International Headlines and Stories

Albert II of Monaco and Charlene Wittstock reported close to the rock. The royal couple, who has said yes last July, allowed Monaco to garner nearly 10 million. The celebrations, which took place over three days, had in fact cost 19.578 million euros (paid by the State of Monaco to the tune of 9.178 million and 10.4 million in the Palace). But the direct and indirect economic benefits are, they estimated at 29 million euros, according to the Institute of Statistics Monaco (IMSE).

Direct benefits, which include expenses related to the organization made in the Principality, were valued at 14.9 million euros.According to the Minister of State Michel Roger, "76% benefited local economic entities", ie the sectors of hotels, restaurants, service providers and equipment supply.

The indirect benefits generated by visitors and participants in various events during the wedding, have immediately helped raise 4.6 million euros (2.5 million are still went to the restaurant, 1, 5 to 0.6 million hotel and derivatives such as objects and stamps). In the long term, they need to generate about 9 million.

"Capitalize" on these benefits

For Monaco and its 35,000 inhabitants, the bet seems successful. This marriage has given a boost to a tourism industry that marked the coup in 2009.The Tourism Monaco confirmed a very good month of July: "The Principality has 75,000 monthly overnights. In July, 80% of them were occupied, "said a statement citing" great numbers that exceed the reference years were 2007 or 2008. "The Oceanographic Museum and its exhibition "Story of the Royal Wedding" shows the tourist craze sparked by the marriage of July as recorded 100,000 visitors in less than a month.

To maximize the benefits for the long term, officials are working on Monegasque a special program named "Monaco, the world capital of romance" with the goal of "capitalizing on the benefits of international royal wedding and set up a course marriage," said Bouquier Michel, the Commissioner General of Tourism.

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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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Saint-Gobain can be serene in 2011. In publishing, for the first half of the year, net income has rebounded more than half, the direction of the construction group was able to confirm its objective of growth "sustained" and up "double-digit "of its operating income. Saint-Gobain has indeed revealed this Thursday evening in a statement, a profit of 768 million euros over the first six months of the year (53.3% over the same period of 2010), with higher volumes and selling prices. Operating income, however, has jumped 19% to 1.72 billion euros. Confirming "the gradual recovery activities related to residential construction in Europe", the turnover the first six months of the year earned 6.9% to 20.9 billion euros, while the result of operations rose 19% to 1.7 billion euros.At the end of June, net debt of Saint-Gobain was stable at 9.1 billion euros.

"The continued growth of our business in the first half confirmed the recovery in sales volumes seen in 2010, and our ability to successfully pursue our policy of priority to the sale price," said Pierre-Andre de Chalendar, CEO of Saint-Gobain, even though the group has faced higher costs of raw materials and energy.

Accelerate acquisitions

Saint-Gobain's acquisitions will accelerate in the second half to take advantage of the recovery volume.The group has already announced the first of the year several acquisitions, including the distribution with a proposed takeover of the network and Brossette Build Centre for a total of 351 million euros and a acquisition in Russia in the insulation and the plasterboard in Turkey, who number this time tens of millions of euros bad credit payday loans.

"There are a number of acquisitions that are in progress, so I can not give you the amount in the second half but it will be very Arguably higher the amount we had in the first half," assured Pierre-Andre Chalendar."We have a PORTFOLIO of files in negotiation is important, but we are very strict on the debt, therefore the amounts we are talking about a few hundred million."

The IPO Verallia not ruled out

Saint-Gobain has "always the intention of getting the stock market" Verallia, its subsidiary in bottles and glass jars and take "a decision based on market conditions," said the boss of the French group, while the development project on the Paris market was delayed.

On June 20, in fact, Saint-Gobain decided at the last minute to postpone the entry of the Paris Bourse Verallia due to market conditions deemed "very unfavorable."

