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From our correspondent in Brussels

New this dramatic turn of events late Friday afternoon. In a statement, the Acting Prime Minister of Greece reported the words of a conversation between President Karolos Papoulias and Angela Merkel held earlier. During this interview, German Chancellor thus' brought up the idea to organize a referendum on the question of whether or not Greek citizens wishing to stay in the euro area. " This consultation would be organized "in parallel elections" of 17 June to address the lack of majority after the election on May 6 that prevented since the formation of a government.

This small bomb that could shake up the mess of the Greek – and even more so than Germany, with France in 2011 had rejected the proposal of former Prime Minister George Papandreou to conduct a referendum – was denied on the heels by a spokesman for Angela Merkel. "This is wrong and we completely refute," he said.

This proposal, real or not, the German Chancellor came at the end of a day when a large cacophony reigned over the fate of Greece in the euro area. "The ECB and the European Commission (…) study of emergency scenarios if Greece does not recover," was released in the morning and the European Commissioner Karel De Gucht to persuade the Greeks to make sacrifices if they want to keep the euro. It was enough that a news agency transforms the event into "emergency plan" for markets to become inflamed. Brussels later denied even the existence of a crisis scenario but the damage was done.

The weekend is Jose Manuel Barroso, who had himself set fire to the powder by saying that "better" than Greece leaves the euro if it refuses to play the game President Commission then had to make amends by ensuring that Athens "is part of the family." Monday is Maria Fekter, the Austrian Minister of Finance, who has been rapped over the knuckles because she wanted to leave Greece to the euro, even then readmit him.  

Bankruptcy more expensive

In Greece, the radical left Syriza, credited with 20% of votes in the polls, seen in the June 17 elections a referendum for or against the austerity, the euro should remain in the table. Europe, tired of paying to no avail, she distills a message about more complicated: June 17 it will be a referendum for or against the common currency, knowing that the rejection of the euro would lead to bankruptcy even more expensive for the Greeks . The approach (now responsibility Greek, European solidarity later) was agreed in Athens with the two traditional parties, the conservative New Democracy and PASOK socialists. Europe wants to understand the Greeks they can not snatch the cake and eat it too. In return, the Europeans offer the promise of better times. Jean-Claude Juncker of Eurogroup, Mario Draghi for the ECB and Francois Hollande and Angela Merkel in Berlin were so bent on the exercise by saying all that "Greece must remain in the euro."

A strategy that could ultimately be paid. The Conservatives have taken the advantage over their rivals Syriza recent days, according to surveys, with the prospect of a majority in favor of austerity. Karel De Gucht said himself: the endgame has begun and the question is "whether everyone can keep his cool" to the end. Response in less than a month

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Trichet's plan to save the euro

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To avoid the breakup of the euro, the former ECB President Jean-Claude Trichet claims to have a plan: put the financially troubled countries under the tutelage of Brussels, if it is unable to implement policies budget approved by the EU. It would operate a federal mechanism "outstanding", when fiscal policy of a Member State slips to threaten monetary union.

"Federalism exception seems not only necessary to ensure a strong economic and monetary union, but it could also adapt to the true nature of Europe in the long run," said the former president of the ECB to Peterson Institute in Washington. The idea is not new. It was proposed by German finance minister, Wolfgang Schäuble, who wanted to entrust the finances of Greece to a "supercommissaire". Interference rejected by Athens as deemed "undemocratic".

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The Citroen DS 5 of the newly elected president has not only brought joy to Peugeot-Citroen on Tuesday. The leaders of Bosch, which manufactures the electric motor and power electronics for PSA's hybrid vehicle, took pride in the choice of Francois Hollande. "Our site of Saint-Ouen is our global competence center in the area of ​​hybrid vehicles," welcomed Maugis Guy, president of Bosch France.

The group is an industrial giant of the Rhine, which weighs 51.5 billion euros in turnover in 2011 and employs 300,000 employees. In the Hexagon, has 25 sites and employs 8,200 people. Last year, the French subsidiary has made EUR 3 billion in revenue, of which 1.3 billion were exported. The French activity was slightly higher (+3%), despite the difficulties of the automobile industry. "We are logically affected by the fall in the number of vehicles produced in France in recent years," says Guy Maugis.

Attractiveness of the site "France"

This growth at the global level as in the French branch, comes from new products marketed by the group. And development is made possible by the emphasis on research investments (4.6 billion globally) as in the industrial (3 billion euros). "In France, the group has invested over 350 million euros for the past five years to upgrade its industrial base," adds the French official.

