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A budget of 50 billion euros to be invested by 2020 in transport networks, energy and communications to Europe to interconnect national networks and boost growth, according to a plan released Wednesday by the Commission European.

The plan, dubbed "connecting Europe" should not only help create the missing links between the networks of twenty-seven but also promote a greener economy, strengthen the internal market and reduce energy dependence of the EU.

The modernization of transport infrastructure in Europe should concentrate 31.7 billion euros, against 9.1 billion for energy projects and 9.2 billion pan-European networks for broadband communications.

These investments will cover the most important projects but the Commission consider that no less than 500 billion euros would be needed to build a European transport network worthy of the name by 2020.

To facilitate the financing of these projects, the Commission adopted an initiative to resort to bonds, to attract private funding and risk sharing investments.

The President of the European Commission said at a press conference that the European initiative was necessary to encourage states to take the plunge.

"This investment will stimulate growth and job creation, and simultaneously make the work simpler and transportation for millions of citizens and businesses in Europe," he said.

The eviction of Pierre-Henri Gourgeon the CEO of Air France-KLM and the takeover of the group by its president Jean-Cyril Spinetta could be a lifesaving shock to the Franco-Dutch company, hit by financial indicators in red and a controversial management of the disaster Rio-Paris flight.

The second European airline in terms of sales has also confirmed the appointment of Alexander Juniac, former chief of staff Christine Lagarde, the newly created position of CEO of the national carrier Air France, and so set to resume eventually lead the group.

The arrival of this 48 year old technocrat had been widely anticipated, unlike the departure of Pierre-Henri Gourgeon, whose mandate was renewed for four years ago three months ago.

"It's a shock. It is a little surprised because Air France is not a company that used to act like that. However, it is rather good news for Pierre-Henri Gourgeon has not really good news to analysts, "said one analyst who requested anonymity.

Jean-Cyril Spinetta, who finds his chair as CEO, will be Deputy CEO Leo van Wijk, the current vice-president of the group, while Philippe Calavia remains chief financial officer.They will provide strategic coordination group to the holding of a genuine Air France-KLM, postponed from early 2012 to current 2013.

"The goal is to improve the operational and financial performance of the group in a context marked by economic uncertainty, their impact on European air transport and the situation of Air France face of increased competition from new players "the company said in a statement.

Pierre-Henri Gourgeon became Group Chief Executive in January 2009, while Jean-Cyril Spinetta, architect of the merger between Air France and KLM, had retained the presidency alone.

AIR FRANCE-KLM TROLLING

Stock Exchange on Monday welcomed the prospect of change to an increase of the share of Air France-KLM 1.43% to 5.606 euros, giving a market capitalization of 1.7 billion, against the market trend in Paris.But it remains down 59% since the beginning of the year, underperforming both the largely German Lufthansa and IAG, an entity formed by the merger of British Airways and Iberia.

Pierre-Henri Gourgeon and pays the price for its management of the company, which the French state owns 15.7% of the capital, considered too indebted, too slow to react and too wasteful, including labor costs well above those of its competitors.

The group, which now hold their exercises on the calendar year, merely to predict the end of July a positive operating result in 2011, when he had to exceed 28 million before the year 2010 on a comparable basis.

"It is believed that the duo should be able Juniac-Spinetta implement the measures necessary for the restructuring of the company that Gourgeon should have realized for several years," said another analyst.

"Two caveats, however, do this a few months before the presidential election seems a bit difficult in a society as symbolic Air France.Then, the decision appears to have been in a hurry, it will therefore take time before we truly know the new organization of the company. "

Even before the official announcement, the CFDT, which denounced the months of "rumors, calculations and combinations" between the leaders of the group, said he filed a "social watch" kind of notice of strike to get quick answers to questions employees and a clear strategy.

"We need a flight plan coherent economic and social level," he told Reuters Gilles Nicoli, secretary general of the CFDT Air France."It should not be the result of this reorganization is to delay the action plan."

Another delicate matter left to the new tandem: the catastrophe of Rio-Paris flight in June 2009. The third serious accident suffered by Air France in ten years has also raised questions about the technical training of its pilots, after publication of the interim report of the Investigation Bureau and analysts (BEA).

The G20 said Saturday that the next EU summit on October 23 would present a comprehensive plan that can make a "robust response" to the crisis in the euro area.

