International Headlines and Stories

A new week high voltage for Greece and the euro area. In fact, Sunday, the International Monetary Fund (IMF) said that a delegation will travel to Athens this week to determine whether or not the country can benefit from the sixth round of eight billion euros of the loan in May 2010 , aid became vital for the country. The CEO of the institution, Christine Lagarde, has indeed met the Greek Finance Minister Evangelos Venizelos on Sunday to discuss the conditions for the return of the IMF in the country to complete the fifth audit of the Greek economic program. The mission "will certainly place this week," said Fund.

In parallel, Evangelos Venizelos, the Greek finance minister, yesterday met with Jean-Claude Trichet, head of the ECB, to negotiate a restructuring of the Greek debt at a discount of between 40% and 50%.The minister said that "there is no alternative to restructuring." He said at the annual meeting of the Institute of International Finance (IIF), an association of 450 banks in the world: "We are ready to take the necessary whatever the political cost." And said it was confident about the outcome of the vote in parliament of the new austerity plan, condition of the granting of new loans of the troika, because according to him "which member will take responsibility to lead Greece to a default? ".

Germany mobilized

A view shared by the French Minister for European Affairs, Jean Leonetti, who said Sunday that "Greece will avoid bankruptcy because it is the interest of the Greek state, the Greek people and is the interest of us all.If Greece were to fail tomorrow, it would cost more than if it did not go bankrupt, "he said on Radio France International business card.

The Heads of State and Government in July found an agreement to rescue Greece and broaden the scope of intervention of the relief fund of the zone (EFSF), including providing it with an instrument enabling it to market purchases of debt of states in difficulty. This agreement is being ratified by 17 national parliaments in the area. The vote of Germany, the country is the biggest contributor to EU aid plans appear on track.In a television interview Sunday night, German Chancellor Angela Merkel has indeed shown the outcome of the confidence vote scheduled Thursday in the Bundestag.

In addition, the German Chancellor said that allowing Greece to fail would destroy investor confidence in the euro area and could cause infection comparable to that following the collapse of Lehman Brothers in 2008.

The rising social discontent in Greece

But Greece will probably have to wait beyond the holding of a Eurogroup meeting on Oct. 3 before a decision on the release of the next tranche of aid."Given the delay by the Troika mission (IMF, ECB and European Commission), I do not think that the next meeting of the Eurogroup, October 3, a decision on the sixth installment," said Sunday Washington Deputy German Finance Minister, Jörg Asmussen

In addition, the rising social discontent in Greece. Further strikes are planned next week before a general strike on October 19.

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It now looks as abroad Platnic Evelyne Cohen, president of the Academy Booster. Specializing in selling modules, Academy Booster "is intended to go abroad in the next 18 months," said the leader. Currently, the structure consists of 15 employees, and achieves a turnover of 2.5 million euros, is present in the heart of major cities of the Hexagon, including Paris, Lille, Bordeaux. An opening is scheduled soon in Lyon. The operating principle is simple: "In our stores, we measure the level of sales of the candidates on a grid of 1 to 12, and everyone will buy the levels it needs to become an elite vendor," said Evelyne Platnic Cohen. For the latter, the sale is now universal, hence the interest shown by some countries for Booster Academy to develop its training centers."At Booster Academy, we believe that the sale based on three main items: the behavioral part, the part process and technical sales and the mental part. It turns out that the mental part and the sales process, that is to say, the rules and the direction in which we must maintain a sales meeting, are the same everywhere. The behavioral part is roughly 90% identical and 10% specific. With globalization, people are accustomed to working together. "

"The sale can be learned"

Booster Academy also rises if school sales for large companies to form business, much of its clientele is composed of "Mr. and Mrs.-le-Monde, which, at some point, want to become entrepreneurs . But it can also be a doctor, a lawyer. Today, the sale can be learned, "said the young woman.She said the sale is what makes all the difference in the success of a company. "The management, finance, law is important, but if we did not develop its business, it is useless. Drive a sales force is very complicated. So it is essential that the contractor is a seller and can drive its sales force and thus acquire some of that sales process, "says Evelyne Platnic Cohen. While many purchases are made on the Web now, for the leadership, the traditional business still has a bright future ahead of him. "In the B to B, that is to say in the sales business, everything is done much face-to-face and we'll have to train people. They need to come to be in a center, in a circle. We climb clubs and centers around our people make the business together.The Internet is a tool for us but it will never replace what may be at some point an exchange between two people. "

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After two sessions of gains, the Paris Bourse off again into negative territory on Friday and gives up 1.69% to 3033.78 points to 11:50. London and Frankfurt follow with respective losses of 0.73% and 1.25%.