These investments were made away from the controversy that surrounded the site of Venissieux, in the Rhone, in 2004. Bosch had then seen 35 to 36 hours working time in return for an investment of 20 million euros at the time for the manufacture of diesel injection pumps. "This agreement finally allowed to employ 500 people in our factory for seven years," Guy is justified Maugis.

Posing as the "Ambassador of France to the parent," the leader welcomes investment in recent years. Because the site "France" is in competition with all other countries where Bosch is represented. For Guy Maugis, if France is suffering comparisons in terms of labor costs, it benefits from the quality of its infrastructure, training and inventiveness. However, he regretted "the unpredictability of tax regulations and social situation" and the low visibility of social dialogue, sometimes "surprising and even confusing."

Social dialogue that can sometimes be successful. The site of Venissieux, again, was again converted. Today, part of the factory is specialized in the assembly of photovoltaic panels. "The plant is running close to capacity, although the sharp fall in prices in 2011 prevented for the time being profitable, explains Guy Maugis. However, we are confident of having the wherewithal to impose on us in this area. "

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Voted! Many viewers will be this Saturday night in tapping away on their mobiles to support one of four candidates – Louis, Stephan, Aude or Al.Hy – who will compete in the finals of The Voice télécrochet on TF1. All the more so since its launch on February 25, the show has excellent hearing, with nearly eight million viewers on average. If the suspense is over on the election's outcome, one thing is certain: the string will be the big winner of the evening. Charged € 0.65 per SMS, the votes of fans bring him close online pay day loans. According to a survey of Parisian, TF1 affects between 40,000 and 400,000 euros a Saturday night with these premium text messages, since the program began on February 25. And the final on Saturday will be the twelfth primetime télécrochet. "For every prime time The Voice, there are between 100,000 and hundreds of thousands of votes," says Krikorian Master everyday, the bailiff of Justice opens the envelopes on programs.

Viewers will vote to support one of four finalists.

 

Fitch upgrades Greece. After the swap of debt that was a huge success – over 80% participation – there is more good news for the country. "This exchange and losses imposed on creditors have raised the profile of debt service and reduces the risk of a repeat of its short-term repayment difficulties," said Fitch in a statement. The rating agency notes that the country-B, no longer considers Greece in default … for now. Three days ago, its American competitor, Moody's, had preferred to maintain the rating of Greece to C, the lowest in his scale. For its part, Standard & Poor's is expected to meet the CCC.

Fitch remains cautious nonetheless. She stressed that the challenges the country faces are important. The next decision that the agency will take vis-à-vis the Greek debt will be dictated by the analysis that she will do "performance of Greece in terms of the parameters set by the new EU-IMF and the ability and willingness of the sovereign State to honor its obligations related to restructured debt. '"A broad program success through maintaining significant budgetary surpluses, structural reforms and a concerted demonstrable economic recovery would put pressure bullish on the notes, "the agency says.

Troika, comprising representatives of the European Union, the European Central Bank and the IMF, concurs. She said Greece will have to make further budgetary adjustment efforts in the next two years. The report reached this conclusion based on the primary surplus target (that is to say outside debt service) Greek public finances which should reach 4.5% in 2014. Given this goal will require "an adjustment path in the short term that implies a primary deficit of 1% in 2012, followed by an adjustment of 2.75% of GDP in 2013 and then in 2014".

According to the report, "there are significant risks that the decline of the debt is interrupted or even a reversal occurs as a result of economic shocks." In a more pessimistic scenario presented in the report, the country's debt could exceed 145% of GDP in 2020. In addition, a high degree of uncertainty and the debt burden makes "the uncertain outlook for Greece to be able to return to the markets at the end of the program" help, either in 2015, the report notes.

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In almost all developed countries except France, Switzerland and Singapore, the income tax (IR) is taken directly from the paychecks of household, month after month. This system called "withholding tax" has two advantages: it makes life easier for taxpayers and allows the State to recover almost certainly the tax due, and it regularly.

France should she finally opt for this system, after several failed attempts? Francois Hollande has thought before abandoning the project too. The latest study on the subject of compulsory Council (OAC), an organization linked to the ECA, rather gives reason to critics of the withholding tax. "Some of the arguments advanced in favor of historically withholding their lost weight," said Wednesday, during the presentation of the study, Didier Migaud, the first president of the Court of Auditors.

Indeed, 73% of monthly paid by French taxpayers are now: they pay their IR month after month. Payment is made by monthly installments or third provisional, in 90% of cases it is done electronically (direct debit transfers). The tax return has also been improved, many are now pre-filled boxes. In short, the taxpayer, the French system is relatively simple to use. And the withholding tax is not a panacea: the taxpayer must file a tax return and having to adjust to the tax the following year.

