While consumption in électricté soaring these days, the automatic assignment of social tariffs for electricity is still conspicuously absent. Yet the measure was to take effect January 1. This had been announced in the fall of Eric Besson, Minister of Energy. Faced with this bug, it has reiterated on Friday that the device, once it enters into force, will be properly applied "to the gas bills and electricity consumption corresponding to January 1, 2012." In other words retroactively.

This delay, which is expected to continue for several more weeks, is due to the fact that the "last formal consultations" between government and industry should always be held together with a notice of the State Council, said the Ministry of energy, confirming the information of Paris …

These special rates are reserved for beneficiaries of the Universal Health Coverage (CMU) or any person whose monthly income is less than 634 euros per month (for a single person). Entered into force in 2005 for electricity and gas in 2008, social tariffs were previously allocated upon application to rights-holders (the limit is 7800 euros in annual revenue to about a single person and 11,700 for childless couple, ed), but by lack of information or administrative complexity, many do not demand.  

Only 600,000 households currently receive social tariffs so that 1.5 to 2 million are eligible, a situation that had prompted the government to promise its automation. The reduction is estimated by EDF and GDF Suez at about 90 euros per year for electricity and 140 euros for gas.

"The decree is under consideration by the Council of State, he should be able to give its opinion in the coming weeks, when he will have the last formal consultations that are normally involved in early (February editor's note) . The decree will be published in the coming days, "the ministry said.

In connection communication, the President of the Syndicat Intercommunal the outskirts of Paris for the Electricity and Communication Networks (Sipperec) Catherine Peyge said there was "urgent." Some 3.8 million households, or 14.4% of French households in the metropolis, are currently considered in fuel poverty, meaning they spend more than 10% of their budget on their energy bills, says she said. "What do public authorities to publish the decree and to end the anomaly whereby a tariff, decided in 2000, implemented in 2005, still can not protect the families who need? Meanwhile the prices of electricity rose by 6% in two years, and the bill could jump by 30% by 2016 ", criticized Ms. Peyge.

The group's operating income for the period July-September second quarter of this year stood at 39.2 billion yen (365 million euros), while analysts had on average expected 25.6 billion yen.

Net income for Suzuki, owned 19.9% ​​by Volkswagen as part of a partnership that turned sour, fell 13% to 13.3 billion yen while revenue declined by 6 , 6% to 618.8 billion.

Meeting in Brussels, they also discussed at length the contours of the new rescue plan for Greece and the participation of banks capable of reducing the Greek debt to sustainable levels.

A report prepared by the "troika" – IMF, ECB and European Commission – representing the international donors, a 50% discount on Greek bonds held by private investors is necessary to reduce the debt to 120% of GDP against 162% today.

If it was intended to reduce debt below 110%, a discount of 60% would be necessary, the report says, as a basis for decisions of Heads of State and Government of the euro area summits on Sunday and Wednesday.

The outcome of these meetings, which should lead to a new Greek plan, a formula to maximize the funds to support the euro area and a wide recapitalization of banks on the continent, is considered crucial for the single currency.

"We decided to authorize the payment of the next tranche of financial assistance to Greece in the context of the current program of economic adjustment.The disbursements must be made in the first half of November, once approved by the International Monetary Fund, "said the finance ministers of the euro area in a statement.

Athens immediately welcomed the European decision, saying it was "a positive step."

The decision "provides the fiscal targets in 2012 and paves the way for necessary structural reforms," ​​said Greek finance minister, Evangelos Venizelos, in a statement.

CONTINUATION OF DISCUSSION ON EFSF

According to several sources, the Europeans, however, remain largely divided on the level of the discount to be applied to Greek bonds as well as the voluntary and non-bank participation.

The German authorities, in particular Finance Minister Wolfgang Schäuble, insist that the envelope of 50 billion euros negotiated on July 21 is significantly revised upwards, if necessary by forcing banks to make an extra effort.

Paris is reluctant for fear of triggering a credit event with unpredictable consequences.

The ministers, however, only discussed the various options available to "maximize" the firepower of the EFSF, which also divides Paris and Berlin.

The Minister of Economy, Baroin said that France continued to believe that the conversion of cash in bank was the best solution but it did not make "one final point of confrontation."

"What counts is what works.And what works is what will go towards deterrence and effective firewall and it is around this that we try to work, "said the Minister after the meeting.

Granted a banking license in EFSF would allow access to funding from the European Central Bank to increase its capacity for action by a factor of up to five.

