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The disaster is averted for Athens, temporarily saved from bankruptcy, and for the euro area, which sees the specter of contagion in the Mediterranean.

The crisis of indebtedness is at a turning point? Tuesday is a Northerner, the Swedish Finance Minister Anders Borg, he returned to evoke a more sober interlude. "The Greeks are still trapped in their tragedy," he said, while Europe "sees turn in the last act of a longer time drama."

The next scene begins on a new thriller, on the side of the Parthenon. If the government wants to open Papademos some 237 billion government loans and private debt erasure promised Tuesday in Brussels, he has only a few days to prove itself. In the morning, Christine Lagarde has said bluntly: the IMF will release the funds with other "after implementation of prior commitments" in Athens.

Parliaments of the three countries most reluctant – Finland, Netherlands and Germany of course – will not give themselves the green light after having tried to play. Minister Wolfgang Schäuble, who complained there is little Greece as a "bottomless pit", even its detailed requirements for February 27, day of the Bundestag vote planned: a 22% lowering of the minimum wage, a reduction in budgets public health, pension reform and the massive onslaught of local governments.

Explosive political equation

Behind the hard line displayed in the north lies a concern shared throughout the euro area. The team of technocrats led by Lucas Papademos living its last weeks before the new elections. The government which emerges from the polls in April could, quite a true popular mandate, to be more devious meet European requirements no faxing 1 hour payday loans. So now that Greece has to swallow in one gulp if possible, the bitterest of his potion.

Problem. Both major parties Conservative and Socialist – those who have subscribed to medicine Brussels – together account for 40% of the vote only. Conversely, the far left and anti-European movement of honey from the wrath of the street facing austerity. This equation is politically explosive that pretends to ignore the financial agreement Tuesday.

Right, Antonis Samaras, still favorite in the polls, the results in economic terms and said aloud that report confidential documents as hopeless as submitted to the EU and the IMF: "Without economic growth, said the leader of New Democracy , immediate budgetary objectives can not be kept and the debt will remain unsustainable in the long run. "

It is the fault of austerity. Greece enters its fifth year of recession with no other prospect in the euro as "internal devaluation" – that is a general decline in revenues – expected to make it competitive for the future. The decrease in the minimum wage needs to accelerate the purging. But for now, it undermines domestic demand, that is to say the activity, and at the same time increases the relative burden of debt. Europe and Greece have gained time. But except to return to growth, they have certainly not finished with the appointment of a crisis.

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PSA announced this morning its annual accounts. The group recorded an operating profit of 1.31 billion euros, against 1.79 billion euros a year earlier. The net profit is not apparent at 588 million euros, against 1.13 billion euros in 2010. Meanwhile, turnover rose by 6.9%, to 59.9 billion euros.

The action jumps over 3% this morning. Maybe the confirmation of reorganization plans, at a cost of 310 million euros, appeals to investors.

One thing is certain, Peugeot loses money on its core business, namely to build and sell automobiles. To be precise, the industry grouping of PSA Peugeot Citroen and recorded an operating loss of EUR 92 million in 2011. In the second half, the deficit in the division has even approached the 500 million euros. Outside this perimeter, the Chinese subsidiary is profitable but it remains small (404,400 vehicles sold).

Peugeot may rely on other divisions recorded strong performances. This is particularly true of Faurecia payday loan lenders. The bodybuilder, dying a few years ago, posted an operating profit of 651 million euros (+43%). Peugeot is the majority shareholder of Faurecia, with 57.43% stake. For its part, the logistics specialist Gefco, 100% subsidiary of PSA, saw its operating profit to 223 million euros (+12.6%). The bank PSA Finance has also posted profits.

Prospects fuzzy

Beyond the figures, investors are sensitive to the perspectives of PSA. In this respect, the release of the group is unclear. While the financial community will not fail to appreciate the emphasis on cash management, there is no forecast of operating margin. It is unclear whether Peugeot will be profitable this year. The group expects a 5% drop in sales in Europe with 10% in France. Growth should be at the rendezvous in emerging countries.

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The French seem to have taken note of the looming recession in the eurozone. Consumer confidence has lost three points from October, to 79 points, INSEE reported. He returned to a level not seen since February 2009, when France was plunged into crisis. Economists did not expect such a decline, on average expected a loss of one point of the indicator.

"The current financial crisis, the second level of rigor and concern about the purchasing power (mainly because of higher diesel prices), explain the fall of the indicator," Analysis Dominique Barbet, an economist at BNP Paribas .

