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While the rating agency Standard & Poor's downgraded three notches note of Greece who becomes the country with the lowest rated in the world, the eminent economist Nouriel Roubini sees the end of the eurozone. In an article published in the Financial Times, the man who announced the financial crisis of 2008 estimated that countries of the European periphery abandon the euro within five years.

In the eyes of Nouriel Roubini, the debt crisis that weakens current euro area highlights the flaws in this monetary union. In fact, the euro zone has never been an "optimum currency area", ie a group of countries has any interest in sharing a single currency. There is indeed always been too strong and competitive economic differences between countries in the euro area.The founding fathers of the euro area, however, hoped that the differences between fiscal, monetary and exchange rates are offset by an acceleration of structural reforms within the euro zone countries. These measures would then have enabled the countries of the eurozone converge.

Without economic convergence, the euro area is doomed to failure

But "the reality is quite different," says Nouriel Roubini. Following the establishment of a common monetary policy, countries are folded on the weapon budget to adjust their economic policies business card. Very different policies have been implemented within the eurozone. Consequently, the lack of fiscal discipline in countries like Greece and Portugal involved in the birth of speculative bubbles in other countries like Spain or Ireland. And finally, the peripheral countries have become less competitive.

Economist reaffirms that to work, creating a currency area must be accompanied by a fiscal policy even as the establishment of supranational sources of income or the issuance of sovereign bonds Commons. In the absence of economic convergence, the euro area is doomed to failure, according to the economist.

Thus, Nouriel Roubini believes that there is now a way to restore the competitiveness of peripheral countries: leaving the euro, return of national currencies and depreciation. Such a scenario seems inconceivable today, is the economist who said that nothing says that in five years this idea has not gained ground, especially if the economies of peripheral countries are stagnating. Unless the idea of ​​a Euro reaches more federal drilling, some European leaders call for that greater European integration.

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Unsurprisingly, Georges Tron, accused of sexual assault by two former employees, resigned Sunday as Secretary of State for Public Service, announced earlier this afternoon in a statement the Prime Minister François Fillon who said "take note" of this decision. According to the Elysee is Baroin, minister of Budget and Appropriate Minister Georges Tron, who resumes his duties. A decision that provides the Elysee Palace to make a slight adjustment.

This decision was awaited. In the morning, Le Journal du Dimanche had reported that the resignation of Secretary of State would intervene in the day. According to the weekly, the decision was taken Saturday.It is François Fillon person who would be responsible for prescribing the manner of his departure.

He defends himself in his letter of resignation

"As a private citizen, I will make a personal matter to recognize my innocence while fighting the charges of vindictive two former employees, one was fired for embezzling public funds entrusted to him and the other resigned because of conduct unbecoming, "said Georges Tron in his resignation letter that was provided Lexpress.fr.

"Anyway, the press campaign that they have caused – before any intervention of the judiciary – has received such coverage in the media, that our citizens can consider myself as guilty before my rights have been begin to be implemented: think, Mr. President of the Republic, I have not even informed me that the complaint is, the procedure does not provide (presumably because it does not the public trial that I did), "said the now former Secretary of State for Public Service.

Alain Juppe pushes him towards the exit

In the columns of Le Parisien on Saturday, Georges Tron still seemed to want to believe. "I do not want to be annoying," he noted, while ensuring they do not feel "under siege". "I am extraordinarily serene," he explained in everyday life.Saturday afternoon, his lawyer indicated he would resign if the Head of State or Prime Minister asking him.

But on Sunday, the deal seemed to have changed. Alain Juppe including implicitly invited the secretary of state to resign, saying the government members must be "above reproach". "For now, he is presumed innocent," said Minister of Foreign Affairs on Canal +. "The rest is a matter of personal ethics. I have no lessons to give, but there are moments where he must learn to take responsibility themselves, "he said.

Secretary of State for Public Service is currently the target of complaints from two former employees of Municipal Common Draveil (Essonne), where he is mayor. The prosecution of Evry has given the police a preliminary investigation for sexual assault and rape.The two women have long been heard Thursday by the investigators, who have provided a list of witnesses, mostly city employees, may corroborate their versions.

A third complainant?

Sunday, JDD reveals that a third alleged victim would have emerged and should be heard in the week by investigators. He is a commissioner Draveil moved "on demand" by Georges Tron earlier this year. If we do not know yet the details of this story, a union officer told the weekly that the Secretary of State "was hard on her (the woman) for months. (…) I do not know exactly what happened between them, but I know she has lived all this very badly, "he said.