Gathered in Paris last Friday, finance ministers and central bankers from the G20 also reported progress in the definition of an action plan for coordinated policies to address the current crisis and strengthen global growth.

In a statement, they indicated that this plan will be discussed at the upcoming G20 summit in Cannes in early November, provided by the advanced countries the implementation of policies to promote domestic demand for those who are in surplus and the savings for those with large current account deficits.

Emerging powers in turn adjust their macroeconomic policies "to maintain the growth momentum to face downside risks," those who are in surplus pledging to accelerate "the implementation of structural reforms to rebalance the asked to give more room for domestic consumption. "

They will continue their parallel efforts "to move towards systems of exchange rates determined more by the markets and achieve greater flexibility in exchange rates to reflect economic fundamentals."

Countries in the euro area will require banks to accept losing up to 50% of their holdings of Greek debt, officials said Wednesday the euro area, as part of a larger plan to avoid defect in the disorder and to end the crisis that threatens the economic health of the planet.

Before an EU summit last chance scheduled October 23, during which a new plan to attack France and Germany should be discussed, four of the euro zone officials told Reuters that a discount of between 30% and 50% for private holders of Greek bonds was now proposed instead of the 21% forecast.

The second bailout of Greece finalized July 21 by the leaders of the euro area provided, in addition to 109 billion additional financing, a restructuring of the Greek debt on a voluntary basis.

In this context, private creditors – banks, pension funds and other financial institutions – had to accept a discount valued at 21% of the equity in their assets Greek bond, which represents a contribution estimated at 50 billion euros up in mid-2014.

Since then, the recession deepened in Greece, fueling fears of a defect in proper form and forcing the leaders of the euro area to consider a much more radical action to stem the crisis.

To restore confidence in the banking system, they also work on how to strengthen banks in the euro area in the recapitalization.

The President of the European Commission Jose Manuel Barroso has called Wednesday for a coordinated approach to the question bank, calling to use the bailout funds in the euro area, the European Financial Stability Facility (EFSF), as a last resort, as desired by Germany.

He also asked that the replacement of a permanent fund EFSF be brought forward to mid-2012 instead of 2013.

FINAL ENTRY LEVEL NOT FIXED

The amount of the Greek debt to reach 357 billion euros this year, 162% of its gross domestic product (GDP).For now, the Government of the euro area have failed to produce a convincing plan to reduce it.

"We negotiate every day to reduce this debt. This is the great trading and this is where lies the big problem," said Greek Prime Minister George Papandreou at a meeting of the Council of Ministers.

An official in the euro area told Reuters that the final level of participation of the private sector had not been fixed and was expected to see the reaction of banks to these new demands.

"It's still very open. You have to see what the initial reaction of investors.Voluntary participation is the goal, at least for now, and many feel that we must avoid the risk of total failure, "said one of them under the seal of anonymity .

"The discount will be set at levels consistent with the voluntary nature of participation of the private sector," said a second charge.

An official of the Institute of International Finance (IIF), the association that helps set up the agreement with the private sector, said Wednesday that the discount for private investors would be 39% when used the current market prices.

The second funding program of Greece to replace the top 110 billion euros funded through bilateral aid.

The new tranche of eight billion euros during the release will probably be the last under the old program. The 37 billion euros in funds not disbursed in the first plan will be integrated into the background.

He came in first, but he can not win without the votes of the champion of de-globalization … It is not in the field of economics that François Hollande will look for the voters of Arnaud Montebourg. But where, then? François Hollande at a rally in Rennes on 27 september 2011.

Article published previously in The Express. Fr

With 17% in the first round, Arnaud Montebourg is a huge problem with François Hollande. Topped, but with only 39% of the vote, it has very little reserve of votes for the second round. Manuel Valls support does not weigh enough to allow him to cross 50%. Worse, it might even seem like a poisoned chalice left facing a party Francois Hollande is imperative that court to win his match against an Martine Aubry to Montebourg that voters are supposed to go more naturally.The countdown has started to find the magic formula that allows to do the splits. In Dutch, and long, it's called the art of synthesis.

"We know that 25% of PS is in favor of an interventionist left, says a close friend of François Hollande. There was simply a transfer of voice Segolene Royal to Arnaud Montebourg and it does not change the economic position of Holland". On the prohibition of dismissals stock, the golden rule or the how to deal with banks, differences between the two candidates, at least in discourse, are indeed very important. And François Hollande, no question of becoming, overnight, a defender of the de-globalization. It's not the economy that will dredge the voters Arnaud Montebourg, but on morality in politics, where Guerin gives him an advantage over Martine Aubry, or Europe.

