Shortly before 4 am, France, Germany and the euro zone countries are agreed after intense negotiations with creditor banks on a 50% discount on debt securities Greek removing the last obstacle to a comprehensive plan of response to the debt crisis. The contribution of the private sector, coupled with an effort of the States of the euro area of ​​130 billion euros, will bring the Greek debt of over 160% of GDP today to 120% in 2020, said Nicolas Sarkozy.The French president also said that the means of relief funds in the euro area (EFSF) would be "multiplied" in order to reach "1.4 trillion dollars," or "1000 billion euros." For Nicolas Sarkozy, "the summit has to adopt elements of a comprehensive response, an ambitious response, a credible response to the crisis in the euro area". Even if the plan is still very fragile if the economy of Greece does not improve, he said.

The surge in the yen threatens Japan

For its part, the IMF Executive Director Christine Lagarde welcomed the "substantial progress" made at the EU summit in Brussels, welcomed the leaders of the euro area have set up "a program that will respond to the crisis in the region " check cash advance.Greek Prime Minister George Papandreou, for its part considered that a "new era" began in Greece, speaking of a "new beginning" with this debt reduction Greek.

On the macroeconomic front, the Central Bank of Japan announced Thursday a further easing of monetary policy to fight against soaring yen that threatens the recovery of the Japanese economy.The institute has decided to increase 5 trillion yen (47 billion) purchases of treasury bills, increasing to 55,000 billion yen (519 billion) the maximum amount it spends on purchases of government bonds, corporate bonds and other financial securities, and loans at preferential rates.

The euro has strengthened

In addition, retail sales continued to decline in Japan in September, from 1.2% yoy, due to the fall in purchases of TVs after an exceptional run in early summer, announced the Ministry of Economy Thursday. However, car sales have stopped their dive.Consumers remain cautious overall spending due to fears generated by the earthquake and tsunami in the northeast of the archipelago on March 11 and the Fukushima nuclear accident they caused.

Side values, the action of the group of cameras Olympus soared 23% Thursday at the Tokyo Stock Exchange, following the resignation of its CEO Tsuyoshi Kikukawa, accused by his British predecessor Michael Woodford to have overcharged acquisitions between 2006 and 2008.

The euro has strengthened, buoyed by hopes of resolving the crisis in Europe. It was worth 106.26 yen and 1.3975 dollars in Tokyo Thursday morning, 1.3908 against the dollar and 105.98 yen in New Yok the night before.

Finally, oil was up, after the sharp fall the previous day in New York.In electronic trading in the morning, a barrel of "light sweet crude" gained 1.11 dollar to 91.31 dollars a barrel while Brent North Sea crude for December delivery took 70 cents to 109.61 dollars.

The tax is also debate. Political issue, it will be based on the outcome of presidential elections next year. But whatever the future tenant of the Elysee, the necessary fiscal consolidation will make more bitter potion tax in France and elsewhere. This fall, several large employers, Maurice Levy (Publicis) to head, seized of the matter, declaring themselves willing to pay more, in the wake of U.S. financial guru Warren Buffet.Went to war for the tax to China with Bill Gates, the investors have called "the sage of Omaha" and admits that pay less tax proportionately than his secretary did not meet with success expected in the Middle Kingdom.

Tax loopholes less generous

In some banks, asset management, however, we feel that the climate is changing. Faced with the country's debt, attitudes are changing. "Taxes will go up, most of our customers are aware of, said Philippe Vayssettes, the president of the bank Neuflize OBC. The crisis has raised awareness to wealthy clients need to solve the problem of public finances, and his reactions to the tax increases are less epidermal few years ago.Many say they would pay more taxes, but only if the load is evenly distributed and that addresses the spending. "

France, in recent years sought to rebalance the tax burden on labor and the heritage. And tax loopholes were made less generous. Yet the French are addicted to the means to reduce their taxes. "Everyone is struggling to pay less tax, but push the system too far is destructive of social cohesion," says Mathilde Lemoine, director of economic research and market strategy of HSBC France. Investors rushed last year on investment in rental real estate law Scellier, which allowed them (for investments made in 2010) to obtain a tax reduction equal to 25% of their implementation, a limit of 300,000 euros.This year, the percentage of tax reduction increased to 22% for purchases in buildings BBC (low power) and uncertainty hovered for months about the future of the device. Result, the French have been slow to invest. The ax has fallen at the presentation of the Finance Act 2012: tax reduction Scellier expected to increase to 18% next year. Individuals tempted by a real estate transaction in the nine have a vested interest to act quickly if they want the rate of 22%, although an amendment could, if adopted, to take into account the sales agreement and not just the final act signed before the end of the year.Better yet avoid precipitation because tax savings does not always mean good business.

