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The agency Fitch upgraded the credit rating Friday from Iceland to BBB-BB + cons, welcoming the country's progress in restoring macroeconomic stability after the financial plunge of 2008.

Note Reykjavik thus leaves the speculative grade and is endowed by Fitch with a stable outlook.

"The restoration of long-term sovereign rating of Iceland investment grade reflects progress in restoring macroeconomic stability, implementing the re ; structural forms and restore the solvency of the country after the financial and monetary crisis of 2008, "Fitch wrote in a statement. 

In late 2008, the three main Icelandic banks collapsed under the weight of their debts accumulated during a decade of aggressive expansion abroad. Their fall has plunged the Icelandic economy, which had to call using the International Monetary Fund.

Relatively untouched by the debt crisis of the euro area, it is not, Iceland is expected to grow by 2% to 2.5% in 2012-2013, Fitch believes.

The rating agency stresses, however, that private debt remains high, that of households above 200% of salary available and the business up to 210% of GDP.

Iceland is rated BBB-by Standard & Poor's and Baa3 by Moody's. His outlook is stable from S & P, but negative by Moody's.

The levy of tax on the payroll, reform often cited in France, no advantage, the Council believes the tax burden. Explanations. The fight against tax evasion has allowed the state to recover 16 billion euros in 2010

The levy of tax at source (on payslip) exists in many countries (Germany, Spain, USA, UK, etc..). In France it's a bit of Arles: often mentioned, defended by many supporters, the reform has never been implemented and taxpayers continue to pay tax on income in a timely manner and shifted by a years. Francois Hollande envisioned as an outcome of its fiscal revolution, before abandoning it.  

The levy of income tax at source has three advantages in theory: the employee has a better vision of what he actually earns (net income after tax), it lowers collection costs for administration tax (third-party payers, most companies are much less likely than individuals) and it improves the collection of taxes (making more complex optimization and tax evasion).

But it also has disadvantages. In addition to the difficulty in managing the transition year – in particular limiting behavior of tax evasion – the levy would involve considerable cost to the companies in charge of collecting taxes, the Council believes the tax burden (CPO , attached to the Court of Auditors) in a report released today. This cost could reach 2 billion euros per year. The risk that the bosses decide wages or layoffs, based on tax rates for their employees should not be underestimated, particularly in SMEs, says the CPO. Besides the companies would have to tax data, so confidential, on their employees.

Bridge the gap between perception and the taxation of income

"The balance between the advantages and disadvantages does not justify such a shift in the current state," said Didier Migaud, First President of the Court of Auditors, in an interview with Les Echos on Thursday. He said some of the arguments for withholding have "aged". The "relationship between the tax authorities and taxpayers have been modernized," argues Didier Migaud. The CPO. First, because nearly half of the taxes levied in France are now instantly (CSG, taxes on capital income, etc..).  

Secondly because the reporting of income (pre-filled since 2006) and the tax payment (monthly payments, direct debit) are now much more automatic. The idea that the withholding tax would simplify life for taxpayers is obsolete. The tax collection is, itself, become much more efficient: the recovery rate is 99% or as much as in countries that levy the tax at source, as the CPO.

However, the CPO grade, this measure can be considered, but as part of a comprehensive tax reform and deep income taxation. That is to say, provided it is carried in advance to a simplification of massive income tax (abolition of tax loopholes, end the family income, etc..). And meanwhile, the CPO suggested deleting the one-year lag between perception and the taxation of income, especially for 40% of taxpayers who see their revenues decline one year and must wait until next year to see their tax decline.

One third of these assets was deposited in banks in the UK, 10% in Switzerland. In total, the Greeks withdrew their banks 65 billion euros since the beginning of the debt crisis. The facade of the National Bank of Greece after a demonstration.

A total of 65 billion was withdrawn from banks in Greece since the beginning of the debt crisis in 2009, of which 16 billion was legally transferred to banks abroad, said Friday the Greek Minister of Finance Evangelos Venizelos, before Parliament, in response to questions from MPs in terms of debt restructuring and the new Greek EU aid, still under negotiation with creditors.

