarkozy will be in Paris today for lunch with François Fillon, then to meet with German Chancellor Angela Merkel, herself back from vacation.

At a time when the euro area is attacked, France and Germany are trying to show a united front and show their determination to end the crisis. The mini-summit will be devoted to devising solutions to improve the governance of the euro area, which concern failures in financial markets. Although not conclusive a priori – "do not expect anything spectacular," said a spokesman yesterday the German government – the meeting should enable the two leaders to lay the groundwork for the future.

Sensitivity of the issue Eurobonds will however not address, contrary to the hopes markets.Berlin's opposition to the creation of common obligations to countries in the euro area has long been known. The Merkel government has good reason to be against: issued in the name of all countries, eurobonds have an interest rate equal to the average rate in effect in all countries. It would therefore be higher than that which currently takes Berlin. Until now, France is merely to show little enthusiasm for these Eurobonds.

Yesterday, Paris is out of the woods to show his unity with his partner. "The Euro-bonds are not an adequate response today. Common issue bonds requires a degree of economic integration and budgetary countries that we have not met, "says one as president fast cash. Paris joins Berlin on another "nyet" to increase the capacity of the European Financial Stability Fund (EFSF), now with 440 billion euros."The level of funding is appropriate," they say at the Elysee.

Hours before his meeting with Angela Merkel, Nicolas Sarkozy has discussed with Francois Fillon and French public finances. Lead to disappointing growth, the government has no choice: even a few months before the elections, it must take further austerity measures. France, which is followed closely by the markets, absolutely must bring its deficit to 4.6% of GDP in 2012.

Niche in their sights

To achieve this, taking into account a sluggish economy, the figure of 10 billion euros of savings is often cited. But do not confirm Bercy. In the entourage of Valérie Pécresse, the budget minister, it says only that "these savings are the result of efforts on spending cuts and tax loopholes."Last week, he had urged his counterparts from the euro area to take all necessary measures, including the creation of Euro-bonds, to avoid disintegration of the single currency "that would be an economic catastrophe, including for the United Kingdom ".

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