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From our special correspondent in Toulon

Spirit of Toulon, are you there? Pending the arrival of the president, we could see a backdrop composed of a large red white blue rectangle surrounded by two rings of gold stars, the emblem of Europe. One way to summarize the message of the President Thursday night: a France supreme in all European refounded. Thursday, Nicolas Sarkozy has said little about the rebuilding of capitalism, the first theme of the speech of Toulon in 2008. This is the rebuilding of Europe was in the spotlight. The head of state wanted to show that France will not return "control of his destiny" after the shock of the crisis, as the fight against deficits and European solidarity.

To reconnect with "trust" and to dispel the "fear", look "face the truth," Sarkozy warned payday loan lenders. This truth, he said, is that of a "new cycle".He reiterated the importance of principles such as non-replacement of an officer and two indicated that they could no longer keep "the same organization of our social protection", or the same "system of work sharing." He preferred to announce a "social summit" in January on these topics.

Allusions to presidential

Another word carefully avoided, that of "federalism." The purpose of the speech was well Toulon to reaffirm the principle of national sovereignty by avoiding the risk of isolation. "We will not control our destiny alone," hammered Nicolas Sarkozy.

Gran Via, Saturday afternoon, thousands of Madrid overflowing sidewalks to rob the shops in the center. Plaza Santa Ana customers compete tables for a drink and some tapas … According to a recent survey, 68% of Spaniards say they are happy despite the economic depression. The Spanish crisis is a strange crisis. Five million unemployed, a growing half-mast and a debt to the edge of the alert levels, but the fiesta continues. On the surface, anyway.

The costs of the crisis, in fact, are unevenly distributed. On the one hand, those who retain their jobs. Possibly concerned about the situation, their objective situation has changed little since the crisis began, three years ago. On the other, 21.5% of those unemployed, whose number is increasing. Poorly defended, forgotten unions, their suffering is silent.As to the exhaustion of benefits, the first victims of the crisis, however, sinking slowly into exclusion.

Withdrawal into the family

Alejandro lives under the threat of expulsion. He, his brother and his mother, he unwittingly embarked in his galley. 28 years old, he had offered to help a colleague get a home loan. He signed his mother too, and they vouched. Before the crisis, Alejandro had a job as an electrician, he believed that his salary was only threatened, if by chance his friend forgot to pay a bill. When the colleague left no forwarding address, the bank asked his due: 168,000 euros of debt. "Due immediately," says the letter from the bailiff. Now unemployed, Alejandro key 340 euros compensation unemployment. His brother does not work either. Only his mother still affects a salary: 1200 euros.

Wall Street, which closed on a sharp decline yesterday was unable to rebound in a market still worried by the European public debt. The Dow Jones gained 0.22%. In contrast, the Nasdaq lost 0.60% to 2572.50 points and the S & P 500 shows a symbolic drop of 0.04% to 1215.65 points.

Expectations about the ECB

The new president of the institution, Mario Draghi said on Friday that the first objective of the ECB is price stability. "Our credibility implies the success of our monetary policy is to anchor inflation expectations in the medium and long term," he said. According to traders, however, the ECB would have repurchased Italian debt on the secondary market. According to the German press, it would also quietly imposed a weekly limit of twenty billion euros for its purchases quick cash.

For the Hexagon, the relaxation appears to operate slowly. The spread between 10-year German and French this morning narrowed to 169 basis points against more than 200 yesterday.

Greece has in turn lowered the deficit target for next year, to 5.4% of gross domestic product (GDP), after 9% in 2011. The draft budget was initially a difference between revenue and expenditure of 6.8%.

"The euro area is becoming increasingly moribund," says the broker IG Markets in a note. He also adds that the situation on the interbank market is deteriorating, creating an "ultimate stress" on the stock exchanges.

"We want to protect the French against the serious problems facing other European countries." In presenting its additional measures of austerity, Prime Minister Francois Fillon has placed France in the context of financial panic that hit the euro area. "The word bankruptcy is no longer an abstract word," he stressed, pointing between the lines he had himself used the term taboo in 2007.

The French will have to resolve "some sacrifices," warned the Prime Minister, "so you do not have to take one day a policy imposed by others." Without naming them, the Prime Minister of the finger tip by the danger of pressure from rating agencies threatening to lower the AAA rating of France.

The extra effort is 18.6 billion euros over the next two years, including 7 billion euros in 2012 and 11.6 billion in 2013.This acceleration, he said, "will reinforce the reform of 2010 and will decline by more than 4.4 billion accumulated deficits of pension plans between 2012 and 2016."

• The rate of income tax and of the solidarity tax on capital will be frozen for the next two years.