Households are also very pessimistic about their future living standards, which fall 8 points. Since July, this indicator has been awarded 20 points. It is now a record low.

They clearly anticipated the fall of George Papandreou after the declarations of the party leader of the opposition of Greece, Antonis Samaras (he called Greek Prime Minister to resign and form a transitional government).

The creation of a transitional government is not likely to create uncertainty in the markets?

It depends on how the rating agencies will analyze the delay between the creation of the transitional government and the establishment of early elections. For now, financial markets seem ready to allow time for Greece to install a new government. However, the risk of default is not eliminated. Financial markets continue to navigate to the end of the year.

Financial markets have now turned their eyes towards Italy.

This is the week of the year for sofica these companies who finance films through investment individuals. They begin to raise the funds they need to finance new movies for which they hope for success comparable to or Mammuth Heartbreaker. Among the films that are about to hit theaters, there would have been possible without the support of sofica.

This is the case, for example, Special Forces, with Diane Kruger and Benoit Magimel, which tells of special forces mission to free a French journalist kidnapped in Afghanistan. "Our participation has played a central role in launching this first feature film director.Today, the film is sold in over 25 countries, is already a success, "said Niels Court Payen, president of A Plus Finance, Manager of A Plus Image.

Immediate tax benefit

Twelve sofica have been approved to raise funds this year (two more than in 2010) for a total of 67 million, slightly below last year. Again this year, the tax cut is attractive to investors. It represents 43% of the amount invested within an investment of 18,000 euros, 7,740 euros maximum tax reduction, and 25% of total net income.

The scheme has been extended for three years by members. Fiscally attractive, since it allows to benefit from the first full year of the tax benefit, the investment is traditionally place very quickly easy payday loans.The Postal Bank, Neuflize OBC, BNP Paribas, Banques Populaires, the savings banks, Quilvest, Cie Financière Edmond de Rothschild as well as wealth management advisors and some sites distribute sofica.

Investors must commit to at least five years and be aware that the film is a risky investment. Historically, the best sofica managed to regain their implementation within five years, allowing their subscribers happy to receive an annual return of up to 7% (tax benefit included). The less fortunate, they have not quite found their capital even with the tax benefit.

About 9,000 taxpayers benefit from this niche. Next year, it must, like others, be passed to the plane and the rate of tax relief fall to 38%."For the state, the cost is modest, it is only 27 million in 2011 and the leverage effect is important for the film industry in great need," said Hugues de Chastellux, the president of the Association representation sofica.

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The euro still waiting 72 hours for his fate. At an EU summit which took the warm-up lap, Nicolas Sarkozy and Angela Merkel Sunday near their positions on the fateful question of European bailout fund and its clout in the marketplace. But, at the repeated request of Germany, the final decision will be taken until the night of Wednesday to Thursday, after another crisis conclave convened in Brussels.

The president spoke Sunday night "a fairly broad agreement" on a platform of shared press conference with Angela Merkel. He especially made a decisive step towards the Chancellor, itself buttressed in his refusal to see the European Central Bank refinance long-term debt of countries like Spain or Italy. "The ECB is independent and we hold as much as Germany, Nicolas Sarkozy assured.No solution is viable that would not guarantee that independence. "

Credibility of the euro

Satisfied, Angela Merkel took note clearly stating that the bailout fund leverage its resources without further contribution of the states of the euro, or use means unlimited in principle of the ECB. With leverage, the EFSF – now with 440 billion euros – could see his strike force raised in 1000 or € 1500 billion.

To achieve this, Paris and Berlin are close to agreeing on a device with double trigger, say well-placed sources. First a direct guarantee from the EFSF, which would provide the investor when issuing new loans by the States financially fragile. Then a support fund or regulation, which would occur in the secondary market debt securities.The fund, which also benefited from a bond of EFSF, should attract private investors or sovereign-related, for example, China, Brazil and the oil nations.

Skeptical markets, the credibility of the euro and the "firewall" planned in Paris and Berlin also depends on economic and fiscal discipline strengthened. The spectrum of a Italian slippage has haunted the tops of variable geometry and ministerial appointments of the weekend in Brussels. Sunday morning, Angela Merkel and Nicolas Sarkozy have the message in private to Silvio Berlusconi, hoping to prevent the crisis from spreading to boot before the euro has built its new defenses.