The banking sector raises again the concerns of investors. They accentuate its losses from the statements of Christine Lagarde whereby a liquidity crisis could not be ruled out and that some banks needed additional capital. "This is the effect Lagarde. These statements primarily affect banks that are considered the least well placed in terms of capital ratios, "said one trader.

Result: Societe Generale falling again to 6.43% to 18.25 euros and signed the largest decrease in the CAC.Behind her, Crédit Agricole loose 5.05% to 5.62 euros, Natixis 4.57% to 2.48 euros, BNP Paribas 4.28% to 30.85 euros and 3.96% at Axa 9.76 euros.

Obama's plan is not reassuring

Investors also unenthusiastic welcome details of the plan for employment unveiled by U.S. President Barack Obama in the night. He introduced a bill on the release of 447 billion dollars for the Americans out of unemployment. "This plan will give an electric shock to an economy that has stalled, will give confidence to businesses on the fact that if they invest and hire, there will be customers for their products and services," assured the U.S. president to members of Congress .

As in Asia this morning, traders seem to doubt the implementation of this plan. Its funding is already generating questions from Republican opponents could block a vote.Barack Obama urged them to adopt "immediately". The U.S. president also announced that it will issue on September 19 "a deficit reduction plan more ambitious."

As Wall Street yesterday, investors have also not appreciated the remarks of the President of the Federal Reserve on growth and jobs last night. The Fed "will do everything it can to participate in the return of growth and employment rates," said its chairman Ben Bernanke, minimizing inflation fears. This speech, however, feeds the assumption of a new effort of quantitative easing, which could be announced at the next meeting of the Monetary Policy Committee of the Fed, scheduled for September 20 and 21.

Inflation slows in China

Still on macroeconomic, Japan has this morning reported a decline of 2.1% of GDP in the second quarter 2011 annualized.This is more than the 1.3% decline initially estimated. The main factor weighing on GDP has been the decline in exports (-4.9% from January to March).

In China, rising consumer prices, the main barometer of inflation, which had accelerated in recent months, slowed slightly to 6 no checking account payday advance.2% in August. Industrial production is she up 13.5% in August.

In France, industrial production rebounded 1.5% in July after a decline of similar magnitude in June, show statistics released Friday by INSEE. The budget deficit of the French government fell in late July to 86.6 billion euros, against 93.1 billion euros a year earlier, thanks to lower costs, said Friday the Department of Budget .

On the agenda are also on Friday, stocks of wholesalers in the United States.

As for currencies, the euro has stabilized under $ 1.40, to 1.3896 dollar.Oil rises on the other hand, supported by a surprise drop in U.S. inventories. In early electronic trading, a barrel of "light sweet crude" for delivery in October gained 23 cents to 89.28 dollars per barrel of Brent North Sea crude for October delivery 21 cents to 114.76 dollars.

Values ​​to follow

• TF1 (-4.3%), M6 (-2.25%) Bolloré (0.8%), Vivendi (-1.1%); NextRadioTV (-1.4%)

Chains react in a disorganized to take control of Direct 8 Direct and Star, two DTT channels free of the Bolloré Group, Canal +. The subsidiary of Vivendi will have three DTT frequencies. Be as much as TF1 and M6 more than the group which, in addition to the namesake chain, has only W9.For this operation, fully financed by shares, a stake Bolloré group Vivendi.

• Total (0.9%) signed the largest increase

The Anglo-Dutch oil group Shell said Friday that oil was discovered off the coast of French Guiana, during exploratory drilling at about 150 km off the coast.

• Sopra (1.81%)

The group announced the takeover of Delta, specialized in banking software.The transaction is expected to close in early October 2011, will be financed from existing credit lines of business consulting, IT services and software.

• Pierre & Vacances (-0.33%)

The group, which operates much of the accommodation ski resorts, opened 369 new tourist residences furnished this winter.

• ArcelorMittal (-1.7%)

The group will close as of October 3 for an indefinite period and the second blast furnace at its site in Florange (Moselle), according to a union source quoted by AFP.

• EADS (+0.8%) on the second step of the podium

The group said on Thursday not want to use all of its $ 16 billion (11.45 billion euros) in cash for acquisitions.

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Safran, currently listed on the SBF 120, will make its debut on the CAC 40 on 19 September. The industrial and technology group, owned 30% by the state and 16% by its employees, replaces the bank Natixis in the most important indicator of the Paris Bourse. The announcement of the decision of the scientific evidence that fell Friday night to enter into force on September 16 at closing. The CAC 40 has not seen changes since September 2010, when Dexia (bank) and Lagardère (media) had been replaced by Natixis and Publicis (advertising).