Some, however, want to believe that the economic positions are not all as far as it seems. As says economist Elie Cohen, a member of the Council of Economic Analysis and writes notes to François Hollande, "when you scratch behind the concept of de-globalization, which defends Montebourg is the need of the reindustrialise countries and to fight against relocation. He often cites the case of South Korea. This can be an interesting ". In the second debate of the primary, Holland had also argued, like the others, for state support to industry. But not financial support, rather the definition of an enabling legislative framework. Without giving details. This is also where the problem lies with François Hollande, who has favored a few guiding ideas without necessarily deepening."On many issues, he will be forced to be more precise, it says in his entourage. François did not shoot down all his cards at once, but he has no choice."

It will include further justified on the contract generation, a cornerstone of its commitment to youth, which was strongly criticized by Martine Aubry. Exemption from the companies that hire young people without being separated from their seniors, the mayor of Lille does not. She prefers the 300,000 jobs of the future, a move that raises the youth employment in 1997 and has scope to include the project within the PS. François Hollande, who do not believe, there is resignation, but wants the book to young people. Guardian of the PS project, Martine Aubry will not fail to criticize the liberties taken by the Netherlands over a series of proposals which it has acceded and which, he recently recalled, "the hire".

The fiscal deficit of the French government reached 102.8 billion euros at the end of August. The government's goal is to reduce it to 95.5 billion at the end of the year. View of the Ministry of Economy and Finance at Bercy.

The deficit of state budget declined by about twenty billion euros in late August from the previous year to 102.8 billion, thanks to lower expenses and to a lesser extent, higher revenue, announced Friday the Budget Ministry. For the full year 2011, the government deficit is expected at 95.5 billion, but Bercy ensures that the figures for August are "in line with the target."

Tax revenues expected by the end of the year should help to bring the budget in the nails.Compliance with this objective is needed for France to maintain its commitment to reduce the public deficit (state, local and Social Security) 7.1% of gross domestic product (GDP) last year to 5.7% this years. In late August 2010, the state budget recorded a deficit of 122.1 billion.

Expenses (general budget and levies on revenues) fell back sharply, to 243 billion at end August 2011, against 270.1 billion a year earlier, thanks to the almost total extinction of the extra cost associated transient, last year, to reform of business tax. Last year was also marked by the expenditure of "future investment" financed by the "great debt", said the ministry.However, the actual burden of debt interest late August rose by 4.5 billion from the same date a year earlier.

The reform of the ISF has weighed on think

For their part, the general budget revenue (net of rebates and refunds) amounted to 172 billion in late August against 169.5 billion a year earlier. The net tax revenues were up 4.1 billion a year to the next. The proceeds from the corporate income tax, greatly affected during the crisis, continues to rebound and increase by one third. VAT and income tax also report more than last year, but in a much smaller mesure.En contrast, "other taxes" retreat, but the ministry says this is due to "report to September exceptionally this year, the due date of the solidarity tax on wealth, due to the implementation of the recent reform of the taxation of wealth. "

Finally, the "special accounts", which include advances and financial transactions, recorded a deterioration of 10.3 billion euros from the end of August 2011, due in disbursements in January, March and July of loans Greece. But "any significant event" has changed this in August, says Bercy.

The airline Lufthansa has announced it will order 12 new aircraft, two Airbus A380s and one Airbus A330-300 for about $ 1 billion at list prices.

Lufthansa, which has already ordered 15 A380 a unit list price of € 275 million, is the most important Airbus customer for this type of very large aircraft.

The command of the German company also includes four Airbus A320 and five Embraer 195.

The Lufthansa share closed up 2.54% to 10.11 euros.

Release of loan to Greece, strengthening the EFSF, recapitalization … L'Expansion. Com recalls the options on the table today that nourish the hopes of investors. The facade of the National Bank of Greece after an event.

After much depressed, the markets are now on the lookout for any good news. This causes bouts of optimism, albeit fragile, but occasionally managed to boost budgets. European markets have opened sharply higher on Tuesday, the Cac 40 rising eg more than 3%. Overview of the issues fueling the hopes of investors.

Greece will she get her ready for 8 billion?