Signs of impatience

Publicly, Angela Merkel asked the head of the Italian government to reduce its debt "in a credible way."Confidence, she says, "can not be won solely by financial wall (…) Italy must live up to its responsibilities." Nicolas Sarkozy went further: "There is no question of using Solidarity partners if those we help are not their own efforts. "

The Europeans must disclose in the middle of the week their response "global" to the crisis of the euro and the contagion of debt. The most urgent need is to stabilize the situation in Greece, over-indebted and recession. If they agree to continue to financially assist the Papandreou government, heads of state and government have yet to accept the creditor banks at a discount of 50% on Greek bonds. Germany and especially France overlooking the front of the signs of impatience.Addressing the banks, Nicolas Sarkozy launched: it returns "to each to take responsibility to avoid catastrophe."

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The opening of a new generation of "palaces" some months apart, Le Royal Monceau (opened October 18, 2010), Shangri-La (December 17, 2010) and Mandarin Oriental (28 June 2011), has changed as ever the small world of luxury hotels in Paris, forcing the oldest palaces in a serious challenge. In this new context, the Ritz is not alone in having to close for repairs.

Reportedly, Le Crillon, recently sold by Starwood Capital to one of the descendants of the Saudi royal family, plans to close in the second half of 2012, probably for a period of two years. Management has already attacked the facade and roof, but not inside. The idea is to keep the French style, classic 18th, upgrading the hotel, he in turn can officially claim the distinction of "palace", introduced in May by the government.The hotel has no spa, no pool. The technical installations and the rooms have aged. According to a close case, the amount of work would be between 70 and 100 million euros. Not far from the Place de Concorde, the Plaza is also preparing for months of work, avenue Montaigne. "The Plaza Athénée will start the work of great importance following the acquisition of three buildings adjacent to the hotel last year, says Le Figaro Francois Delahaye, his boss. These projects are planned for the end of 2012.Among the possibilities, a closure is planned for five months, from November 2012. "

According to Gabriel Matar, director of Jones Lang LaSalle Hotels France, the average price of a night in a palace of between 750 and 1000 euros, "defending his position became increasingly difficult as competition comes from both new entrants and old, who spend millions to keep the quality of their product. " For the record, the George V was completely renovated between 1997 and 1999. "Otherwise, it would be today as the Royal Monceau and The Prince of Wales prior to closing," said Gabriel Matar."We currently have the best average revenue per room in Paris and we did not want to raise our market share by newcomers!" Says François Delahaye.

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What should imagine to make French industry more competitive and allow it to regain market share in the euro area? This is the question almost as old as the foreign trade report of the Economic, Social and Environmental Committee (EESC) tries to answer.Indeed, despite its strengths, the delay of France grows: the trade deficit to increase from 51 billion euros in 2010 to over 70 billion this year.

To stop the bleeding, Isabelle de Kerviler, rapporteur of the opinion that is presented this morning at the EESC proposes to facilitate the development of medium-sized companies in particular by improving the financial environment.

"We must strengthen the role of OSEO, we want to launch a loan specifically for the industrial sector and the creation of a special savings account," says the reporter who did not want to quantify the amounts or the levels of these measures especially to SMEs.

Other proposed runway: corporate taxation personal loans for people with bad credit."It should modulate the rate of corporation tax, the report said, by shifting the tax burden of work on the consumption of natural resources or pollution or swaps."

"Create" Grenelle of competitiveness "

Compared to Germany, envied model that continues to get ahead of our country, the EESC notes that the French labor costs are not even an advantage.The moderation of costs across the Rhine and the progression (in the EU average) of this side are trimmed away.

Nevertheless, France still has a bright points in its favor: the dynamic demographic, geographic location, quality workforce, the quality of public services contrasts with an educational level that s' weakens.

To implement practical solutions, Isabelle de Kerviler wants to organize a "Grenelle of competitiveness." But is that enough to compete with Germany?

The rescue of Dexia bank would not cause an earthquake in the immediate field of the note to the French public debt. After their colleague Fitch, the rating agencies Moody's and U.S. Standard & Poor's estimated on Monday that the country's prestigious AAA is not threatened by the guarantees made to the Franco-Belgian institution in difficulty.

"Right now, there is no impact and we have a stable outlook," said the senior analyst of France, Alexander Kockerbeck. "We study the commitments (which were taken Ed) course, as we do every time, but at the same time, we take into account many other factors." In particular the desire to reduce the deficit, a point on which France has assured the agency, he added.

For its part, Moritz Kraemer, head of European Standard & Poor's, said the AAA French is "justified", adding that S & P maintains a "stable outlook on the rating for the moment." "As an agency we report rating the risk of a decline in the note by changing the negative perspective, which is not the case of France, he developed. However, he wanted to keep the pressure: "We continue to monitor the discussions in the political line of sight with the presidential election approaching, to know the strategy to reduce the debt ratio."