The case for an entry Safran are numerous. The group was first sold 6.5 million treasury shares on the market late in July to increase its free float to more than 50%. Or the size of free float is one of the most important criteria observed by the Board for an introduction to the Cac 40.Capitalization criteria equally crucial $ 11.6 billion. Finally, the performance of the title are not negligible. The stock has gained more than 14% since August 26, while the SBF 120 index has returned just 5.6%. Since the beginning of the year, it grew by 5.4% when the SBF 120 index lost more than 12%. "There is a large consensus on this value. Safran is a great candidate, "pointed out shortly before the decision Emmanuel Besson, manager at Equity Management Ofi AM instant payday loan.

Suez Environnement does not leave the Cac 40

Suez Environnement was on the spot. The company, owned 35.8% by GDF-Suez and 7.2% by Groupe Bruxelles Lambert, certainly has a free float above 50% but its market capitalization of 5.88 billion, is among the lowest in the four Cac 40, with STMicroelectronics, Accor and Peugeot.In addition, the title was severely punished by investors: it shows a loss of 17.6% since the beginning of July, in line with the losses of the CAC (18% over the period).

But it Natixis, which has been designated to leave the Cac 40. It must be said that banking stocks have suffered heavily in recent weeks. The title is back in the index only a year ago and this decision "could create additional pressure on the banking at a time when we seek to appease," said Emmanuel Besson.

Before the verdict, Safran fell by 2.77% to 27.05 euros at the close, in a market down 3.59%. In turn, Natixis lost 4.57% to 2.71 euros.

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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.

The attendant of the Magi does not believe in miracles. In this village of the Cevennes Gard, Jacky controller takes the last independent station. "When I moved in 1984, there were eight stations on the road, remember Jacky, a bit fatalistic. I will be retired in a year, and no one will resume the activity. "

The disappearance of the gas station of the Magi was certainly inevitable. In 1985, there were 29,750 service stations, according to the French Union of Petroleum Industries (Ufip). Since the network has disintegrated. They were more last year than 7149, only 1538 independent. Regression for the benefit of a large area stations: 2250 26 years ago, they are now 4902.

Financial support

But to make matters worse, the service station owners are now faced with a challenge.Finance the upgrading of their facilities necessitated by the transposition of European directives into French law, whose applications are expected for a period from 2013 to 2020.

These regulations impose progressively strengthen the provisions for recovering gasoline vapors during the refueling of vehicles to fight against air pollution, compliance with new distances "between the devices and distribution from a public establishment or of a building inhabited "rearrangements of tracks, but also the installation of double-walled tanks.

"There's € 20 000," says Jacky Regula. The attendant of the Magi is all the more bitter than the prices differ by only a penny from the Intermarché neighbor. "I'm fighting with my cash and pay my suppliers in five days to get the best price.But to be profitable, it takes at least a margin of seven cents per liter, "says he.

"These obligations can result in decisions to stop activity by owner-operators with two main reasons: the high level of investment and the inability to meet the new standards such as safety distances," warns the Ufip.

Brigitte Bros., owner of the resort village of Lozère Malbouzon (160 inhabitants), near the A75 motorway, is categorical: "The standards being too expensive. It will not work. "Just for the two pumps, estimate amount to € 60 000. "It is amortized over a hundred years, she joked. The station is to be helpful. There are not many in the corner. It is open seven days a weekIt's a real public service. "

Brigitte Bros. has yet stepped up efforts to keep his business, where a liter of diesel is € 1.55, or about 16 cents more than in a supermarket. Managed for nine years by Evelyne Perret is the only gas pump to 10 miles around, and one of the five supply points independent of the department.With about 6000 liters of fuel sold each month, the station scrapes, supported by the activity of the restaurant, coffee Perret, with its workers to 12 € menu.

At the number of closures announced, the Professional Committee of the fuel distribution has developed budgets that can partially support the small owner.

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The group of environmental services warned on Friday: in 2011 it will not reach the objectives it set itself in terms of growth in profits. It's something confirmed on Thursday, while the specialist services in the water, waste and transport unveiled a net loss of 67.2 million euros in its first half, due to early provisions past for its plan to focus geographically, and non-recurring write-downs. Without these items, which account for 800.3 million euros, Veolia announced a net profit of 188.1 million euros, still always decline (-28%). Sales for the period rose for its 4.4% on a comparable basis to 16.28 billion euros (+15.5% at constant exchange rates).

