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Three of the 17 autonomous regions of Spain announced Friday that its budget deficit for 2011 were higher than the figures originally published.

The Madrid region, the second of Spain by the gross domestic product (GDP), said he finished 2011 with a deficit representing 2.2% of GDP and not 1.13% as first announced. The budget deficit of Valencia, the fourth autonomous community, stood at 4.5% instead of 3.78%.

The deficit of Castile and Leon has also been slightly above expectations.

The new figures, which were published in the areas of budget plans for 2012 are likely to weigh on the overall figure of Spain's public deficit for 2011, while the country is struggling to restore confidence in its banks and to convince investors that it meets its objectives.

The government of Mariano Rajoy promised to bring its public deficit to 5.3% of GDP in 2012, after missing its target last year, mainly due to higher spending es than expected regions. Last year the government deficit totaled 8.5% of GDP, but it should be 6%.

Thursday, the government approved the plan of the autonomous communities to reduce their spending by 13 billion euros and increase revenues of five billion.

Of the 17 Spanish regions, only one of Asturias in the northwest of the country, had its budget rejected.

Most European stock markets have turned downward early Wednesday afternoon, the ADP survey in the United States showing a number of new posts lower Interior expectations for the month of April.

At 14:25, the London Stock Exchange lost 0.98%, 0.66% that of Frankfurt as the place of Madrid plunged 3.25%. The pan-European Euro Stoxx 50 index, stable before the publication of the American Statistical, drops 0.93%.

The CAC 40 index, which gained almost 1% in mid-day, it is stable at 3,213.65 points (0.03%).

The private sector has created 119,000 jobs in April in the U.S., while the market expected 177,000 additional jobs, a figure that increased investor pessimism Friday before the publication of statistics improve ; Rican employment for the past month.

Zodiac Aerospace has shown more optimistic on Tuesday its forecast for the current fiscal year thanks to the dynamism of aviation activity, likely to gain market share and revenue that draws lucrative after-sales services.

The equipment manufacturer, which provides Boeing, Airbus and Embraer, said in a statement it expects now to the 2011-2012 fiscal year, which runs until August 31, on a double-digit organic growth in its turnover and an operating margin of at least 14%, despite the negative impact of non-aeronautical activities.

The group had so far committed to a growth in sales and improved profitability over the period. 

Zodiac announced in the first half (ended in late February) an operating profit (ROC) of 223.8 million euros (+20.3% excluding IFRS 3) and a result net 152.4 million (+33.3%).

Its turnover reached 1,567.3 million euros in the first half ended in late February, up 19.7%, with organic growth of 15.9%.

Its operating margin was thus established to 14.3% in first half 2011 to 2012 against 14.2% a year earlier.

The football game is played Saturday night between Real Madrid and FC Barcelona looks exciting. If the sporting challenge is enormous, it is primarily economic, pitting the two most powerful clubs in the world. Sport, the rivalry between FC Barcelona and Real Madrid is also economic.

FC Barcelona hosts Real Madrid in the 35th day of Liga on Saturday. This is called in Spain the "Clasico". Several hundred million télespacteurs be in front of their screen to see compete much of the world's best players. The meeting promises to be decisive in the title race, the people of Madrid with four points ahead of the Catalans with four rounds of the championship. L'Expansion. Com plays the game between these two economic giants of world football.

Turnover: The Real Madrid takes the ascendancy

On this ground, the Madrid club takes advantage of his rival Catalan. With 479 million euros over the 2010-2011 season, Real preserves for the seventh consecutive season in first place worldwide, according to research firm Deloitte. Results in increase of over 40 million euros compared to last year. The capital club Iberian approach and the symbolic barrier of 500 million euros, mainly due to increased revenues from broadcasting games (24.8 million Euros compared to the previous season ) and trading income (up 21 million euros, 16%). Real Madrid is not just a club, it is primarily a mark capable of generating over 170 million euros of profit. With the latest project to create an amusement park in the UAE, the "Island Resort".