Not to increase debt

France has committed, along with Belgium and Luxembourg, to ensure 36.5% of 90 billion euros that will be stored in a "bad bank", or 32.85 billion euros.An amendment "on the guarantee conditions of financing Dexia itself no guarantee of assets" will be filed, said on Wednesday the Minister of Finance Baroin. This approach "has the effect not to increase debt," he pleaded.

The rating agency Fitch has even found last Wednesday by the voice of the analyst Maria Malas-Mroueh, that if "an increase in financial liabilities is not a good thing, efforts to support the banking system can be positive ". However, the cost of insurance against default risk of the French State (CDS, for "Credit default swap") climbed Monday morning from 5 points to 181 points, according to Markit financial services agency. At the same time, the CDS Belgian took 6 points, 290 points. What widen the gap with Germany, whose CDS remained stable at 100 points.

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Clara Gaymard is president of General Electric France since 2006. Created in the late nineteenth century, GE is one of the largest industrial and financial in the world. In France, it employs 9,800 people, including 1,000 researchers, mainly in industry. The conglomerate Safran is associated with the production of aircraft engines. It is present in the turbine manufacturing, health and energy. In early March, GE has spent $ 3.2 billion offer for the French industrial Converteam, a leading equipment ETDE electrification systems and automation. In an uncertain economic environment, Clara Gaymard called for a mobilization in favor of industry.

LE FIGARO. -Do you see the first signs of a slowdown in your business in France?

Clara Gaymard. We fear-of course this slowdown.Some of our long-cycle industrial activities have been impacted over the last year and the first months of this year, but we rely on large export orders, which is our real market to resume growth the image of the first decade of the twenty-first century. What is certain is that at the end of this summer we have not seen any damage from the crisis.

How do the American leaders of General Electric they are on this crisis that threatens the euro area?

Europe and France are more complicated enough to understand given the United States. Decisions, including their political dimension, are difficult to grasp. Europe has been built on a desire for peace and a desire for economic growth and maintaining financial stability.At each crisis, France and Germany have strengthened their ties and Americans do not see it right away. Each time this has been beneficial in terms of governance. This will likely be the case today. For U.S. companies General Electric and especially, Europe is and remains a very important partner, because of market size, its capacity for innovation. Europe is the other foot in America.

General Electric is located in Europe. How do you explain that French industry losing ground vis-à-vis the German industry?

France lost the competitive advantage it enjoyed a decade ago. Germany under Gerhard Schröder was able to launch reforms that the country now takes profit.France has certainly taken some important decisions including the pension reform or investment for the future, but economic time, however, longer than the political time. The results are not yet visible. The acquisition of Converteam and our investment choices in 2011 show that we believe the industry in France.

What is it fundamental to a country to have a strong industry?

Just because you can not say that you will create products for the future in France, invest in R & D, if you do not file business card design. Value creation is first material. We are convinced at General Electric. That's why we have three major industrial centers in France and soon a fourth with the acquisition of Converteam. I've always registered against the false idea that a mature country must move from agriculture to industry and industry services.I find that attitudes are changing at last, the industry returned to the heart of the economic debate.

How can we stop the deindustrialization?

We must choose its areas of excellence. In the 1980s, France has relied on nuclear power, aerospace and high-speed train by taking risks. Since there was no real industrial policy. They pay today. So we have to make choices. For example, Germany and England have the wind power, General Electric is investing heavily in these sectors in these countries. We believe in the sun. By 2030, this energy could be as competitive as petroleum. Again, General Electric will focus on the countries able to advance this issue. Companies always settled in favor of an ecosystem.

The cost of labor is there a real problem in France?

It is often put forward but not the major issue for me. It's more flexibility. France is the only country where changes in conditions or work organization decided by a company legally take at least six months even if all parties agree. This period creates social tensions sometimes unnecessary. The organization of social dialogue is an obstacle to transparency. Another handicap: taxation. We have a taste for complexity and retroactivity. The comparisons are always against us. Overseas, the plate is wide and the level of taxation lower. In France, the plate becomes smaller, the tax rate higher, but there are many exceptions. France has a display unfavorable tax and payroll. Nevertheless, it is possible to develop and invest in France.We have shown through the three large industrial sites that we have acquired, their sales were multiplied by three or four. And if we take the example of Belfort, it was losing money, it is now profitable. Moreover, on this site in Belfort, we have advanced in terms of qualifications our staff. Their wages were also appreciated.

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