• Reduce the tax differential between capital and labor. The levy will be fixed up 19 to 24% to reduce the tax differential between labor income and capital. "The standard deduction will increase to 24% for dividends and interest," added the Prime Minister. The standard deduction (PFL) allows a taxpayer to pay the tax due on income from investment banking (treasury bills, interest on life insurance, etc.)..

• 500 million euros in additional savings for the state in 2012.

Greece is on everyone's lips in Cannes, which should open the G20 summit on Thursday morning. The Greek prime minister was called to 8:00 p.m. Wednesday evening for a meeting including President Nicolas Sarkozy and German Chancellor Angela Merkel. It must explain its decision to submit the agreement European referendum last week.

Paris and Berlin put pressure on Athens to advance that the referendum in late November, while January was first advanced. The two major euro-area warn that the disbursement of 8 billion euros in aid granted by the EU and the IMF has become uncertain.

In this context of uncertainty exceptional French interest rates soared in the morning, the gap is widening at a historic German rates.Potential victim of contagion, Italy tries to reassure her convene an extraordinary cabinet meeting on Wednesday night to adopt austerity measures guaranteed payday loans.

• Merkel wants clarity

"We have set up a program with Greece last week. We want to make this program and why we need clarity. This is what should serve the meeting tonight, "said German Chancellor Angela Merkel in Cannes on Wednesday. It should meet in the afternoon Greek Prime Minister George Papandreou, along with Nicolas Sarkozy, representatives of European institutions and the IMF BEYOND CEO Christine Lagarde.

The announcement on Monday night next to the organization of a referendum in Greece in the European aid plan has caused a panic in the markets and threatens the firewall in place within the euro area the last week.

In Rome

The volatility of prices of basic foodstuffs is likely to persist and even worsen for ten years, increasing the vulnerability of the poorest farmers in the world. It is the fear of the three UN agencies responsible for combating world hunger: FAO (Food and Agriculture), WFP (World Food Programme) and IFAD (International Fund for Agricultural Development).

In their annual report on "Food Insecurity in the World", the three Rome-based agencies denounce the vagaries of international market prices easy pay day loans. "The small countries dependent on imports, particularly in Africa, are particularly affected," they note. Thirty-two countries now need to receive external assistance due to crop failures, conflict or natural disasters.

Tax soda should further fuel the coffers than expected. The new tax announced by Prime Minister Francois Fillon, as part of the austerity plan will help fill the gap of France to the tune of 370 million euros, according to information on Europe 1. Revenues exceeding 120 million originally envisaged which, according to industry increases the price of the can of a euro cent on average.

In fact, the tax has not yet been established but it has already been expanded. It could affect not only soft drinks but also all soft drinks and sweeteners, says the radio station. Previously saved, the Diet Coke, Coke Zero or mineral waters and non-alcoholic beer may ultimately be affected.

Bernard Reynes, UMP deputy of the Bouches-du-Rhone, should defend the new amendment in ten days.The new contours of the tax would have been decided by Valérie Pécresse, budget minister, Bruno Le Maire, his colleague from the House Agriculture and Bernard Reynes and Christian Jacob.

Compensates for the lower social security contributions of farmers

And as noted in Le Figaro yesterday, raising the tax would fund future lower social security contributions of farmers who come into force on 1 January 2012 fast payday loan no faxing.

The question is whether manufacturers will digest these ads. In fact, the announcement of the tax had already provoked the ire of Coca-Cola. The American firm had threatened to suspend an investment of 17 million expected next year at its plant in the Bouches-du-Rhone, then retracted, while evoking a "communication error".Only element of consolation for the food groups, the public health argument justifying the creation of a tax 'anti-obesity "has disappeared from legislation, as they wanted.

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"GAME NEWS – Target budget: Drive the finances of the state

The government this morning that the budget should allow France to keep its AAA financial rating. Last year, the government of Nicolas Sarkozy wanted to "virtuous" this time, if it is still no word on what awaits the hex next year, things are clear: the austerity before us. Because France no longer afford to spend a euro unnecessarily. The budget minister, Valérie Pécresse, and his colleague of Economy, Baroin have therefore presented a roadmap for 2012, which "is a continuation of the strategy derestauration of our public finances."

France, which has not recorded a single budget surplus since 1974, sets ambitious targets: the budget deficit is planned at 80.8 billion euros next year from 95.7 billion this year. And the government deficit to increase from 5.7% this year to 4.5% in 2012 and 3% in 2013.This is not only to respect the commitments prices from the European Commission, but also give a strong signal to markets.

It will however not enough to flow back the debt next year, culminating then 87.4% of GDP. "The crisis has had on our public finances an unprecedented impact. This increase in debt is not specific to France, "notes Bercy. Interest paid by the state to finance it are the second expenditure items behind the budget of School.