FC Barcelona is not left out: it achieved a turnover of 450 million euros over 2010-2011. An increase of 52.6 million euros that Barca has several elements. First, thanks to jersey sponsorship, contracted with the foundation of Qatar, who paid a cool $ 165 million to appear on the jersey Catalan. A historic agreement that breaks with tradition. In recent years, the club had banked on the associative bearing the UNICEF logo on his jersey. Barcelona is the club that collects the most revenue for the retransmission of games. For his last European campaign (with a new success in the Champions League in the key), it has received 51 million euros. He thus maintained easily in second place worldwide.

Indebtedness: Barça (slightly) less debt

In the midst of crisis, the issue of debt clubs turns to the controversy. Spain is the country whose clubs are the most indebted in the world, with over 3 billion euros of debt. Besides the $ 752 million they owe the IRS Spanish. Attract players at a high price with money we do not have on hand has become common for Spanish clubs, if not a national sport. And our two heavyweights are champions of the discipline, combining alone over one billion euros of debt. Remains to be seen whether the rules laid down by UEFA to eradicate the phenomenon will contribute to real change. Especially since a law passed in January in Spain La Liga allow clubs to downgrade in case of termination payments. Real Madrid's debt rises to € 590 million. Club Jose Mourinho has however reduced its debt by 93 million over the previous season. FC Barcelona's debt rises for its 479 million euros.

The net result: Madrid back on top

Real Madrid finished last season with a profit of 31.6 million euros. The situation is more delicate for FC Barcelona, ​​with 9.6 million euros in losses. For the upcoming season, the Catalan club expects earnings of 20 million euros. A goal that can not be achieved only if the following sports scores. Hence the importance of finishing the match with a positive result tomorrow night …

Salaries: Take Charge balance

The Barcelona, ​​despite a considerable debt, however, have paid 163 million euros in total for the season-2011-2012, against 130 million paid to Madrid. With regard to each of the stars, Messi and Ronaldo, the Portuguese ahead of Argentina in terms of net salary: 13 million euros a year against 10.5 million. But the triple Golden Ball is getting on advertising contracts: it perceives as 21 million euros annually through advertisers, against 15.5 million "only" for Ronaldo. In total, with 33 million, including bonuses, Lionel Messi is the highest paid footballer, before Ronaldo (29.2 million). Between the two coaches, the Madrid Jose Mourinho won the showdown with the financial Barcelona Pep Guardiola: 14.8 million euros a year against 9.5 million.

Number of socios: Madrid Barcelona ahead

By paying a certain sum each year, the socios have a real decision making power within the club, winning a vote. Each year, they elect and the club president. In these elections, all votes have equal value, they are lovers of their favorite club, handed down from generation to generation titles. And it is Barcelona who matters most, according to accounts Francefootball, exactly 175,000. The Réal is a tone lower, with 96 000 socios.

Result: Real Madrid 2-2 FC Barcelona

Score parity economically, is to be hoped that both teams can be separated on the pitch Saturday night.

The Spanish government Friday presented a draft budget for 2012 draconian in the hope of reducing its budget deficit and to appease the bond markets.

The fiscal consolidation effort announced by Madrid plans to reduce the central government deficit of 27 billion euros for the rest of the year, representing 2.5% of gross domestic product (GDP).

This figure includes tax increases and spending cuts, totaling 15 billion euros already disclosed end-December.

Departments will have to cut spending by nearly 17% and staff salaries will be frozen in 2012. 

This budget "very severe", a term used Tuesday by Prime Minister, Mariano Rajoy, has been unveiled in the aftermath of a large strike gen ; eral against austerity that paralyzed part of the country and degenerated in Madrid and Barcelona.

Spain would be re-entered recession in the first quarter and shows the unemployment rate the highest in the EU, with 23%.

In this tense environment, the government is caught between the risk of plunging the country further into recession and that of seeing the cost of its debt soar if he does not control the public accounts. 

"Everyone knows the difficult problem the country faces, and which calls for special efforts of fiscal consolidation and structural reforms for growth and the creation of jobs, "said the vice president of government, Soraya Saenz de Santamaria, leaving the Cabinet.

"A destructive PACK"

The Conservative cabinet, took office in November peak of the larger majority in Congress of Deputies for thirty years, has already adopted reforms of the labor code and the banking sector in order to reduce the cost of employment and improving competitiveness. 

