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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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It's no surprise that fast cash loans have become a popular staple in today's consumer world.

 

These are the first quarterly figures for Mariano Rajoy, and they mark new records. 24.44% of the Spanish working population is unemployed, according to the survey of the National Statistics Institute (INE), the most comprehensive report on the subject. To find such a high percentage, we must go back to 1994. As for the number of unemployed, 5,639,500, it is unprecedented.

The detailed figures are even more dramatic. Youth unemployment has surpassed the psychological half: 52.01% of those under age 25 seeking employment. More than 1, 7 million households survive without one family member has a job. A disturbing figure, in a country where family solidarity is one of the few buoys that are still resisting the crisis.

Degradation of S & P

The increase in the unemployment rate from 22.85 to 24.44% coincides with the entry into force on 12 February, the reform of labor law prepared by the Conservative government. A set of measures that flexibilisent working conditions facilitating dismissals on behalf of … the fight against unemployment.

The deteriorating labor market could lead to further abuses. "Having one in four unemployed will increase our deficit and debt," warns Alberto Pastor, professor of economics at IESE Business School. And conversely, "the achievement of deficit targets necessarily require additional austerity measures likely to deepen the recession and therefore further deteriorate the labor market," says Jesús Castillo, Natixis. A downward spiral.

Standard & Poor's, meanwhile, did not wait for the unemployment figures to punish Spain. By Thursday evening, the agency lowered its rating two notches, from A to BBB +. A decision justified by three reasons: the economic downturn, the difficulties in reducing deficits and fears about the fragility of Spanish banks.

For despite a process of concentration and recapitalization, financial sector remains a concern. Most Spanish economists exclude the possibility of a global rescue plan. They did not rule on the other hand a refinance outside banks. "Some will be forced to appeal to European funds," and believes Santiago Nino Becerra know, professor of economics at the Ramon Llull University in Barcelona.

On Wednesday, the Minister of Economy, Luis de Guindos, admitted that Spain was "perhaps one of the hardest moments for its economy." The government does provide an out of recession next year, a return to growth in 2014 and the balance of public accounts in 2016.

The Italian Treasury has borrowed this Friday 5.95 billion euros in the medium and long term testing at an auction. The operation went well. Borrowing costs are still rising at 5.84% to 4.86% and ten years to five years, but the offer has been fully covered. "The numbers are correct. At least, there is no bad news, "said Michael Leister, rate strategist for DZ Bank. Borrowing costs in Italy have averaged 5.61% since the beginning of the year.

Secondary market, the yield spread between ten-year Italian paper and paper German reference widened by only one point e basis, to 4.08%.

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Medel, its official name Lucmagn, is a quiet village of 435 souls nestled at 1332 meters altitude, in the heart of the Alps, in the region of the Lukmanierpass (Grisons). Its inhabitants were just as quiet on their heights until a Swiss mining company, a subsidiary of Canadian Gold NV, may disturb their idyll. Under their feet, in fact hides a gold mine. That company then proposed to exploit this in exchange for 40 million Swiss francs, or about 33 million euros. Against all odds, the villagers declined the offer to two-thirds of the population, after a referendum held in early April.

According to Business Insider, the mine in question, located in a vast pine forest in the snowy peaks and valley Medel, to contain about 1.2 billion dollars of precious metals. The U.S. site information reports that the history of the mine clearly divided the inhabitants of the valley. Some would see a tremendous opportunity in the economic deficient, while others – mostly – highlight their concerns about the environmental impact such a project would succeed.

For its part, NV Gold in talks with the mayor of the small town, more than ever determined to steal the treasure buried by the villagers jealously refractory.

 

Concern is growing about employment in the telecom sector. Jean-Claude Mailly, general secretary of the Workers Force, wrote to Constable telecom (ARCEP), with a copy to Francois Fillon, a letter to "attract (his) attention to the impact of the fourth mobile license in the sector ". An appointment was set with the President of ARCEP, Jean-Ludovic Silicani next Monday late afternoon.

"Our fears are a large alignment with lowest social ultimately affect employees in terms of pay, job destruction and group benefits and more generally on the future of this branch , "wrote Jean-Claude Mailly. "The public authorities must establish as quickly as a regulated framework for preventing the destruction of jobs and preventing these abuses do not fall into place," he adds.