Debt crisis

This forecast is an uncertain economic climate, while the debt crisis was raging in Europe free instant credit score. Bercy nevertheless wanted to rely on proactive growth forecasts. It provides a GDP growth of 1.75% this year and even next year.In 2012, according to figures released by the Ministry, the activity is further supported by business investment than by household consumption. Inflation, it would reach 1.7% over the year.

The outline of this budget were unveiled by François Fillon this summer. It is based on spending cuts and increased revenues for a total effort of 45 billion, according to Bercy.

It includes some of the measures of anti-deficit plan of 24 August (movement of the plane on the niches, windfall tax on very high incomes, etc..), Other measures have already been passed by Parliament in the part of a supplementary budget at the beginning of the month (tax on mutual and insurance, additional contribution of capital income, etc.).. It shall include a windfall tax next year on sales of duty free subject to large industrial CO2 quotas."We set up a tax system fairer, more efficient and competitive," insists Valerie Pécresse.

In this context, the tax burden, taxes, social contributions and CSG-will continue to rise, up 44.5% of GDP in 2012, after 43.7% in 2011. The French now know what to expect. A one detail: the budget commits the government …

Convince donors of failing markets. That's what worked on Sunday, Greek Prime Minister George Papandreou, bringing together an extraordinary Council of Ministers rather than submit to the UN forum in New York. After the cabinet meeting of three hours, the Finance Minister Evangelos Venizelos said that "for the 2012 budget must take steps to reduce public spending, with the aim of reducing the public ".

The government needs to get results as soon as possible if he wants to convince its European partners to validate the new aid of EUR 160 billion, decided on July 21. Representatives of the European Union (EU), European Central Bank (ECB) and International Monetary Fund (IMF), the troika in charge of assessing the progress of reforms, delaying their return ever in Athens.Their endorsement, however, is decisive that Greece can get the sixth tranche of the loan of 110 billion euros granted in 2010. "Without this payment of € 8 billion, the state coffers will not hold beyond the month of October," warned Filippos Sahinidis, Vice Minister of Finance. But Saturday, after their meeting in Wroclaw in Poland, EU finance ministers have postponed the go-ahead to October. This meeting produced no significant advance both in Greece as European banks face a new crisis of confidence.

Default

Pending the arrival in Athens of the troika, the Minister Venizelos talks with his representatives this evening by telephone business cards. It should detail the new economy measures.Among the efforts demanded by the creditors of Athens, are, according to a senior Greek, "the introduction of lay-offs in all public bodies, the freezing of pensions by 2015 and the merger or closure of a thirty agencies. "

Despite the urgency of more and more prevalent in the Greek situation, the Europeans always show their divisions. The Austrian government has again raised the possibility Sunday of a default of Greece. A way officially rejected by Paris, while in his interview on TF1, the former director of the IMF Dominique Strauss-Kahn called for "taking his loss", ie to wipe the slate Greek.

In Wroclaw, the finance ministers also confirmed the need to strengthen the weakest banks. But they kept to evoke the injection of public funds in an emergency."We're not worried," or the liquidity or solvency, provides Baroin on his return from Wroclaw. This belief annoys outside the euro zone, especially after the warning issued to Europeans by the Treasury Secretary Tim Geithner. "The leaders of the euro area should be aware that time is running out," launched the British Chancellor of the Exchequer, George Osborne.

Angela Merkel is political campaign. In two weeks the German Parliament's vote on extending the Stability Fund, Chancellor not only seeks to restore calm in the euro area and the financial markets, but also to convince the Germans of the effectiveness of its strategy . To know how to play patience with Greece.

Criticized by his fellow partners and for its attention to this subject, Angela Merkel, however, continue to trust the government of George Papandreou. "From all I hear from Athens, the Greek government is aware of the situation and does what he must do," said the Chancellor, who had already called a few days ago to patience with Greece.

Greece is waiting for a new tranche of eight billion

German Chancellor even volleyed his Economy Minister and leader of the FDP, a partner in the CDU Angela Merkel, who said Monday that the bankruptcy of Greece "is no longer a taboo subject." "I think we do a great service to Greece so we speculate as little as possible but encourage Greece to meet its commitments," she said on the radio BBB. Recognizing that "there are no taboos in politics," replied Angela Merkel to his minister that "we are a government and we must of course be able to control all the processes we want to implement." The Chancellor said that the euro area has no mechanism to organize the orderly failure of a member state.Meanwhile the European Stability Mechanism (MES) in 2013 …

For these statements, Angela Merkel also seeks to convince the European experts of the Troika (European Commission, European Central Bank and International Monetary Fund) charged Wednesday to assess the progress of Athens, the new release every eight billion euros for Greece and avoid a default in the country.

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