The lawyer Georges Tron, Mr. Olivier Schnerb, denounced Sunday the "media manipulation which has been subjected.""It is presented in the media as a culprit condemned already" while his two accusers' delight to show on television, "he said. "The defense of Georges Tron has not yet begun.

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The Japanese government thought about it and he did. The operator of the plant in Fukushima Tepco come under his control. The Japanese government has indeed released Friday details of a financial rescue plan to help compensate victims of the nuclear accident that hit Japan on March 11. "The purpose of this plan is not to bail Tepco, said Friday the Japanese Minister of Economy, but to ensure that victims are properly compensated." The operator will be under the supervision of an independent commission to strengthen the de facto government's influence on the conduct of its affairs.The government project, hotly debated within the team of the Prime Minister's center-left, Naoto Kan, has yet to be voted by Parliament.

Between 26 and 43 billion euros in compensation for victims

This plan includes the creation of a structure financed by both state funds and contributions from various private power companies in Japan. This entity will help Tepco through grants of bonds (5,000 billion yen by the Japanese press) convertible into cash, to compensate the estimated 85,000 victims of the nuclear disaster. Japanese media say that the operator should have to pay from 3000 to 5000 billion yen in total (26 to 43 billion euros).Tepco should also pay annually between 100 and 200 billion yen this structure (from 870 million to 1.74 billion euros), according to Japanese news agency Jiji.

The government even asked the banks that have lent 1.4 trillion yen (11.7 billion euros) to Tepco to waive a portion of their claims vis-à-vis the operator. "People do not understand that public funds are injected into Tepco if banks did not give their side a portion of their claims vis-à-vis the operator of the nuclear power plant in Fukushima," says Government spokesman Yukio Edano payday loans online.

TEPCO will have to sell financial assets and properties

Anxious not to appear to give a blank check to the company criticized for his role in the nuclear incident, the government also demanded that she undergo Tepco a number of conditions. The company will mainly sell financial assets and properties in order to concentrate its resources on the production and distribution of electricity.In addition, the eight most senior executives of the company will also waive any compensation and personnel managers to ordinary workers, will also undergo substantial pay cuts.

In addition to the huge amount of compensation, TEPCO will have to pay an extra bill to increase hydrocarbon production in thermal power stations, eleven of its nuclear reactors have been arrested since the disaster, counting those in the central hilly.Group CEO believes that these additional imports of gas, oil and coal would cost him 1,000 billion yen (8.7 billion euros) over budget during the year to April 2011 to March 2012.

Bank stocks fall at the Tokyo Stock Exchange

Result of this announcement, bank shares fell sharply on the Stock Exchange on Friday: Sumitomo Mitsui Financial Group sells at the close of the Tokyo Stock Exchange 3.80% to 2452 yen, Mizuho Financial Group, 2.98% to 130 yen and Mitsubishi UFJ Financial Group 2.79% to 383 yen.Due to the collapse of the market capitalization of Tepco stock market that has lost more than 80% between March 10 and April 7 last, Sumitomo Mitsui Financial Group (SMFG) could announce a loss of about 80 billion yen ( 696 million euros), Mizuho Financial Group, 50 billion yen (435 million), and Mitsubishi UFJ Financial Group (MUFG), 30 billion yen (261 million).

At the opening this Friday, the Dow Jones revolves around the balance, 0.15% after clinching a few minutes of trading. The Standard & Poor's 500 does not move at 1361 points while the Nasdaq fold from 0.06% to 2871 points.

Household consumption to menu

After finishing up the day, Wall Street reacted little to the various macroeconomic indicators on the agenda Friday. Household consumption has caught up. According to the U.S. Commerce Department, spending rose 0.6%, the ninth consecutive month of increase, after rising 0.9% in February (revised from 0.7%).

Inflation accelerated for the fourth straight month the U.S., according to the price index associated with household consumption expenditure (PCE), released Friday in Washington.It reached 1.8% yoy, while she was still only 1.0% in November

At 15h45, should be released Chicago PMI index, indicative of economic activity in the region in April, then at 15:55, the second estimate of the index of consumer confidence in April, awarded by the University of Michigan.

Merck, Chevron and Caterpillar publish their results

On the corporate side, Chevron (-0.84% ​​to 107.90 U.S. dollars) has published better than expected results in the first quarter. Net income group share was up 36% year on year to 6.2 billion dollars in the first quarter no fax payday loans.