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Back in the red for the Paris Bourse. At the opening on Monday, the CAC 40 index drops 0.76% to 3813.50 points. Just relieved by Greece, where the leaders of the euro area have managed to agree on a rescue plan, investors are concerned about the United States. The elected representatives of the U.S. Congress again tried Sunday to reach an agreement on raising the debt ceiling, but without success.

While the Speaker of the House John Boehner had slammed the door to negotiations with the White House on Friday night, negotiations continued behind the scenes throughout the weekend between the Democratic allies of President Barack Obama, the Senate majority and their Republican opponents, who control the House of Representatives. But John Boehner told his troops on Sunday night that no breakthrough had yet been obtained.The head of the Republican majority in the House, Eric Cantor, considered the arguments of President Barack Obama "politics and indefensible."

The situation becomes very tense nine days of the deadline mentioned by the Treasury before a default. This morning, this concern has led to a relapse of the Asian markets. For their part, the U.S. markets, which had already ended Friday without direction, were on the downside Sunday night in electronic trading at the end of the weekend.

Greece is also in the news: Moody's today lowered the country's sovereign rating of "Caa1" from "It" with a development, saying the country was still facing major challenges medium-term credit.

Oil down

On the currency side, the dollar is penalized. The euro is rising against the greenback at 1.4367 dollar.Oil is also down. In morning trading, a barrel of "light sweet crude" for August delivery lost 1.08 dollars to 98.79 dollars. That of Brent North Sea crude for September delivery lost 60 cents to 118.07 dollars.

The American situation is also the only concern when no market indicator is expected on Monday.

Values ​​to follow

Areva: -1.83% to 24.88 euros, EDF: 0.28% to 27.24 euros

The new president of Areva, Luc Oursel, who succeeded Anne Lauvergeon end of June, will make his first official Monday by hosting one of its plants EDF's CEO Henri Proglio, showing the warming of relations between the two groups. EDF and Areva have signed an agreement at that time technically and commercially, prior to a more ambitious partnership signed in September payday advance.

Banking

Crédit Agricole (-1.87% to 9.25 euros), BNP Paribas (-1.75% to 47.96 euros), Societe Generale (-1.75% to 37.41 euros), Axa (-1, 60% to 14.10 euros) suffer from degradation of the note of Greece by Moody's.

Axa, while welcoming the agreement reached by EU leaders on Greece, the insurers of the French Federation of Insurance Companies (FFSA) said they consider positively their participation in the project initiative of private investors in As part of the options.

Score: -0.24% to 18.50 euros

The reinsurer Scor said on Monday a 22% growth in constant currencies, the treaty renewals in non-life and specialties of the 320 million of premiums up for renewal in mid-year.

Saint-Gobain: -0.69% to 42.18 euros

The group will buy the network and Brossette Build Center in Wolseley.

Unibail-Rodamco: 0.51% to 158.30 euros; Klépierre: -0.13% to 27.14 euros

HSBC has initiated coverage of Unibail-Rodamco to "overweight" with a target price of 175 euros and raised its recommendation on Klépierre to "underweight" to "neutral."

LVMH: 0.08% to 129.35 euros

Consob is considering a complaint from an investment fund over the price offered to pay the French to buy the balance of Bulgari, confirmed Sunday a spokesman for the Italian stock market.

Total: -0.11% to 39.41 euros

The oil amounts to ten billion dollars (seven billion euros) of investment needed to develop the oil field north of Moho Bilondo off the coast of the Republic of Congo, said its CEO, Christophe de Margerie.

Valeo: -3.94% to 45.35 euros

The group announced Friday that its U.S. subsidiary Valeo Inc., based in Troy, Michigan, had received a request for information from the U.S. court as part of an antitrust investigation.

Fimalac: 0.29% to 27.90 euros

The group announced a sales increase of 11.9% on a comparable basis to 515.8 million euros in the first nine months of fiscal year 2010-2011.Its subsidiary, the rating agency Fitch Ratings has led to an increase of 11.7% of its turnover over the same period to 401.5 million euros.