Another consequence of modernization introduced in France, the tax already covers very well the IR, to 99%.

The withholding tax would actually an advantage for the French: they would pay a tax based on income of the year. Currently, households that see their revenues decline, due to retirement, unemployment, divorce, have to pay high taxes compared to their resources in the year, this tax is computed on income, best, of previous year. 30% of households fall into this category each year.

But the CPO believes that this problem can be solved without going through the withholding tax. It is already possible in France to modulate its monthly installments or obtain payment periods, in case of declining income. Would require the IRS to better communicate on these facilities, says the CPO.

Costs for the company

The tax could also opt for the taxation of income during the year: the deposits paid in taxes would be calculated on the estimated income for the year. There would regularize the following year, when revenues definitively known. This system would have an advantage over the withholding tax: the company would not be involved in tax collection.

Indeed, if the direct debit from paychecks, the employer is the tax collector. It can even be the one to calculate the total revenues. In the latter case, he knows if his employee receives other income from savings or property, and he knows the wages of their spouse. Besides the privacy issue, this can affect wage policy – why increase someone whose spouse is very easy? This design maximum role of enterprise is rare and only affects Canada. It remains true that the withholding tax involves costs for the company, from four to two hundred euros a year in different countries.

Anyway, switching to the taxation of income of the year it takes place via the IRS or the withholding tax levied by the company, is a problem, that of the transition year. Could not ask taxpayers to pay that year double tax on the earnings of the year and those of the previous year.

The solution most often proposed is to cancel the tax assessed on the income of the previous year. An acceptable solution since in practice the tax authorities would not suffer any break in the perception of the IR. But at a cost: it would continue to grant tax benefits (employment at home, donations?) On revenues of the previous year. The bill would be 5 to 10 billion euros calculated the CPO. Not very appropriate at this time of fiscal crisis.

With regard to the withholding tax, "the balance tips towards more disadvantages than advantages to," said Didier Migaud.

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The ultra-LACTEOL for yeast or intestinal disorders, are well known to everyone. Laboratories that manufacture them, and Biocodex Aptalis, are much less. They belong to the hundreds of small labs in the Hexagon making less than 180 million euros in turnover and who feel threatened now.

"Our value is not recognized and we charge more. The 13 taxes for the health industry represents 3% of the turnover of SMEs ", lamented Friday Gerard Dufour, CEO of Amlis, the Association of medium-sized laboratories and healthcare industries. For SMEs to health, which together weigh 11,000 direct jobs and 1.5 billion euros in turnover, "do not disappear", it would cap such fees "depending on the size and profitability as small laboratories, "says the association.

It calls mainly to higher prices. Two-thirds of drugs of its members are, in fact, sold from February to May euros at rates sometimes frozen for twenty years.

One solution would be the dérembourser, advance the association. Provided they do so "consistent" in applying, for example, the same treatment to all drugs of a class.

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The Paris Bourse should attempt a rebound on Tuesday, a day after falling more than 3%. Around 8:02, the CAC 40 futures contract shown up 1.02%, suggesting a sharply higher opening of the Paris index. The movement should be a European future since the Frankfurt Stock Exchange advance them to 0.68%.

The problems of sovereign debt, however, should hang over the markets. The pressure rises in the euro zone since Moody's announced that the triple A French was threatened. Spain and Italy are always attacked in the bond markets. Finally, Germany is in the viewfinder of many observers who believe the country could experience a domino effect on the market.

But Europe is not the only one to raise the nervousness of the operators.

For now, the rating agencies Standard & Poor's and Moody's reported that U.S. credit rating would not be affected by the failure of these discussions. Fitch, however, said it could revise its outlook on maintaining its AAA rating assigned to the United States. It recalls that it had warned in August that "a failure of the super committee to reach an agreement would likely have a negative result on the rating" of the country.

This news has already had the effect of falling Wall Street yesterday and the stock markets in Asia this morning, confirming the prediction of Japanese Finance Minister, Jun Azumi, said this morning that fearing "a big disappointment in the markets."

Oil rises

Under the spotlight, the United States must deliver on Tuesday the second reading of GDP in the third quarter.

Released in early 2010, a year and a half of recession caused by the bursting of the housing bubble, Spain could plunge into the red. Supported by the only engine of exports and tourism, the economy will suffer from the international slowdown. And domestic demand – consumption and investment – remains stalled, weighed down by record unemployment. Economists forecast a decline in activity over the next two quarters payday loan lenders. For the full 2012, Natixis expects an increase of GDP, limited to 0.2%, even more severe, Bank of America Merrill Lynch expects a fall of 0.7%. Two days before the election, the government had to accept lower growth for 2011 at 0.8% against 1.3%, less than half that expected by Brussels in the euro area.