According to the minister, "32% of the 16 billion euros have been deposited in banks in the UK, and less than 10% in banks in Switzerland". According to figures from the Bank of Greece, deposits at end December 2009, banks in Greece, amounted to 237.3 billion euros, and in June 2011, they amounted to 188.1 billion euros. With a shortage of liquidity in the country, Evangelos Venizelos defended the new plan of European aid to Greece, which is to strengthen the capital of banks with 40 billion euros, and "ensure the economic recovery".

The recapitalization of Greek banks must intervene in the erasure under 50% of the nominal value of bonds held by private creditors to ease the debt burden of countries, which must pass 160% of GDP currently at 120% in 2020. The minister stressed the "importance" of the finalization of the agreement on debt relief and the payment of the new international loans to countries € 130 billion, agreed in October in Brussels by the euro area, to that the country avoids default in payment by March 20, when Greece must pay 14.5 billion euros of bonds due.

French collective management has suffered in the 2011 debt crisis in the eurozone but also regulatory changes imposed on institutional investors, including banks an incentive to shift to Basel III households to bank savings products. According to figures from the French Association of Financial Management (AFG), assets under management fell overall last year by 4.1% in France, to 2.636 billion euros, growth 1.9% of assets under management under mandate failing to stem the decline of 10.4% of French funds. The fall in financial markets last year, especially during the summer, has affected virtually all categories of funds since, excluding money market funds The effect of market (-50.9 billion euros in total) has affected all other categories. Equity funds were the most penalized with a decline in their stock of 34.4 billion euros related to contracts, while the Stoxx 600 index lost nearly 15% between late July and late September. "The loss of the status of risk-free government bonds and disagreements within the EU on how to implement to stem the debt crisis, have a little more immersed ; uncertain markets and investors turned away from long-term mutual funds, "said Alexander in a study Cassan, head of research at fund EuroPerformance. STRONG COMPETITION FROM BANKS The net outflow amounted to 91.3 billion euros in 2011, according to figures from the AFG, note however that a deceleration of net outflows in money market funds domiciled in France (-50 billion euros, against -88.2 billion in 2010). "And then there is the strong competition from bank balance, which were growing last year," said Pierre Bollon Wednesday, managing director of AFG , at a conference, the grids in the banking and insurance is relatively large channels in the distribution of products and services of collective management. According to Pierre Bollon, quoting figures from bank balance sheets, passbook accounts increased by 30 billion, deposits of less than two years of 26 billion and deposits term of more than two years of 93 billion. "The expected reduction of public deficits could be hampered by the slowdown in European growth or entry into recession. All these uncertainties will continue to impact the management of assets already undermined in 2011, "warns Alexander Cassan. France is not alone in having suffered last year, the fiscal 2011 will be challenging for almost all European business. "Apart from Ireland, which has a success with money market funds at a constant value for all other countries the year 2011 is not a good year, "said Pierre Bollon. Looking at the markets where the financial management of investment funds is made, the France retains its leading position in Europe with a market share of 20.1%, followed by Germany (19.2%) and the United Kingdom (17.1%), is the AFG. In terms of domicile, Luxembourg continues to lead the ranking, with a market share of 26.5%, followed by France (18.1%) and Germany (14.4%), note the 'association.

Groupama will raise 1.8 billion euros through asset sales, including a 44% stake in the group of real estate Silic and Eurocourtage GAN insurance broker, said on Monday in a source familiar with the matter.

The French mutual insurer wants to raise 800 million euros by the end of the year by selling its share in silica, which is now the subject of preliminary discussions with several companies of real estate and insurance, said the source.

Groupama is also looking to sell its subsidiary GAN Eurocourtage, which he expects at least one billion euros, she said.

An economic recession can be avoided in Europe, but we must mobilize sufficient resources to calm financial markets, said Thursday the head of economic research of the Organization for Economic Cooperation and Development (OECD).

In an interview published Thursday by La Stampa, Pier Carlo Padoan added that the forecasts on Monday will present projections of growth and very low down on the basis of a negative scenario reflects the severe financial crisis in the euro area.