After market, Seb and Klépierre publish their half year results, April Group will announce its earnings for the second quarter, Faiveley the first quarter. Mercialys and STMicroelectronics will publish their results for the second quarter.

The countries of the euro tried Tuesday to better figure than the day before, when the long meeting of their finance ministers had led to no decision on the treatment of the Greek crisis. While financial markets had begun their day with a new rout, especially in Italy and Spain, three elements have helped bring a little calm.

The fall was first halted at midday by the sudden intervention of the European Central Bank, which bought the debt of Italian and Spanish markets to contain the bleeding. Bond yields eased, and banking stocks have rebounded.

Then, after the ministerial meeting, the idea of ​​a summit of heads of state of emergency in the euro area by the end of the week has been mentioned, but not confirmed at this stage .Brussels has not been known for over a year, at the height of the Greek crisis. At the time, Athens had to escape bankruptcy and avoid contagion to other peripheral countries. This time, the issue would be of a different order: stop the contagion to Italy, that is to say, in the heart of the euro area.

Aware of the seriousness and urgency of the situation, the leaders of the eurozone reiterated on Tuesday their "absolute determination to maintain financial stability in the euro area." The panic that swept requires quick and accurate response on the second bailout of Greece, originally presented to September.From Washington, Christine Lagarde, Executive Director of the IMF has also urged Europe to a "rapid implementation" of its promises in favor of Greece.

In Brussels, however, the debate on how the rescue of Athens has remained mired in quasi-theological discussions on the involvement or not of national treasures, the – voluntary or not – private creditors, and the possibility that Greece is formally in default.

The seventeen remain divided.Mezzo voce, increasing numbers of ministers want to raise what they consider to be a taboo that prevents Greece and other countries of the euro at bay to renegotiate its debt on more favorable terms, as do businesses and individuals.

Greek debt buyback

"With this ban, there could have substantial involvement of both voluntary and private sector," said a diplomat from northern Europe. Without it, the creditors can engage in the exercise may be painful but saving the spreading of the debt of Athens, or restructuring. Tuesday, the head of the ECB, Jean-Claude Trichet, however, was still open resistance to any idea of ​​failure on the part of Athens, as Greece itself."No option is not ruled out one account of what works," says the French Minister, Baroin.

The Eurogroup is exploring avenues to ease the debt burden for Greece. The EFSF, European Financial Stability Fund, may buy back part of the Greek debt (or finance the purchase by Athens) deep discount on the market since it is considered high risk. This track would be more or less to replace the Greek bonds Eurobonds under joint signature. The project has so far faced the hostility of Angela Merkel, keen not to "federalize" the budgetary transfers in the euro area. But the conflagration that threatens growth, perhaps the Chancellor to change the view again.

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Co-leader of drones, unmanned aircraft, with the United States, Israel has come into force at the Paris Air Show. Under the leadership of "Israel Export & International Cooperation Institute" and the commercial department of the Israeli Embassy in Paris, fifteen companies representing the flagship of the aerospace industry, display their latest creations. By visiting the house of Israel, visitors can "touch" the latest innovations.

Among them, a strange machine to look worthy of Star Wars called AirMule. Urban Aeronautics presents a model of the UAV helicopter whose rotor is not visible because housed in the body of the device. AirMule has already made several test flights. It is intended to convey the property or to perform medical evacuations in theaters of operation in urban environments or in complex natural sites difficult to access.Its specifications in fact enable it to obtain dual certification (civil and military). It concerns the Israeli Ministry of Defense and NATO.

Another original concept developed by Aeronautics Defense Systems, the transformation of a civilian aircraft into existing UAV MALE (Medium Altitude Long Endurance). "UAVs often have reliability problems because of their platform that can also be certified to fit into the civil air traffic," said a company representative. Aeronautics Defense Systems has decided to work from an Australian aircraft, the Diamond DA 42, the cell tested. And he turned into MALE UAV called Dominator.The company that specializes in unmanned air, land and sea, began production in February Dominator.