Before embarking on an operation of tax exemption must make an effort not to be blinded by the tax sirens and see the economic benefit of investment. And its output. With these precautions taken, why not kill two birds with one stone? Build wealth, comfort and reduce the income tax it will pay next year. For this, we need to invest before the end of the year. The tax paid in 2012 will focus on the income received this year. So it also charges, expenses and investments made in 2011 that will reduce the tax liability next year.

Individuals familiar with the outline of the 2012 budget, a few caveats about. We must also wait for the vote of the National Assembly and Senate to get the specific details of the measurements.On some points, arrangements are already being considered. The slowdown in growth means fewer tax revenues, will require to find recipes. The tax may be more severe in the coming years and levers to reduce fewer. One more reason to enjoy the levers that exist today.

Avoid the pitfalls of tax exemption

But the string of investments and existing mechanisms, it is often difficult to find your way. The folder you now offers Le Figaro Magazine, with the teams of the Particular (group Figaro), is designed to help you reduce the tax burden without falling into the pitfalls of tax exemption.So we sifted through real estate investments, financial products, including FIP, the FCIC and Sofica and investment overseas and work to achieve in its housing, which can afford to pay less tax next year, whether the income tax or, in some cases (direct investment in SMEs, gifts, etc..), the ISF. And to reduce taxation intelligently, we give you other ways to reduce the tax burden, such as investing in the forest or going into debt. Have a ball. –

Limit spending to curb the increase in taxes

We too often forget: you pay taxes to finance public spending. One way to limit the tax increase is to reduce them. It will do so, and ask what the costs really useful, "said Mathilde Lemoine.In a report last July, the Economic Analysis Council considers necessary and tax reform advocates an overhaul of the system of tax loopholes. To restore confidence in the fairness of our tax system, he advises to "better link the tax to ability to pay."But he warned: "To encourage investment guess you do not make the mistake in the name of the simplification of our tax system, a confiscatory taxation of capital income." Fiscal policy is a delicate, because ultimately, too many taxes kill taxes.

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The dismantling of Dexia revolve around two main axes. First part of the device, sales lead to much gnashing of teeth. Side France, the discussion focuses on the sale of a portfolio of over EUR 70 billion – mostly loans to local authorities – an entity owned 65% by Caisse des Depots, which drags its feet. Until more details, the Investment Committee of the CDC has just issued an advisory opinion but negative according to our sources.La Banque Postale will take a minimum the job of funder community, hitherto devoted to its competitor.

At the same time, Dexia will sell its retail banking subsidiary in Belgium, Dexia Bank Belgium, the Belgian partner probably common across the Quiévrain. The Wall Street Journal, Price, hotly debated, could turn around 4 billion euros, well below the value expected by shareholders. As Fortis sold to BNP Paribas in 2008, the Belgian government's goal is to lean then the network to a private actor. For its part, Luxembourg completes its participation in the recovery of BIL through a consortium led by Qatari investors. Denizbank, the Turkish subsidiary, is also about to be sold.

The second component of dismantling the management of residual interests.While the Spanish or Italian Sabadell Crediop seem almost impossible to sell, will remain at Dexia a portfolio of nearly 95 billion euros in loans, of which 12 billion of government bonds devices in Europe. It is this "bad bank" guarantee promised by France and Belgium will apply. Sunday, the two countries should share the burden away. In 2008, Belgium had made to their account 60% of the security so much higher than 150 billion euros. This time, the camp Yves Leterme wanted to reduce its share of the bill, arguing that the French management had little Belgian interests associated with the management since 2008.

Impact rating

Signal of the high stakes, Prime Minister François Fillon had made the trip to Brussels on Sunday to meet with Belgian prime minister Yves Leterme.The talks, which have been associated with Jean-Luc Dehaene and Pierre Mariani, President and Group CEO, helped lead to a solution "fruit of intensive consultations with all partners involved," insisted the two sides.

The two countries share a triple objective: secure banking on their own territory, without violating the rights of minority shareholders, and while limiting the cost of this debacle for public finances. Friday, Moody's had also placed the rating on negative watch Belgium. Council of Ministers to be held in Belgium on Sunday night, after the Board of Directors of the bank.