A voluntary separation plan envisaged

As announced last week, the group led by Antoine Frérot said to have encountered difficulties in Southern Europe, North Africa and the United States, that led it to implement further restructuring and strengthen the redeployment of its activities to concentrate on "a small number of countries."

By 2013, Veolia Environnement wants to actually be present in fewer than 40 countries, against 77 at present. For example, he announced a withdrawal "significant" in some areas and trades, such as the withdrawal of transport activities in Morocco, cleanliness in Egypt, or Marine Services in the United States and southern Europe. This acceleration of focus is not without consequences on the accounts.In a statement, Veolia said that 686 million euros in writedowns were recorded under the operational difficulties encountered in Italy, the United States and Morocco. Hence the fall in operating profit recorded over one year of 1.101 billion to 252 million euros.

As part of its reorganization, the group also announced it would establish voluntary severance schemes in France, in the water sector.

Doubts about the dividend

Given these results and further steps that need to be implemented, Veolia will therefore not committed to a growth in profits for the year 2011.Not surprisingly, however, the group confirms its other annual goals, including organic growth of its business and asset sales for at least 1.3 billion euros, a positive free cash flow after payment of the dividend.

At the meeting presenting the results, Antoine Frérot explained, however, he was not able to guarantee that Veolia would maintain its dividend in 2011 at the same level as that of € 1 paydayloans.21 paid in 2011.

Other objectives, Veolia is a recurring operating income "slightly down" at constant exchange rates (excluding the consolidation of Transdev Veolia confirms that the group will introduce a stock exchange), and finally, cost savings of 250 million euros.On this last point, Veolia plans to accelerate its cost savings in the longer term, with an expected positive effect on operating profit of at least 150 million euros in 2013 and 250 to 300 million in 2015, and more of 250 million mentioned above.

The title Veolia has lost 25% of its value in five days

Despite the warning last week, and the fall of 9.5% of the title that had followed, investors have been very hard on the tooth that bad publication. After opening down sharply from 8.04% to 13.15 euros, the title was abandoned among the first on Thursday in a market panic. Veolia ends with an impressive plummeting 18.88% to 11.60 euros.

Overall, Veolia has lost a third of its value within five sessions …These results are disappointing especially since yesterday, Suez Environnement, the French rival Veolia has published interim results rather reassuring, thanks to the good performance of the water division, and finished the session at the Paris Bourse rose 0.68%, despite a plunge of more than 2% of the Cac 40.

Since Friday, the penalty did not expect that the part of analysts, with numerous recommendations degradation. Monday, Goldman Sachs withdrew Veolia from its list of preferred European values, lowering its recommendation to neutral, for a revised price target of 26 to 20.50 euros. For his part, Oddo has also lowered its recommendation from neutral to reduce to a revised target of 24 to 15 euros. CM-CIC Securities is left to buy but has revised its target price of 24.1 to 19.6 euros. BNP Paribas expects a still under-performance but reduced its target from 21 to 15 euros.Finally, HSBC rose Tuesday from overweight to neutral, slashing its target from 21 to 17 euros.

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The European Union has embarked on a spring cleaning of food labeling. And their supposed virtues to health. Energy bars Brand Gerblé supposed to boost memory? The court decided otherwise, since it ruled in favor of a consumer association by calling the advertisement "misleading." Currently, the national association of consumer and user (CLCV), one of the largest of its kind, which is in litigation against the giant Candia. At the heart of the debate, promises related to the consumption of milk Silhouette Active expected to play a role in appetite.This drink, ensures the manufacturer, would be "natural source of calcium and low in fat" and contain "a revolutionary active ingredient that helps you eat less at the next meal."

It is to fight against the proliferation of misleading health claims that since 2008, the European Food Safety Authority (EFSA) is working on the content of thousands of labels. Manufacturers of each EU country provided their respective states, which were to follow EFSA, the allegations they wanted to use and the scientific literature. Thus 44,000 cases arrived at the office of the Authority for food safety. But after having eliminated all the duplicates and health claims related to plants that will be discussed later, the experts themselves to verify the actual 2760 scientific assertions.Among these products boasting of "antioxidant", "anticholesterols", "good for your bones", others favor the "removal of the water" by the kidneys, or some highlighting the "energy "and ensure the" vitality ".

Poorly supported arguments

Analysis of the EFSA has not focused on products but on their components. "In the end, only 20% received a positive opinion and 80% were eliminated, 'the officials of the Authority. For several reasons: incomplete files or too vague, and poorly supported arguments and sometimes a little wacky documents. "About the effect of a vitamin on the hair, companies have provided scientific studies do not speak of the vitamin or no hair," says Professor Ambrose and Martin, one of the experts of the EFSA.Besides a folder containing … the activity report of British Airways!