This is step number one for the "sick Greek" still breathing. Athens has the resources to take another few weeks. Following is the default.Creditors (IMF, EU, ECB) should pay him the sixth installment of their first aid plan in mid-October, but nothing is won yet. The "Troika" wants guarantees of austerity because Greece is far behind in its program to reduce the budget deficit in structural reforms and for privatization. The country has indeed committed to sell 50 billion euros in assets by 2015, of which 5 billion by the end of the year. Yet privatization has reported 400 million euros. Athens is therefore trying to work twice as hard. She will announce measures this week on extending the operating license of the Athens International Airport, a concession on the gaming company OPAP, currently in a public monopoly, and licenses for video lottery.Moreover, after the announcement of new draconian austerity measures last week, the government plans to get ahead of schedule rigorously. According to his spokesman Elias Mossialos, "it is possible that additional measures planned for 2013 and 2014 are taken earlier." The Troika is expected this week to make a tax audit and whether the country can afford to keep its promises.

The second aid plan passed soon?

The slow pace of European countries to implement the second plan of aid to Greece adopted July 21 is a cause for concern the markets. It now seems finally the priority of the leaders of the old continent.The plan includes a new loan of 159 billion euros in Athens and capacity building of the European Financial Stability (EFSF), now has a budget of 440 billion euros and allowed to buy bonds with countries difficulty in the secondary market. It has so far been approved by five countries, including France. The main contributor, Germany, is expected to vote the plan without a hitch on Thursday. And all the 17 economies of the euro-zone should have ratified by 14 October, according to the promise of European finance ministers in a joint text published Saturday.

The EFSF can be further strengthened?

While this increased EFSF is not yet validated, Brussels is already planning to give him more money. The boost in July would allow it to face a possible default of Spain. But it would be insufficient in case of failure of Italy …or whether to help countries to recapitalize their banks. Only a doubling of its capacity to respond, or even quadrupling to 2000 billion euros, as envisaged by the IMF unveiled a project by the BBC would be likely to inspire confidence in markets. But once the proper calibration determined, it would still have to figure out how to give it more scale without seeking further states. Because Germany has made it clear Monday by the voice of his Finance Minister Wolfgang Schauble, she had "no plans to replenish the funds."

This does not seem to Brussels to consider other ways to increase the response capacity of EFSF. "We are considering the possibility to have a greater leverage to give it more strength," he said Monday as the Economic Affairs Commissioner Olli Rehn in an interview with German daily Die Welt.This could allow the EFSF to make a partial guarantee for loans by the private sector to states in need, which would result in lowering interest rates.

Another option under consideration would be to grant the license EFSF a traditional bank, because they lend about 10 times the amount of their capital. Without claiming to achieve such leverage, ie funds could extend the possibilities of lending to countries in trouble by refinancing at the European Central Bank, the latter giving him the money in exchange for bonds of these countries made fragile as collateral. The problem is that at the same time weaken the balance sheet of the ECB … should seek to turn the states. Discussions are still ongoing, the Commission has recognized.The aim would be to reach an agreement by the G20 to Cannes, 3 and 4 November.

Will we draw a line under 50% of the Greek debt?

This is the ultimate taboo of the Greek crisis. The idea to remove 50% of the country's debt is, however, his way, as to be now considered by the IMF, the BBC understands. The Greek press has even said that the Finance Minister Evangelos Venizelos would have suggested to members Friday. But he has immediately denied. A default of 50% corresponds roughly to the discount required to sell Greek debt on the secondary market. This compares with 21% accepted by private donors in July.

This scenario, however, still dismissed by many states and economists. Patrick Artus, Research Director at Natixis, estimated that it would be a good solution if Greece was an isolated case … It is not."In the absence of crisis resolution mechanism organized, investors fear that the treatment of Greece set a precedent for all countries in difficult situations. Thus, a massive failure of Greece, with exit or not in the euro area would lead to a rapid worsening of the crisis in other fragile states, until Italy, the euro undermining its foundations, with a potentially explosive area, "said he in an article published Monday in Le Monde.

European banks will they be recapitalized?

If such a restructuring of the Greek debt would be put in place, the IMF supports a recapitalization of banks, possibly through the EFSF. Because the consequences would be terrible on the one hand the Greek banking sector, exposed to 25 billion euros (about one quarter of the country's debt). But also for European banks exposed to debt.The IMF offers the recapitalization because they "now have a lump too small to absorb these losses." In France, the Sunday newspaper said this weekend that the government had proposed to BNP Paribas, Societe Generale, Credit Agricole, Credit Mutuel and BPCE to bail in the amount of 10 to 15 billion. But while there had been summit meeting, the executive as banks continue to deny vehemently any project and any need in this area.