"No, (a recession) can still be avoided.

Between 2005 and 2010, they have jumped nearly 22%, while inflation rose only 8.05%, according to the National Union of ownership. It is Paris that has seen the largest increase. A jump of 72%. Paris won the prize for the largest increase in property tax with a jump of 71.97 between 2005 and 2010.

The National Union of property (UNPI) denounced Wednesday again a sharp increase in property taxes that it believes strongly amputates the purchasing power of the landlords. "Landlords have a lower purchasing power of 10% in 5 years because of the different measures that strike, including sharp increases in property taxes," said Jean Perrin, president of the UNPI, presenting the fifth edition of the Observatory of property taxes.

According UNPI, property taxes rose nearly three times more than inflation between 2005 and 2010.Total contributions from property tax on buildings increased by an average of 21.94% while inflation increased by only 8.05% between January 2005 and January 2010, according to UNPI. "To this we must add a small increase in rents, an increase of the tax and regulatory obligations as expensive diagnostics and new safety standards for elevators," says Perrin.

The amount of property tax is calculated on the basis of the rental value of the property on which the shares are perceived regional, departmental and municipal levels and, where available, for the shares of municipalities and city.

The new team will implement the agreement bailout $ 130 billion spent with the European Union and will be sworn in Friday at 24:00 GMT.

"I am convinced that the country's participation in the euro area is a guarantee of stability. We should all be optimistic about the outcome as we will show unity," said Prime Minister-designate.

He said no specific date had been arrested on early parliamentary elections in 2012, being that of 19 February, he said, that a preference.

The European Central Bank (ECB), against all odds, cut interest rates a quarter point Thursday, saying its new president that the eurozone could enter a recession "moderate" in late 2011.

Mario Draghi took office Tuesday, right in the maelstrom of the euro area with the return to the front of the stage of the Greek crisis and growing concerns about the ability of Italy, his home country, to take action necessary consolidation of public finances.

However, it has made no commitment on increased purchases of government bonds on the secondary market by the ECB under the repurchase program (SMP) to provide assistance to countries such as Italy Spain.

"What we see now …

The powerful U.S. broker MF Global is set to the tune of 6.3 billion euros in European debt. This is the eighth largest bankruptcies in the United States since 1980. The shock wave will however be less than that caused by the collapse of Lehman Brothers. The U.S. broker MF Global, coming off a black week, filed for bankruptcy Monday, October 31.

The U.S. broker MF Global, in particular very difficult situation because of its exposure to European debt, filed for bankruptcy, according to court documents available on Monday. The company has submitted a New York court record placing it under the protection of U.S. bankruptcy law, the board felt that this operation was "in the interest of the company, its creditors, its shareholders and other stakeholders. " This would be the eighth largest bankruptcy in the United States since 1980.Among the largest creditors of MF Global include U.S. bank JPMorgan Chase and Deutsche Bank German establishment and the media group CNBC.

MF Global, which appears as one of the first commodity dealers and products in the world, was in a very difficult position because of heavier than expected losses announced last week. Already battered on the market since the summer, the New York group had agreed on this occasion be exposed to the tune of $ 6.3 billion in European government debt, more than half in Italy and more one billion to Spain, two countries in the sights of investors.

"The biggest victim of the debt crisis"

Rating agencies have subsequently threatened to bring down its debt in the "speculative", which would have signed the end of its activities.Faced with speculation on the establishment, the action of the group was suspended earlier in the day on Wall Street and the New York branch of the Central Bank of the United States announced it would interrupt his dealings with the facility . According to the Wall Street Journal, talks with Interactive Brokers Group, which had planned for the weekend to buy the assets of the broker for approximately a billion dollars, were ultimately unsuccessful.

The bankruptcy of the group could send a shock wave in the markets, but its impact should not be as important as the impact of the collapse of Lehman Brothers in 2008. However, these are "the biggest victim so far of American debt crisis of Europe," said analyst Chris Low of FTN Financial before the announcement. "Fortunately the situation of the company is unique.