The manufacturers of construction equipment Caterpillar (2.37% to 115.33 dollars) has issued an earnings per share up 411% at 1.84 dollar. The turnover at 12.949 billion dollars, increased by 57%. The group revised its forecast for 2011 up.It expects sales of between 52 and 54 billion dollars against 50 billion previously.

Goodyear (9.92% to 17.81 dollars) on Friday issued a first quarter earnings four times higher than Wall Street expectations, thanks to strong demand.

Merck (+0.14% to 35.82 dollars) announced a net profit in the first quarter more than tripled over the same period last year, which was impacted by costs of merger with Schering Plough. It amounts to $ 1.04 billion. The pharmaceutical group has slightly raised its annual forecast.

The groupeMicrosoft (-2.06% to 26.16 dollars) is very guarded, after publication, on Thursday after the market close, with net income up 31% to 5.23 billion for the third quarter shifted its fiscal year.A performance that does not stop him being left behind parApple (0.79% to 349.50 dollars). Based on the number of shares and excluding special items, earnings amounts to 61 cents, above the 56 cents expected by analysts. The turnover shown up 10% to 16.43 billion, despite the climate of "mixed" for the PC market.

For the first time, New Frontiers publishes a booklet dedicated to stay in France. The tour operator offers such a night in a chateau in Burgundy with bike rental, a week traveling with half-board in Britain, a tour of Paris in a 2CV … For three weeks, mostly sold and weekend getaways weekends in Paris from 75 euros per person in double room for two nights cruise on the Seine included. "For a long time in France we welcome customers from foreign tour operators, said Jean-Baptiste Delsuc, production manager at Nouvelles Frontieres travel. We hope that the French have the reflex to go as a travel agency for holidays in France. It's a gamble.Budgets are 4-5 times lower than for distant trips, but for the majority of the French. "

Lack of "resorts"

This summer, due to unrest in North Africa, more French will remain in France. "Traditionally, 27 million French spend their holidays in France every summer, according to Didier Arino, Chief of Staff Protourisme. But this year, unless an increase in late bookings for Tunisia, they are more likely to remain in France. "

Tour operators must adapt, but they face the French who took the habit of doing without them. They spend more than two-thirds of their family vacation, with friends or in their second home. Moreover, "the French tend to think they know as much as professionals on tourism in France."Notes Didier Arino, The Hexagon also lack of "resorts" are capable of accommodating a large clientele no fax needed payday loans. However, to reference offers, tour operators are looking volume.

"Long, tour operators have not sought to sell the destination France, because it is more interesting for them to market mass travel abroad, where margins are higher, said Christian Mantei, director general 'Trump France. Result, only 5 to 10% of French people go through a travel agent for vacation in France. "The Pierre & Vacances group Center Parcs, the leading tourist residences in France, it also carries about 80% of its sales Direct. "It will be difficult to change habits, but some market share to take on well-identified niches, such as skiing and spa," says Christian Mantei.Didier Arino also believes the future of theme holidays: œnotourime, river cruises, stays fitness or sports … Lands of Adventure, hiking specialist in small groups, carries 10% of its turnover in France , its first destination. Each year, the tour operator is to walk 6,000 customers.

"France is the top-selling destination, with 18% of our business," says Jean-Pierre Mas, president of Afat Selectour, which has 1,300 travel agencies. That little knowing that over 70% of the French spend their holidays in France! "This network of agencies primarily sells short stays in amusement parks (Euro Disney, Futuroscope, Parc Asterix), tourist residences and winter sports holidays. "We're starting to sell camping and caravanning, as Framissima Soustons Nature," says Jean-Pierre Mas.

After a weekend in the green, reassured by the decline of the yen in Asian markets starting this week under pressure, worried about the possibility of a global recovery weaker than expected in a political and economic uncertainty. The publication Friday of U.S. employment figures better than expected has not been enough to bring lasting confidence in Asian stock markets, still focused on inflationary pressures found on the price of oil. The stabilization of the dollar against the yen has not been able to restore confidence. On the foreign exchange market, the U.S. dollar is trading around 82.34 yen 82.29 yen against Friday night.

Still tense political situations in countries of North Africa and the Middle East, including Libya, continue to support oil prices.They continued to rise Monday morning in electronic trading in Asia. In morning trading, a barrel of light sweet crude gained 1.33 cents to 105.75 dollars. That of Brent North Sea was up 59 cents to 116.56 dollars.