The 500 claims remaining in contention are only the opinion of the EFSA. The final list will be established in the coming months by the Member States on a proposal from the Commission. This could happen in 2012. Knowing that the industry will still have six months to adapt, the actual implementation of the measure expected in early 2013. John Dalli, the European Commissioner for Health, said he wanted to "regulate an opaque market."

"The idea of ​​improving nutrition labeling dates back several years, observed with some skepticism Inserm researcher Pierre Meneton, salt specialist, who believes that the excess sodium chloride is the cause of 30,000 to 35,000 deaths per year in France.But this work on a reform of European labels have long been in a drawer. "It remains to be hoped that the work undertaken by the European does not remain a dead letter.

Regulation eagerly awaited by the Directorate General for Competition, Consumption and Fraud Control (DGCCRF). Because if Europe says the regulations, that the DGCCRF have the burden of verifying the reality of its application. "Before, companies benefited from a regime of almost total freedom," said William Cousyn, in charge of the nutrition issues. And it was the DGCCRF to prove fraud. The latter was particularly common: "95% of scientific claims that the DGCCRF asked us to check proved wrong," adds Martin Ambrose who is also expert at the National Health Security (handles).

For the DGCCRF, the label control will be facilitated since each claim will match a specific list of ingredients required. For the industrial sentenced for false advertising (in legal terms, we talk about deceptive marketing practices), the fine can reach 375,000 euros although it is rarely the case. Actually, what bothers most companies, it is the bad publicity generated by such trials. "The biggest deterrent is ultimately to include excerpts of court decisions on packaging, says Mr. Jerome Frank, one of the lawyers of the UFC-Que Choisir and CLCV. Should somehow punish them by where they have sinned. "

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LE FIGARO: – Earlier this week, you have participated in the meeting of the Eurogroup and Ecofin, the decisions taken are sufficient to stop the crisis?

Baroin: – The message that the Eurogroup has this week sent a strong message. The finance ministers of the euro area have confirmed their absolute commitment to safeguard financial stability in the area. The tools we have, I think of course to the European financial stability, will be of use will be more flexible and less costly for the recipient countries. We also reiterated our commitment to conclude as soon as possible a program that covers the financing needs of Greece for three years.

Greece, Portugal, Italy, France is currently immune to this crisis.Do you fear a contagion affecting our country?

Thanks to the reforms carried out and control of public finances that we pursue with determination, France, like Germany, has the confidence of investors on our sovereign debt deemed safest. France is indeed one of the seven countries in the euro area receiving the highest rating. This lowers the cost at which borrows France. Of course, we can not satisfy disruption affecting the markets for several days.

What are the flexibilities of the presidential candidates subject to the supervision of rating agencies?

There is no doubt that some projects are completely out of time exceeded. To that of PS, I will be tempted to say, it is worn, tired, to paraphrase one of their former candidate.It is unrealistic, if not more, in 2012, to propose the creation of hundreds of thousands of public employment. It is irresponsible with regard to the preservation of our growth to provide a fiscal impact of an increase of 50 billion euros in taxes.

Bertrand Delanoe suggested a special tax on high incomes to reduce debt the state …

We are totally opposed to the creation of an upper marginal tax on income. As part of the tax reform that I reach we have ruled out this hypothesis. A working group will be in the coming days to establish, in the draft 2012 budget law, a contribution on income from extraordinary or extravagant as stated by the Prime Minister. It's a big difference with a windfall tax on the income desired by the Socialists.This is not the same political project.

The Finance Act provides 3 billion saving on tax loopholes. This will be enough?

Again, our goals are intangible and deficit are the backbone of the construction budget. It is very likely that we will go through the Finance Act 2012, beyond the three billion reduction in planned niches. At what level should we stop. There is still a bit early to say but that is where we are heading.

Martine Aubry accusing the Elysee Palace to spread rumors about his private life …

As a candidate in the presidential election went a bit unnoticed, to give relief to its trajectory, it targets the Elysée and the UMP.It's a bit ridiculous.

It is a sign of weakness?

If you add up the silence that followed the important announcement of his candidacy, that sense of unseen, the socialist project, and now this news on rumors, I do not think it is up to the challenges that France will through next year.

How to convince Borloo not be a candidate in 2012?

It's very difficult to explain that we are stronger by being divided only by being united! It is very difficult to explain that participated in the affairs of the country for so long and be an alternative project.Therefore I think it will be very difficult to find a chamber at the presidential majority as the election period will need to gather all the forces present in the majority in the service of Nicolas Sarkozy.

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