Occupation: the red lantern of Europe

This is the black point of the Spanish economy.

The enthusiasm was short-lived. Asian markets, which had welcomed yesterday the political changes in Italy, switch back into the red on Tuesday. The concern around European sovereign debt increases with the lines, the fear of spreading to other countries as Greece. The fears are rooted in the rising bond yields recorded yesterday in Spain and Italy. Spanish borrowing rate to 10 years rose to 6.082% (it did not exceed the critical threshold of 6% since early August), while a debt issue in Italy took place at rates above 6% for securities maturing five years. In Greece, the Prime Minister's speech Lucas Papademos, who promises to reduce government debt at 9% of GDP in 2011, is not enough to reassure.

In this context, the Japanese Nikkei ended the session down 0.72% to 8541.93 points.The broader Topix index has in turn reduced by 0.67% to 730.91 points. "We need to stabilize the situation in Greece, Italy and Spain for the Nikkei rebound," said Fumiyuki Nakanishi, a broker at SMBC Friend Securities. The export sector has been especially battered because of the renewed weakness of the dollar against the yen. The greenback fell in the early morning under the threshold of 77 yen before slightly recover. Elpida unscrews to 8.54%, 1.46% of Sony and Sharp 1%. Bank stocks are also in the red in the image of Resona (-1.45%) and Aozora (-3.13%). Only Olympus has distinguished himself on the rise: the title continued to climb started the day by winning 18.51%, the maximum allowed for the day.

In China, Hong Kong and Shanghai respectively unleash 19,295 points to 1.09% and 0.23% to 2522 points. Spirit takes the rating down (-3.10%) in Hong Kong, as Foxconn (-1.37%).

The growing unease among the agents of employment center. After the hostage Monday by two executives seeking employment in an agency in East Paris, the unions called on workers to exercise their right to withdraw this Wednesday morning from 9:00 to 11:00. This is for Inter to "denounce the continued risk of aggression sites," while a committee of health, safety and working conditions (HSC) Extraordinary meets at the same time to discuss the hostage taking.

The attacks of this magnitude are fortunately minimal. But officials complain, according to unions, to address a growing tension in the workplace. "For several years the violence they face every day progresses," says Philippe Berhauld, national secretary of the CFDT employment center. "The insults to home are becoming more frequent.Accusations of incométences have become commonplace. Accidents of this kind, we are about two a day just in my area, Midi-Pyrenees, "said Diane Gastellu, employment center agent and member of the HSC.

"We are ill-equipped to respond" Unemployment, which is struggling to recede, contributing to frustration and sometimes despair of the unemployed. The share of those seeking work for over a year, in particular, continues to grow. As for the merger of the ANPE and Assedic, made a forced march at the height of the crisis in 2009, workers often feel that it has exacerbated the situation. By increasing the pace of work – each manages a portfolio average of 110 to 120 job seekers – and requiring most agents they are versatile, transfer of public service employment has made their task particularly arduous.

"If the relations are more strained with the users, it is often because we are ill-equipped to answer them, says Diane Gastellu. The officers present at the reception may not have the dual responsibility on compensation and job search faxless pay day loans. Colleagues who have dual training are far from being the majority. " Result, when a job applicant has a question about computing the allowance, "it happens very quickly, we swim," says Councillor example. A situation reinforced by the fact that many agents are welcome CSD, and employment center of recent date.

Absenteeism on the rise

The use of telephone platforms, to relieve the agencies, does not help. "We refer more users to these platforms. This is resented, they feel taken for a ride. Their instinct is often to seek to impose the contact, "says she again."Before the merger, we had more time to spend in conversation with each job seeker. It's frustrating for everyone: for employees who feel they do not do a good job, and for users who feel abandoned, "said another officer, former Assedic, who has in the Centre region. Work overload, poor management of priorities, setting targets unrelated to the quality of service: agents are not left out of arguments to explain the increasing frustration of users.

Many strains on the health of employees and the social climate of the public institution. According to a Senate report released last July, absenteeism has increased by over 20% in five French regions and from 15% to 20% in five others. Urban areas, where the density of job seekers is important, are particularly affected."The medium and long stops diseases have increased significantly, says John Montero, TF delegate employment center. We deplore more depressions. More and more agents are taking psychotropic drugs, neuroleptics, have addictive behavior. It is time to do something. "

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