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Achieving this goal will require new efforts, however. According to estimates published by the Commission alongside the accounts of the social security system, the "hole" would amount to 21.2 billion more next year, if nothing new savings or revenues were taken ("trend ").This is despite rather favorable macroeconomic assumptions adopted by the government (1.75% growth, 3.7% increase in payroll).

Patchwork savings

To do better, the government is "primarily on cost containment through structural reforms," ​​pleads one in the entourage of the Minister of Public Accounts, Valérie Pécresse. There's no question for the industry pensions. The second step of delaying the legal age (60 years and eight months from 1 January), listed in the reform of Sarkozy, Woerth 2010, 1.2 billion will reduce the total pension paid in 2012, says Bercy. And this effect will intensify over the years, until 2018, when the legal age will reach age 62.However, for the health branch, the major economies announced for next year are less than a fundamental reform of a traditional patchwork (lower prices of drugs or radiological, snacking benefits of sick leave …).

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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What put a little more at risk delivery, planned for July 2012, the sports arena of 50,300 seats (against about 17,000 for the current Stadium north of Villeneuve d'Ascq). Peter Berger, the executive director of Eiffage, the construction group in charge of construction of the building, has even called him on Thursday of "non-zero" probability that the works are delayed.Concern, as the club relied on Yankee start next season in its new enclosure.

Delays are common

"Overall, the case of clubs, a stadium delivered on time is a rare occurrence, says Michel Desbordes, a sports marketing specialist and author of neo-sports marketing. Apart from international competitions, where the issues of image of a country are important, it is very common that a project is continually delayed. Even Olympique Lyonnais (OL), whose business model is currently considered the most effective, has difficulties in advancing the Stadium of Light. "

For France champion football title, the expected financial impact of this new project could be delayed."Arsenal, whose business model is comparable to the LOSC, saw its sales jump 58% in the year of commissioning of its new stadium, the Emirates Stadium during the 2006/2007 season "Michel Desbordes analysis. Extrapolating this example to the club Lille, LOSC could see its sales jump by over 37 million, compared to the estimated budget of 75 million euros for the 2012/2013 season. It would be similar and even more of the OL and its 160 million annual budget.

Less attractive media

The delays do not affect these numbers, especially as the additional time construction should be limited to a few weeks totally free credit score. But "it would deprive the Losc its new stadium for a season, warns Michel Desbordes.Although the Grand Stade Lille Métropole was delivered in December 2012, it could not be put into service before the next season or in 2013/2014. " In addition to the shortfall in terms of ticketing, LOSC would be so deprived for a few more months of additional revenue related to greater media exposure. However, this parameter now weighs about a third of the money collected by the clubs under the TV rights. According to the blog dedicated FootBiz, they would have amounted to 42.5 million euros for the champion of France for the 2010/2011 season.

Moreover, competitive sports club could be undermined, some players have taken into account in their decision to remain at the club northerner, the prospect of work in a stage art and visibility.

In addition to these issues difficult to quantify financial benefits, harm the most accurate for the club remains the additional invoice from new technical requirements. According to information Chained Duck, the additional cost compared to 324 million euros expected, would reach nearly 100 million euros.

From this point of view, Eiffage and the urban community of Lille Métropole pass the buck, saying it is not their responsibility to support the financial consequences of a decision state. The construction group, however, should think twice to avoid blocking the progress of work in such a status quo could result. Last June, the Polish city of Bialystok has decided unilaterally to break a contract for close to 40 million euros to build a football stadium, citing delays too great. Eiffage challenging a decision.

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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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Now that the United States have been degraded, no other country rated "AAA" can consider itself completely immune to medium term. As for lower-rated countries, they risk having their refinancing terms to harden significantly. In the end, all governments will have to redouble our efforts to reduce their deficits. Even at the sacrifice for some growth in its infancy.

To mitigate the magnitude of the shock, the world leaders have stepped up telephone interviews during the weekend. No formal meeting not held, although, according to South Korean authorities, a conversation at the G20 may have taken place Sunday morning after the G7 Ministers and Sherpas were spoken in the night from Saturday .Sunday, late in the day, Paris and Berlin have issued a statement reaffirming their commitment to adopt before the end of September, the agreement of July 21 on the Rescue of Greece. The schedule should reassure markets that doubt. They also praised the efforts of Spain and especially those of Italy, two weak links in the euro area at present.

Whopping "Noting" the willingness of member states to accelerate fiscal consolidation, the European Central Bank, which held Sunday evening an emergency meeting, said in the wake, it would implement its Bond Buyback Program "actively". The ECB is indeed in the short term, the only institution capable of acting. As long as the agreement signed on July 21 has not been ratified, the European financial stability can not afford to intervene across the entire area.Hence the pivotal role of the bank in Frankfurt, which has been slow, however, to engage in battle.