Partnership with EADS and Thales

Israel is a major player in the defense market with a global market share estimated at 7 payday loans.5%. In 2010, according to the Israeli Ministry of Defense, the export sales of armaments have reached $ 10 billion, twice more than in 2008. The industry occupies 150 companies whose leaders are the group Rafael, Elbit and IAI, which employ some 44,000 employees. Israel has often been a pioneer in the field of defense. His army was the first to use drones, manned aircraft from the ground station, on a massive scale in 1982 in the Bekaa Valley during the war in Lebanon.

These leading companies have, for years the card partnerships with U.S. and European manufacturers.The group thus provides the platform IAI Heron which is the basis for the Snowy, the MALE UAV militarized by EADS, which is used by the French Air Force in Afghanistan. In Britain, Thales has set up a joint venture with Elbit group to make the platform's tactical UAV Wachtkeeper which has a technology transfer platform Hermes 450. Wachtkeeper was developed for the British Army who ordered 60 copies. It will enter service in late 2011.

In all, Israel has developed a range of UAVs double duty (civilian and military) that goes from the micro-craft to the general observation drone high altitude long endurance (HALE).The fleet in service on five continents has accumulated 700,000 hours of flight, a world record.

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Christian Noyer confirmed and signed. Any restructuring of the debt would be treated as a failure on the part of Greece is absolutely unacceptable. Because it would then "get ready to fully finance the Greek economy", stressed on Tuesday the governor of the Bank of France, who presented to the press his 2010 annual report.

It is the "horror scenario" that he had already detailed there are just three weeks. On the one hand, Greek banks are primarily affected by a rescheduling of the debt that they are the largest holders, and they could then refinance with more of the ECB.And secondly, the Athens government would certainly lean its financial charges, but since it currently has a primary deficit (excluding payment of the debt burden) of about 5% of GDP, could no longer borrow and wheat would be unable to finance its current spending, including salaries.

"If a solution can be found that avoids the risk of default, it seems appropriate," said the governor added, however, without specifying what he himself described as "acceptable business solution paperless payday loans." For his part, Jean-Claude Trichet, ECB president, said Monday that "the debt restructuring should be voluntary (from creditors). In this case is avoided because a "credit event" and "default." This solution was implemented in 2009 in favor of Hungary, under the IMF.But, as recalled an institutional manager, "was technically easy because it was bank loans held by half a dozen operators, while for Greece hundreds of investors are concerned."

"Our only concern is the financing of the Greek economy. You can add a second concern is the risk of contagion, "says Christian Noyer, referring implicitly to the earthquake in September 2008 had triggered the bankruptcy of Lehman Brothers. "But this has nothing to do with our own balance sheet (the ECB has purchased a fifty billion of debt securities Greek, Ed) nor with that of European banks who are perfectly capable of handling all the scenarios that could present, "insisted the gouverneur.f

The health alert was launched Thursday by the European authorities. Three cucumbers from Spain, and perhaps also from the Netherlands, are the cause of the contamination of 276 persons to the enterohaemorrhagic E.coli (EHEC) in Germany. Two have died after contracting hemolytic uremic syndrome, which manifests itself especially by bloody diarrhea.

Across Europe, national health authorities are looking into whether contaminated cucumbers are on their soil. Result of this tracking, Friday morning, Denmark indicated that the lots were problematic in two wholesalers. These have been withdrawn from sale. The Danish health agency recommended that consumers not eat raw cucumbers from Spain or tomatoes and salad from northern Germany.

"In the midst of proceedings"

In France, the hunt is underway."To our knowledge, there is no contaminated lots in France," said a spokesman Interfel, the professional association for fruit and vegetables. Thanks to the labeling requirement, it is possible to reconstruct the path of the affected vegetables from producer to distributor, even when a lot was broken by a wholesaler. "We are proceeding rapidly," nuance does one side of the DGCCRF (Directorate General for Competition, Consumption and Fraud Control).