Mariano Rajoy last month won a grant from the European Commission, which agreed to reduce the public deficit target for this year to 5.3% of gross domestic product (GDP) against 4.4% previously.

But Spain, where the deficit reached 8.5% of GDP last year, is now being monitored markets, as illustrated by the tension on the performance of its long-term debt – and must always return to the threshold of 3% of GDP in 2013.

The government expects to reduce the central government deficit to 3.5% of GDP this year, the regions at 1.5% and that of other local authorities to 0.3%, announced the budget minister, Cristobal Montoro. The Social Security accounts will be balanced this year, he added.

Regions have announced a deficit of 2.9% of GDP in 2011, it will take a reduction of about 15 billion euros this year if they want to achieve the target by Madrid.

The government has hardly given any other details on his budget proposal Tuesday that he will present to parliament, but some economists are worried about these austerity measures , which may still stopping growth and as a consequence undermine the goals of deficit reduction.

"Spain is on a slope very, very slippery now (…) The risk specific country resurfaced, Spain is facing structural problems and it will take years and years to resolve. This tax package is self-destructive, "said Nicola Spiro, the consulting firm specializing in sovereign risk Sovereign Spiro Consulting

.

A decree and a decree published Thursday in the Official Journal wants to charge higher fees the mutual most excessive. But the solution does not convince everyone. The overshoot of fees of ophthalmologists in France reached 60% in 2010.

Stop abuse of excess fees. This is the objective of the government on Thursday issued a decree and a decree in the Official Gazette binding the complementary health to repay overruns capped fees of medical specialists. It also set up a sector "optional", in addition to the existing sector 1 and 2. What will it change?

The measure comes into immediate application and requires complementary health (mutual insurance companies, pension funds) to reimburse patients for excess fees capped at 50% above the rate Safely.  

Are concerned overruns practiced by physicians in the operating room (surgeons, anesthetists, obstetricians) who are currently in "Area 2", that is to say, who are allowed to charge more for their patients that the rate paid by health insurance, unlike their colleagues in the majority, engaged in "an area".

These are practitioners who wish to opt for a new area, was called up to "optional AC" and now "option broader coordination". If they limit their exceedances Safely 50% discount for 70% of their technical procedures, health insurance will pay their social security contributions (health, retirement, etc …) about 30% of procedures they will costs continue to make enforceable.

In addition, these practitioners will know that their excesses will be capped and systematically reimbursed by complementary health of their patients, whereas currently they apply their own refund policy, more or less generous.

The decree signed by Prime Minister Francois Fillon forced health contracts known as "responsible", that is to say over 90% of those offered by complementary health, to include reimbursement for the excess capped.  

The order, signed by Health Minister Xavier Bertrand, complete a medical article of the Convention signed in July 2011 by health insurance and union of general practitioners and 50% fixed the permitted block for practitioners choosing " the option of coordination ".

If they were released discreetly, these official documents have provoked many reactions, all very critical. Mutuality French, spearheaded the opposition to "optional AC", condemned the measure. Its chairman Stephen Caniard spoke of "an unreasonable obstinacy of the government."

In a joint statement, Mutuality and the seven unions (CGT, CFDT, CFTC, CFE-CGC, FSU, UNSA) "disagreed (…) and called for" resolute action against the excesses of fees ". "This device runs counter-productive because it does not interest the specialists who practice overtaking the most important as he is a windfall for others", says the text.

The UFC-Que Choisir develops similar arguments and evokes a "black Thursday for access to care of the French," saying that this will cause "a new automatic dues increase of complementary health."

The union of doctors, the Bloc, representing the specialists involved, the concern that not only practitioners of sector 2 are not interested, but those of a sector, whose rates are frozen for years decide to apply those of the option of coordination. In fact, most healthcare players think that a real solution to overflows through a tariff increase effective against a sector by health insurance.

The vast majority of job losses have affected the interim with 21,100 fewer jobs (-3.6%). Excluding temporary, employment remained stable with 4,900 more jobs in the tertiary sector. Will be waiting at a trade show on the campus of Virginia Tech.