"At its meeting on Thursday, the ECB disappointed by not announcing the acquisition of the Italian debt, says Laurence Boone, chief economist for Europe Bofa-Merrill Lynch. But the decision Friday by the Italian Prime Minister Silvio Berlusconi, to accelerate by one year the return to a balanced budget should meet Jean-Claude Trichet and facilitate the intervention of the ECB on the Italian debt. " Such a move will he work? When she flew to the rescue of Portugal, Greece and Ireland, the ECB has repurchased approximately 12% of the debt of these countries, or 74 billion euros. With Spain and Portugal, the stock of debt of 2300 billion, which means that the bank in Frankfurt will need at least 240 billion on the table if it wants to weigh.A colossal sum.

The other issue that will come back, throbbing throughout the week for growth. In turn, the U.S. Federal Reserve and the Bank of England should speak on recent developments in the economy in their countries. They should take note of the proliferation of signs of slowing down. As for the euro area, it falls within the publication period of its growth figures for the second quarter ahead disappointing. France is in sight. "Given the slowdown in household consumption growth may have been zero in the second quarter, after the sharp rise in first quarter" advance Laurence Boone. What increasing pessimism and weaken even more the euro area.

The aim of these negotiations is twofold: first to raise the ceiling of U.S. debt authorized, currently set at 14,300 billion and achieved since mid-May Without agreement on this point, the Treasury warned that the United States would find themselves in default of payment on 2 August. A scenario unique to cause global bond market crash.In an interview Sunday at the program "This Week", the new general director of the IMF, Christine Lagarde, has also warned the U.S. against the "truly deplorable consequences" of such a scenario for country and the world.

Elected officials must also agree on a comprehensive plan of savings, without which Democrats as Republicans admit that the U.S. debt would be difficult to sustain over time. An aging population should lead to higher mechanical effect of public debt, charged in the future by heavier spending on health and higher costs related to the pension system. However, the U.S. national debt has already reached the summits, looked with suspicion by the rating agencies.

Budget cuts

But elected officials have reviewed this weekend to lower their ambitions.The Republican chairman of the House of Representatives of the United States, John Boehner, said Saturday that he would not agree on the broad deficit-reduction plan advocated by Barack Obama. Instead of four trillion dollars in savings over ten years requested by the President of the United States and considered necessary by the rating agencies, is now on a more narrow the range of 2000-3000000000000 dollars, to be negotiated between the elected officials, said John Boehner guaranteed pay day loans.

"Despite good faith efforts to find a common base, the White House will not consent to a broader agreement on reducing the debt without raising taxes. So I think that the best approach might be to focus on a smaller, "said the Republican.

Electoral concerns

After days of deadlock, negotiations had yet appeared to unravel Thursday, after Obama met with leaders of both major parties in Congress. In granting budget cuts for health and social security, so far regarded as untouchable by the Democrats, Barack Obama has paved the way for an agreement that he would like "historic".

In return, the president was calling for concessions from the Republicans on the taxation of the rich. "We can not ask the middle class and senior citizens to bear alone the brunt of budget cuts, held Saturday, spokesman for the White House. Are also the richest pay their fair share, and we believe that Americans agree on this point. "

For their part, Republicans are reluctant to vote for one trillion tax increases that Barack Obama is calling for. In general, Republicans as Democrats are concerned that measures spending cuts or tax increases adopted in the savings plan does not cost them the next election.

Barack Obama would meet again in the early evening the leaders of the House of Representatives, where Republicans are the majority, and Senate. The White House said in the wake of the announcement of John Boehner she still hoped to get him back on his positions.

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Extension to the documentary

To attract even more subscribers, the transmission will be preceded by a documentary by BSkyB and directed at the wedding of Kate and William of England. For Ghislaine Le Rhun, "it is clear that 3D is not just for sport.The documentary is a genre that is perfect for 3D ", she says, noting that Orange has teamed up with France Televisions for the production and distribution of two documentaries about the" greatest country in the world, " and "the most beautiful forests in the world." Similarly, the operator had joined Arte to broadcast last Christmas circus. More recently, with TF1 Orange captured the final Barcelona-Manchester. For Ghislaine Le Rhun, "it will take two to three years before the 3D left the experimental stage to take a full distribution channel." Already 120 games have been broadcast on channel 30 as well as all international Roland Garros.

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