The tracing stops when the product was sold, investigators can not trace back to the consumer's fridge. Germany is a major consumer of cucurbits in Spain. She is also the first client, with 80,569 tonnes imported in the first three months of the year, according to figures from the inter Spanish fruit and vegetables.France has for its part consumed 13,294 tons of cucumbers in Spain over the same period.

Health authorities are uploaded to the producers of cucumbers, organic gardening regions of Almeria and Malaga. Investigations have been launched in Germany to determine if other cucurbits infected come from other regions. In Spain, "the Andalusian authorities are currently investigating to find out where the contamination and when it occurred," said a spokesman for the Spanish Food Safety Agency (EASA).

"We do not know where is the contamination occurred and the European Commission highlighted the fact that it occurred outside the country of origin" of cucumbers, said Friday the Spanish Minister of Agriculture Rosa Aguilar.So far there is no evidence and there is no evidence that this could happen in the country of origin. "

Washing vegetables

The Spaniards are wondering, according to a European source, if the cucumbers were not contaminated by falling on the ground at Hamburg. "Usually, vegetables are not high-risk products, but may be soiled or in contact with the ground during transport," says one to the DGCCRF. Wash and peel vegetables would reduce by almost 90% less chance of contamination.

This is a new landing that will face the Normandy coast on Wednesday and Thursday. Eighteen heads of state and government and 2,500 delegates are expected to Deauville for the summit of leading industrialized nations, G8, chaired this year by France. The event will be under the supervision of 12,000 policemen. The advent of Barack Obama mobilizes alone 700. "Club", founded in 1975, the G8 gathering for informal discussions leaders theory share the same concerns. But this year, dominated by assistance to countries in the "Arab spring", is also expected to friction, especially between the West and Russia. The succession of DSK to head the IMF should be discussed behind the scenes.

• Support to Arab revolutions

"Deauville is not a donor conference," repeats the French presidency of the G8.The big meeting Norman which will blow a wind from North Africa and the Middle East, will nevertheless announced immediate steps to help Tunisia and Egypt. Both countries have costed their financing needs, respectively, $ 25 billion over five years and a dozen billion through mid-2012. Barack Obama has already unveiled last week a plan with several billion dollars to encourage democratization. The World Bank could disburse up to 6 billion if the reforms continue. Active in the East after the fall of the Berlin Wall, the European Bank for Reconstruction and Development (EBRD) will be redeployed to the southern shores of the Mediterranean. Tomorrow, a long-term partnership will be officially launched between the G8, Tunisia and Egypt, attended by prime ministers of both countries.Russia warned Tuesday the G8, saying that it "must not become an organ of pressure and sanctions." An allusion to the situation in Syria, which appear on the menu of Deauville. Westerners want to ask Moscow to withdraw its threat to veto the adoption of a text by the Security Council condemning the crackdown.

• Intervention in Libya

Intensive launched raids in recent days by NATO to Moscow Tripoli were out of joint. For the Kremlin, these bombings are a "new gap coarse compared with United Nations resolutions" legitimizing military intervention to protect populations bad credit payday advance. The war, which was to be short, and extends the growing dissension within the international community. Paris and London are still at peak. Still in withdrawal, the United States objects to requests that the operation works without them.To evoke the tracks of a crisis, the G8 will turn once again to Africa, including three Heads of State (Niger, Guinea, Ivory Coast) will be present in Deauville. For the first time, the G8 will conclude with a statement co-signed with the Africans.

• Middle East

In Deauville, the UN General Assembly in September, is already emerging. The Palestinians consider to be recognized in New York the creation of their state. Nicolas Sarkozy also raised the prospect, if the process does not move by then, but Barack Obama, just press this point Binyamin Netanyahu, who is visiting these days in Washington, is cons. Americans, Europeans and Russians will compare their approach to the release process. Nicolas Sarkozy will serve as a stimulus by recalling his slogans: "the status quo is not sustainable" and "the parameters of a settlement are known."However, the Quartet (EU, U.S., Russia, UN) has not scheduled a meeting on the sidelines of the summit and no breakthrough is to be expected.