INSEE, which revised its figures on Thursday paid employment, has announced that the economy had destroyed 22,600 jobs in the 4th quarter and 31,500 in the third, breaking with a positive trend since late 2009. Data from the third quarter were revised sharply since the National Institute of Statistics was counting so far on a slightly positive balance of 3,600 jobs created over this period. Data from the fourth quarter, however, been reviewed more positively INSEE had advanced since mid-February figure of 31,900 job losses. Ultimately, the economy lost jobs for two consecutive quarters rather than one as they were led to think the preliminary data.

France had lost more jobs since late 2009. INSEE regularly reviews its data base "for additional information" including administrative, says Frederic Tallet, responsible and synthesis conditions of employment. But "it's true that the revision of the third quarter was usually stronger than average" and involved mainly non-temporary employment in the market, he noted. For the fourth quarter, INSEE noted that the vast majority of job losses have affected the interim with 21,100 fewer jobs (-3.6%). Excluding temporary, employment remained stable with 4,900 more jobs in the tertiary sector.

Sectors of industry and construction, however, are in the red for the last quarter of 2011 respectively 1700 posts in less (-0.1%) and 4600 (-0.3%). Over one year, payroll employment remains modest increase (0.4% with 67,300 jobs created). For 2012, INSEE maintains its forecast of 61,000 job losses in the first half, which may be corrected at the next memo on the economy in late March, said Mr. Tallet. The ACOSS has released its share of the different figures Thursday morning. For the bank of Social Security, employment is in fact remained virtually stable in the fourth quarter with 9,300 net jobs created over three months. INSEE "may be small deviations from quarter" with ACOSS but the figures are smoothed in general over the year, says Mr. Tallet.

The pace of job creation in the private sector accelerated in February in the U.S., according to the results of the ADP monthly survey released Wednesday.

Index futures on Wall Street have increased their rise after the announcement.

According to ADP, 216,000 jobs were created last month in the private sector, while the market expected 208,000 new jobs.

The figure for January was also revised upward, to 173,000 jobs created instead of the 170,000 initially announced.

These figures precede the monthly statistics of employment that will be published Friday. The markets expect the unemployment rate unchanged at 8.3% and 210,000 net new jobs in the public and in private but non-farm, after 243,000 announced for January.

"This suggests indeed that we are moving in the right direction," Beth Ann Bovino judge, economist at Standard & Poor's.

"This reinforces expectations of a new publication with over 200,000 (creations) in the employment statistics on Friday. The employment figures seem more robust."

Around 1400 GMT, futures on the major indexes on Wall Street progressed about 0.5%.

Greece has taken all necessary legislative measures to obtain a second plan to assist countries in the area, said Thursday the Eurogroup President Jean- Claude Juncker, adding that the finance ministers were now waiting the finalization of the debt exchange between Athens and its private creditors.

"All laws necessary (…) have been adopted and some decrees outstanding should be soon," said Jean-Claude Juncker, after a meeting of finance ministers from the euro area.

He has listed the legal texts relating to fiscal consolidation, to pension reform, regulation of the financial sector or structural reforms. 

"This will allow the adjustment effort of Greece to regain momentum, which – coupled with a rigorous implementation of the package of measures defined under the new plan – is the foundation to restore the public finances and the economy of Greece on a sustainable path. "

That said, before the finance ministers of the euro area give their green light defines the second aid plan – 130 billion euros – to Greece, the program debt exchange between Athens and its private creditors must be finalized. 

This program, which opened February 24 and scheduled to end on March 8, should see the private creditors exchange more than 200 billion euros of Greek sovereign debt against new obligations representing half of this amount.

"The Eurogroup reaffirms that a successful debt exchange, with high turnout, and a final evaluation of all the positive steps already taken are the conditions for disbursement of funds under the EFSF second aid plan, "added Jean-Claude Juncker.

"As a result, the Eurogroup hopes high participation of private sector in the debt swap."

The Tokyo Stock Exchange closed up 0.01% Wednesday, the benchmark index of the Japanese financial market has erased almost all of its gains late in the session while e ; silent during the meeting on track to achieve its best February since 1991.

The Nikkei gained 0.72 points to 9,723.24 and the Topix broader, yielded 2.52 points (0.3%) to 835.96.

Investors have finally opted to take profits pending the outcome of the second injection of cash to three years by the European Central Bank.