Concerns for call centers

End of March, in an interview with Le Figaro, Jean-Ludovic Silicani indicated that the sector "risks losing about 10,000 jobs in two years." But this destruction should be creating value, generating new jobs at Free Mobile first, but also in related sectors such as electronic commerce or the Web.

A macro view is far from convincing FO. "Our feedback from the field we are rather echoes of 30,000 job cuts on the entire industry," said Pascal Pavageau, FO confederal secretary in charge of economic and industrial.

Orange, SFR and Bouygues Telecom, destabilized by the arrival of a new competitor, of course, have interest in stirring the cloth of employment. "Some may want to cry wolf. But we see that restructuring is already underway among operators: contracts are stopped, benefits with subcontractors shall be adopted, the new hires are canceled and call centers are now going abroad, " Pavageau said Pascal, even claiming that "3% to 7% of jobs in France are starting to be outsourced, mainly on call centers." In the medium term, the union also fears that the sector is no longer able to invest as much in development, innovation and research and development.

That is seeking its FO meeting with the regulator? "First, we want to immediately and quickly, from the regulator and the government, an overview of employment in the sector, says Pascal Pavageau. Second, we want the government obtain a commitment of four operators in the maintenance of employment in France and their investment opportunities. "

The union will even consider that Oseo or ISPs may be called on to provide funding, if necessary.

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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 the sports world, too, women were honored today. Gathered in Barcelona for the Global Sports Forum around a round table on women and sport, many iconic figures in women's sport (Conchita Martinez, Natalia Via Dufresne, Maria Vasco …) are back on the steps, the determinants and difficulties in their careers.

Difficulties that often go for female athletes on the side of the portfolio. As in a traditional business, where wage differences between men and women reach 20% in favor of men, women athletes are often less rewarded for equal performance. Less publicized, women's sports breaststroke often much less money than her male counterpart. For example, the Blue French football earn on average between 1500 and 2000 euros per month, against 42,000 euros for a player in Ligue 1, which thus is not necessarily at the international level. Therefore, the ability of an athlete to match the income of her male counterparts to take over its ability to sell its image among brands, to improve athletic performance.

Brands begin gently female sponsorship

However, "few sponsors invest in women" analysis Yannick Puaux, founder manager of Hamaé Council payday advance. "Their resources are not sufficient to consider it not to work after their sporting career. In the end, nothing very different to male / female ratio in ordinary society where, to access the same professional status, at the same level of professional remuneration or benefit from the same quarry, we must do more than men. "

As for event organizers, attitudes are changing, however slowly. In recent years, the tournament at Roland Garros and Wimbledon distribute the same earnings for men and women, or about 1.2 million euros for the tournament winners of the Porte d'Auteuil, and those in the capital in London. Faced with these ad hoc efforts, inequality remains a persistent problem that continues once hung up the cleats. "The conversion of women is also more difficult, says Yannick Puaux. They must keep a job more often in parallel and be concerned for their retirement earlier. "

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Insurers want to conquer the savings of the middle classes. The French have a significant financial wealth but less than one million euros often feel ill-advised by large banks, where private banking is reserved for the wealthy. It is into this breach that insurers dream of rush.

A year ago, France launched its program Allianz Allianz First to seduce investors to assets exceeding EUR 250,000. If they join Allianz Fisrt, they become preferred customers, recognized in all the networks of the insurer. They enjoy a range of high quality investments, with conditions more favorable pricing, a dedicated website on heritage issues, or telephone support 7 days 7 to answer all their questions and legal other tax anxieties. They are entitled to invitations to shows and conferences, a sign of recognition. And most importantly, advice on measures. "Heritage poles were created throughout France for general agents. They offer the support of consultants responsible for meeting with clients to analyze their needs and recommend solutions to their problems, "explains Jacques Caba, director of Allianz Private Bank.

Within months, 4,700 clients have already joined the program. This year, Allianz expands this device entrepreneurs, creating the First Circle. And is already the market of private banking. "Insurers are traditionally not present in this segment, rather allotted to banks guaranteed payday loans. They have only 5% of this market, and a gap to fill, "added Jacques Caba.