Shanghai alone is optimistic

In Tokyo, the Nikkei index of 225 main values closed down 1.76% at 10,505.02 points. The resignation of Foreign Minister of Japan, Seiji Maehara, this weekend against a backdrop of political funding scandal, seems to have had a marginal effect on investor sentiment, they remain focused on macroeconomic issues . Among the main falls, that of Toyota, down 2.7%, weighed down by the context of rising oil prices and a ratings downgrade by Standard & Poor's business cards.Other values exporters, hit hard by global economic uncertainty, including Honda Motor (-3.5%) and Canon (-2.4%).

In Hong Kong, the Hang Seng index remained fairly stable, falling from 0.15% to 23,374.20 points. Themselves also affected by fears about the consequences of higher oil prices, the highest values among the affected aeronautical companies, like Air China, down 3.8%.

Only the Chinese financial market starts its week on a more optimistic tone, reassured by the comments this weekend's Premier Wen Jiabao on the priority given to reducing inflation in the Middle Kingdom. Especially a senior Chinese exclusively responsible said Sunday that rising prices in the country had certainly slowed in February and is expected in the 4.9% recorded in January. The CSI 300 Index of Shanghai ahead of 1.81% to 3,330 points.

Elsewhere in Asia, distrust dominates. The proposed merger between the Singapore Stock Exchange and Australian Stock Exchange has not really attracted investors, despite the comments of Magnus Bocker, the chief executive of the Singapore Exchange, saying it would allow companies to benefit from better growth. The FTSE Straits Times advanced 0.09% timidly, to 3064.05 points, while the S & P / ASX 200 fell by 1.37% Australian, to 4797.90 points.

In Taiwan, the Taiwan TAIEX fell by 0.8% to 8713.79 points. The KRX South Korea withdrew him, from 1.79% to 4226.27 points while the BSE Sensex down Indian 1.70%, to 18,171.40 points.

Xynthia is not a name as the Vendee and Charente-Maritime are nearly forgotten. The storm that hit the French Atlantic coast on the night of 27 to 28 February 2010, has killed 47 people, including 29 in the only common Vendée La Faute-sur-mer and Osten-sur-mer .

Egypt is safer. After the violent demonstrations against Mubarak in recent days, the French Ministry of Foreign Affairs recommends to "defer all travel" to the non-emergency countries. One can read in the Travel section of the site of the Quai d'Orsay that "French people there are asked to limit their movements to a minimum and to stay away from crowds."

Accordingly, the National Union of Travel Agencies (SNAV) said on Sunday suspended all departures vacationers "until further notice." Notably, "there will be no departures tomorrow (Monday)," said Georges Colson, chairman of the professional organization. For clients on site, they "extend their stay and return without incident happen normally. Charter flights are parties to seek empty of customers.There was no notable incident. "Toursits Nearly 1,000 French are still in the country. They were 4,000 in the beginning of the weekend, according to tour operators.

Customers affected by the suspension of departures "may defer travel free at a later date on Egypt or any other destination programmed by the tour operator, has previously provided the Centre for the Study of tour operators (CETO) in a statement quick payday loan.

By Friday evening, the French tour operators have suspended all departures scheduled this weekend to Egypt, following a request from French Foreign nationals "limit" their movements in this country. In 2010, 600,000 French surrendered in Egypt. Belgian tour operators have also decided on Saturday to suspend departures until Monday included.They do not plan to repatriate their customers already there.

Contagion events in North Africa has enough to worry the French tour operators. Tunisia is the first travel destination of the French, ahead of Morocco and Egypt.

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In the corporate world, the third way is very popular. The number of ruptures conventional employment contract, which is the third opportunity to end collaboration between an employee and his employer, the dismissal and resignation, continues to grow. Between January and November last year, 230,000 amicable separation by mutual agreement between the employee and the employee has been granted, reports Les Echos, against 190,000 in 2009.

Since the inception of this scheme in January 2008 nearly 455,000 were authorized protocols. The bar's half-million of this type of separation could be achieved by the end of January, the newspaper said.

Fewer refusals

The success of this new protocol is also because governments refuse to fewer protocols.The refusal rate reached 7% in November 2010 against 11% a year earlier and 21% in August 2008, when the first signature of conventional rupture. Moreover, the number of appeals before the Labour Court is very low.

But two risks remain. These devices could be used as substitutes for redundancies, the number of social plans is declining. Furthermore, this device could be used as a protocol for early retirement in disguise. In addition, the success of these devices could affect the unemployment insurance account.