• Nuclear safety

The disaster Fukushima "swept" what the G8 working group on nuclear safety preparing for months for Deauville, says a close case. This afternoon, a session will be devoted to this theme, after a lunch where the leaders will express their solidarity with Japan. The final declaration will encourage countries with power to conduct audits, as did the United States and as Europe is about to do. And she called the international community to provide "the highest security level" possible.The G8 will not enter into details and refer to the ministerial conference of the International Atomic Energy Agency (IAEA), which will bring together a larger number of nuclear nations in Vienna, June 20

The brilliant career as an economist Dominique Strauss-Kahn has just experienced a sudden stop. Arrested in the United States for alleged attempted rape, he tendered his resignation as CEO of the International Monetary Fund, he held since 2007. Throughout his career, "Mr. Economy" of the left has always shown great independence from dogmas and pre-established lines of thought.

One of the first major breaks with Dominique Strauss-Kahn "left classic" based on his involvement in the privatization programs of companies. While he has served as economy minister in the Jospin government from 1997 to 1999, he oversaw the opening of capital committed long ago. In 1997, the capital of France Telecom has been successfully opened in the middle of Internet bubble, a second bet on the stock exchange then took place in 1998.Similarly, Air France, Highway south of France, Eramet, Gan, the ICC or NOC experienced partial or total privatization between 1997 and 1999. DSK is estimated that some public enterprises were no longer intended to remain in state ownership, after sixteen years of public guardianship, since the wave of nationalization in 1982.But critics within his own party, accusing it of responsibility for "mass privatization".

Concerning the implementation of the 35 hours from the year 2000 following two laws passed in 1998 and 2000, the Minister has never hidden his opposition to the method used, even if DSK was himself originally economic program of the PS in 1997 which provided for the establishment of 35 hours of youth employment.

A socialist may go against the current

More recently, open debate on pension reform of 2010 and while DSK is already at the head of the IMF, he said there was no "dogma" on maintaining the statutory retirement age to retirement at age 60, an opposition Socialist Party's position. Another difference with his own camp: the Tobin tax. The politician has in fact been opposed to this idea, though supported by economists like Joseph Stiglitz and Lawrence Summers.

And the man who embodies the social democrats to the SP has also marked its difference in the IMF. Arriving at the head of an institution that raised questions about her future, and many critics, he managed to restructure the institution and give it a key role in the international arena, which has attracted praise from worldwide payday loans direct lenders. "The IMF has clearly become the most important international institution today," says economist Colin Bradford.

For international regulation of capitalism

In January 2008, when the crisis was still described as mild by governments, he called the major economies of the world to implement recovery plans, breaking the tradition of the post.In April 2011, he has even declared the death of the "Washington Consensus, the set of liberal doctrines which had until his arrival at the head of the institution guided measures. In fact, the theory of "structural adjustment" and the conduct of restructuring brutal and fast, Dominique Strauss-Kahn called for the "protection of the most vulnerable and the fight against inequality. Thus, under its authority, the IMF has supported the bailouts of countries in the euro area face serious problems of public deficit. The institution argued that he directed the implementation of reforms in Greece, Ireland and Portugal, but sometimes at the risk of being unpopular, particularly in Greece, where DSK may have committed some blunders.

The man, who graduated from HEC in 1971, Sciences Po and a BA in Public Law in 1972, is especially active in Europe.One of the founding fathers of the euro has indeed worked hard to save monetary union, threatened to collapse at the height of the crisis of public debts. He campaigned for solidarity between governments. In fact, convinced of the relevance of supranational governance bodies, DSK has worked for the establishment of a European budget authority that would organize solidarity between European states over the long term. But the departure of DSK to head the IMF could mark a setback to the realization of his dream to a deepening of the European Union and a supranational regulation of international capitalism.

The legacy of DSK, however, should leave an indelible mark. Several members of the institution, he claimed recently that his record is "impeccable", the IMF is now rejuvenated, powerful, and new fears.

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