Axa has already taken a step ahead

MMA and MAAF are available, they, of commercials to tout their excellent advisors or skills in wealth management. Axa has already taken a step ahead. In 2008, just before the crisis, the insurer Axa has launched Exclusiv, a program focusing on the heritage council, to retain the investors with 100,000 to 500,000 euros of financial wealth. "Either in France 2.6 million households and 50% of the savings market value," said Nicolas Deschamps, director of market savings tributary of Axa. The group offers advice (with annual meeting with heritage specialists of the insurer) and insiders', as an outstanding communication in times of crisis)

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"Insurers have realized they would have difficulty competing with banks in the savings market consumer. These files have a formidable business efficiency. However, the savings market more upscale, the sinews of war is the board. And insurance companies that have large sales forces have strengths to win, "added Olivier Potellet, CEO of Legal & General. The initial results are inconclusive. Axa, the average purchase amount on investments increased by 50% for clients Axa Exclusiv.

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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 Eurogroup meeting she reaches to allay fears about the debt crisis crippling the Paris market? On Tuesday, the leading index of 1.46% in mid-session at 3150.99 points raised by banking stocks. Yesterday, after long hesitation, the CAC 40 finished down 0.66% to 3123.99 points.

Greece but also Italy, however, always crystallize concerns have increased as rumors of leaving the Prime Minister Silvio Berlusconi, immediately denied by the latter. Nevertheless, if the vote to be held today at the Chamber of Deputies on the budget is negative, the departure of Cavaliere seem inevitable. Meanwhile the distrust of investors facing the country's public debt is climbing.The performance of the obligation of Italian 10-year, reaching 6.73% in the morning (before falling to 6.66%), an unsustainable level over time under the weight of the debt.

At the same time, the finance ministers of the euro area gathered in Brussels last night stepped up their pressure on Athens and Rome to the two countries meet their commitments to reduce deficits. In the process, Wall Street ended on an optimistic note. This morning, Asian markets have proven unreliable and shared.

In this context, oil prices are rising. The barrel of "light sweet crude" for December delivery gained 0.36% to 96.29 dollars.

New commercial breakthrough for the Airbus A380. This time in Russia. Transaero Airlines, the second Russian company after Aeroflot, has signed with the European aircraft manufacturer a Memorandum of Understanding for the acquisition of four super-jumbos for $ 1.2 billion (at list prices).

Transaero is the company to launch the A380 in Russia, CIS and Eastern Europe. "I am sure that the launch of this device very high capacity will stimulate the development of aviation in Russia, particularly in terms of airport infrastructure (…)», said Olga Pleshakov, CEO of Transaero Airlines. It opted for a passenger can carry 700 passengers, which will be converted into three classes.

For John Leahy, the Airbus super-salesman, "the A380 has a high potential in the Russian market.""We believe that passenger traffic in the region will grow 5.6% annually over the next twenty years." In its latest study of twenty years, Boeing estimates in turn that the needs of Russian companies will revolve around 1000 units including 700 medium-haul aircraft like A 320 and B 737, worth $ 110 billion by 2030.

16 million passengers and 400,000 flight hours

With the command Russian Airbus reached a new milestone payday loans. He recorded 28 orders and purchase intentions this year, marked by the signing of a first contract in Japan with Skymark A380. Overall, the A380 has been ordered to 236 copies per 18 airlines. 59 aircraft have been delivered since October 2007 with the first delivery to Singapore Airlines."That leaves 177 to be delivered which represents four years of work," says a spokesman for Airbus.

From the production side, Airbus is on track to reach its cruising speed is 3 units per month in the second half of 2012. Since late September, the industrial rate is 2.3 per month super-jumbos. This year, Airbus has already delivered 18 aircraft, has set a target of 25 A380s by the end of December.

The manufacturer estimated that the pace in the coming years is to sign at least 25 new orders a year, a level equivalent to its annual production. Airbus will celebrate the end of November the arrival of the 100th convoy giant Lagardère assembly hall. The kit aircraft (six pieces) is sent by road from the port of Bordeaux to Toulouse.

In service for four years, the A380 continues to conquer the global skies. He joins 26 cities in the world.