The banking sector soared after news reports citing additional support by the ECB to financial institutions. BNP closed up nearly 10%. Initials of the BNP on the Place de la Bourse in Paris.

The Paris Bourse rebounded on Friday and took 1.02%, after a volatile session, helped by the rise of the banking sector on information suggesting actions in support of the ECB, which reduced fears about the global economy.

The CAC 40 gained 28.43 points to 2810.11 points, in a trade volume of 4.082 billion euros. The day before, he had lost 5.25%.

The Paris market, which fell more than 3% in session on fears about the global economic outlook owes its rise in banking stocks that have ended on a sharp rise.

BNP Paribas gained 9.78% to 2.32 euros, Crédit Agricole 4.78% to 4.43 euros and Societe Generale 8.76% to 16.65 euros. Thinning came from a member of the Board of Governors of the European Central Bank (ECB), Ewald Nowotny, who suggested that the institution "could reintroduce refinancing operations a year for banks," according to information Press.

These words have to take second place to concerns about the risks to the global economy, particularly in the United States and Europe, as the lack of policy responses. The central bankers of the leading countries in the world, gathered in Washington for a summit of the G20, are committed to preserving the stability and liquidity of the banking sector, but no specific action has been announced.

Several values ​​highly dependent on conditions ended up as Alcatel-Lucent (0.28% to 2.18 euros), Bouygues (4.03% to 24.90 euros) and Renault (0.59% to 24.65 euros).

The deficit of the general social security will be reduced to 13.9 billion euros in 2012 due to measures announced in late August by Prime Minister François Fillon, to new efficiencies in health and pension reforms, according to the budget proposal presented Thursday.

The improvement comes mainly of sickness, the deficit will be reduced to 5.9 billion euros after -9.6 billion this year. The deficit in the pension industry (pensions) will be reduced to 5.8 billion euros from -6.0 billion in 2011.

"Our forecast for 2012 is 14 billion deficit.Fourteen billion euros when it was scheduled for 2015, so we have two years ahead, more than two years ahead, "said budget minister, Valérie Pécresse, on France 2.

The bill will be discussed on October 5 by the Cabinet and October 25 in the National Assembly.

The deficit of the family branch will be reduced to 2.3 billion euros from -2.6 billion in 2011 and the industry accidents, occupational diseases have a surplus of 100 million euros after a balance in 2011.

Saving measures and provided additional revenue for next year will reduce the deficit of the general system of 7.3 billion euros compared to the balance that would have been projected trend of -21.2 billion in 2012, says government.

Six billion on 12 billion of savings and additional revenue announced in August to reinforce the objectives of reducing the public deficit will improve in particular accounts for Social Security.

Weakening of the PROTECTION

The deficit of the Old Age Solidarity Fund will be reduced to 3.7 billion euros from -3.8 billion in 2011.

Objective National health insurance expenditure (ONDAM), the main instrument for controlling health care costs, will be set as expected to 2.8% next year against 2.9% in 2011. This objective requires to achieve 2.2 billion euros in savings.

The assumptions for calculating the 2012 budget are an increase in the wage bill by 3.7% next year and inflation of 1.7%.Economic growth is expected at 1.75%.

The projected savings for 2012 include new delisting, about 40 million euros, 620 million euros in savings on drug prices through reductions negotiated with pharmaceutical companies and 100 million by promoting generic drugs.

The financial statements included in the calculation of government deficit in France the government wants to reduce to 5.7% of GDP end-2011, 4.5% and 3% end 2012 end 2013, returning to the 3% limit of Stability Pact and European Growth.

The prospect of a return to balanced health insurance in 2015 is now "realistic," says the government.

The Court of Auditors, an independent certifying the public accounts, said in early September that the deficit of the parent threatened the very survival of social protection in France.

It recommended in a report to increase revenue and curb spending, especially health, by cutting including "niche" social, who amputated the Public Accounts for efficiency often discussed.

"The finding of the Court is of the extreme fragility of our social protection", said its first president, Didier Migaud."The sustainability of social deficits now calls into question the sustainability of our welfare system."

The draft budget law (PLF) for 2012, which will detail the steps outside Social Security, will be presented next Wednesday by the Cabinet and October 18 in the National Assembly.