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The U.S. stock market posted a small gain on Wednesday. The Dow Jones gained 0.22% at 11,719 points, the Nasdaq climbed 0.54% to 2696 points and the S & P advance of 0.34% to 1275 points. The indices were displayed yet in the red in early trade but the trend was reversed in favor of two macroeconomic statistics found reassuring:

– Operators have learned earlier this afternoon, good numbers of the ADP survey on employment in the United States. Job creation in the private sector were almost three times more than expected in December. In total, 297,000 jobs have been created over this period, while the consensus expected 100,000.This increase is greatest over a month since 2001.This statistics were scrutinized by investors because they often foreshadow those of the monthly report on employment expected Friday, a major indicator to assess the strength of U.S. recovery.

– Moreover, the ISM index on the service sector stood at 57.1 last month, a highest since May 2006, while economists and analysts surveyed on average had forecast an index to 55.6. This is much more representative of the U.S. economy as the ISM manufacturing sector released Monday.

Retail sales climb

Also on the macroeconomic front, according to Retail Metrics, retail sales in the U.S., rose 3.4% in December over a year. This is their strongest growth since 2006 and the best month of the year for U.S. distribution.The snow storms that have occasionally affected sales, purchases by households after Christmas, were very dynamic.

More good news: the real estate office would have improved slightly last year. For the first time in 3 years, rental prices have increased slightly in the fourth quarter 2010 vacancy rate remains high (17.6%, the highest since 1993) and the prices are low (they were $ 25 average in mid-2008). But the stabilization or even slight recovery, employment benefits to this area.

Operators leave a little later the pessimistic talk of the Fed.In reporting its last meeting, it considers that the European crisis is one of threats to the recovery in the United States.

Facebook and Goldman Sachs in the crosshairs of the SEC

The side of values, Constable U.S. stock, the SEC decided to look at investment bank Goldman Sachs (-0.17% to 172.79 dollars) in Facebook, to ensure that it not circumvent the rules governing non-listed companies, says the Wall Street Journal. Under the current rules, dating from the '60s, when a private company reaches a threshold of 500 shareholders, it becomes compelled to disclose certain financial information.Many commentators saw in the investment of 500 million made by Goldman Sachs with the Russian group mail.ru a way for the community site to gain access to customers of the prestigious U.S. bank, while remaining below this threshold, and freeing itself from any limitations of transparency. Depending on the outcome of its investigation, the SEC could recast the regulations in force, according to the Wall Street Journal.For the regulator, the newspaper said, the challenge is to find a compromise between protecting investors and unlisted companies will have access to sources of capital.

Also note, the year 2010 has been very positive for automakers and marks the return of the Big Three U.S. automakers General Motors (-0.34% to 34.77 dollars), Ford (-0.75% at 17, $ 25) and Chrysler, according to figures released yesterday after the close of Wall Street. A total of 11.6 million vehicles were sold in the U.S. last year, up 11% year on year, according to provisional figures from Autodata. Manufacturers should respond to these figures.

Always on the side of values, also after market, the manufacturer of fertilizers Mosaic (2.02% to 76.52 dollars) has published its results for the second fiscal quarter.The group's profits climbed to over $ 1 billion, well beyond analysts' expectations. Turnover was up 59% to $ 2.7 billion is also above expectations.

In addition, the American designer of components for mobile phones Qualcomm (0.65% to 51.30 U.S. dollars) Wednesday announced the acquisition of its partner Atheros Communications (1.44% to 44.63 dollars), a specialist WiFi and Bluetooth connectivity, based on an enterprise value of $ 3.1 billion.

Annual gathering of consumer electronics in Las Vegas

The world of consumer electronics is preparing the opening Thursday of its big annual event in Las Vegas. This market is in full recovery is expected to reach almost one trillion dollars this year.Moreover, the Chinese computer manufacturer Lenovo introduced on Tuesday in Las Vegas a new hybrid version of its IdeaPad computer, a laptop running on Microsoft Windows 7 (-0.70% to 27.89 dollars) whose detachable screen can turn into tablet Android (Google (-0.05% to 601.83 dollars). In the same sector, the U.S. Court of Appeals reinstated a verdict quashed in September who thought the software giant Microsoft guilty of patent infringement against rival Uniloc, but has not confirmed a significant financial penalty of $ 388 million.

In Europe a heavy presumption weighs manipulation on Google.This is evident first of questionnaires sent to European players of the Web by the European Commission as part of its antitrust investigation on U.S. Internet group.

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