But Berlin rejects this possibility, which would be to accept that the institution of Frankfurt finance the countries of the euro area, one of the dogmas explicitly excluded by the European treaties.

The other members of the euro area are also divided, Belgium and Spain having voted for a reconciliation BCE-EFSF while Slovakia and Austria have indicated that this solution was not studied.

The countdown has started, however, for not only the peaks of Sunday and Wednesday but above the summit of Heads of State and Government of the G20 in Cannes in early November.

Thursday night, U.S. President Barack Obama spoke on the economic situation in Europe with his French counterpart Nicolas Sarkozy, German Chancellor Angela Merkel and British Prime Minister David Cameron.

A nearly six months of the presidential election, the French authorities have once again assured Tuesday that they would do anything to keep the maximum score, which allows the country to finance at low cost, and promised new measures if needed.

But their room for maneuver seems limited because growth such as trust are affected globally in a context of anxiety in financial markets.

Bank stocks have fallen to the Paris Stock Exchange after the announcement of Moody's, while the yield on the French debt and insurance against the risk of default (CDS) rose, the yield spread between French and German debt (spread ) reaching a high for 16 years.

Moody's does not mention specifically the possibility of a perspective "negative" on the Aaa French, but if it were to lower the perspective, a downgrade could occur over the next two years.

"The 'triple A' is not in danger because we will answer these and we will be even ahead of the goals of deficit reduction," said French Finance Minister, Baroin, on France 2."If necessary, we will take steps for the appointment."

"We will make every effort not to be degraded," he added, noting that "we still have enough tax loopholes, if necessary, we will remove them."

GROWTH flu

The rating agency said in a statement: "In the next three months, Moody's will review and assess the stable outlook against the government's progress in the implementation of these measures (fiscal consolidation-Ed), taking into account all economic and market potential negative. "

Moody's also refers to the likely increase in the French contribution to the rescue of Greece and the prospect of a recapitalization of banks in the country, to which the State may need to participate.

"The deterioration in the debt figures and the possible emergence of new financial commitments put pressure on the stable outlook of the Aaa rating of the state" French, says the agency.

Engine of French public deficit, the country's growth next year should be much lower than the 1.75% forecast by the government, which may influence the path that should lead France to a deficit of 4 , 5% of GDP in 2012 and 3% in 2013, after 5.7% this year.

According to the survey conducted by Reuters with a score of economists, and they expect an average growth of 1.0% next year.

Baroin has for the first time said Tuesday that the objective of 1.75% was "probably too high."

Economists polled by Reuters Tuesday, believe that the economic downturn is the first threat to France and its sovereign rating, a threat reinforced by the possibility of further government intervention to resolve the crisis in the eurozone and strengthen the banks.

"The Triple A French is a little on the hot seat, especially if the French economy was facing a shock much deeper than what we anticipated," said Jean-Christophe Caffet, an economist at Natixis.

For Gilles Moec, an economist at Deutsche Bank, "the issue of growth is most important because it constitutes the core of the macroeconomic strategy of France.""The engine stalled, forcing more likely to act on the structural deficit."

Philippe Waechter, director of economic research at Natixis Asset Management, for its part said that "if growth is not expected robustness, the objective of reducing the budget deficit will not."

Jean-Louis Mourier, economist at Aurel Leven, said meanwhile that "bank recapitalization would impact the debt but the real problem is the trajectory of public finances and therefore growth."

PUZZLE AND EUROPEAN PRESIDENTIAL

Moody's notes that the level of debt of France is among the highest Aaa rated countries, while remaining content with a relatively low weight of the interests of debt to government revenue.

But the ability to fund high levels of debt "is based on investor confidence in the government's ability and willingness to cope with unexpected challenges," the agency said.

A situation even more critical that the chronic current account of France requires it to obtain financing from foreign investors.

François Fillon on Tuesday urged members to refrain from bidding on the draft budget for 2012, including the examination begins on Tuesday, with specific reference to the warning from Moody's.

"In this context, the budget debate must be exemplary," said the head of government before the UMP group, reported a number of members present at the meeting.

A weakening of the "triple A" French further complicate the resolution of the crisis in the eurozone, France, with Germany being the main contributor to the European Financial Stability Fund (EFSF), the European support fund, whose rating depends part of those of its contributors.

Beyond the EFSF, the European dynamic could be profoundly affected if the second largest economy in the euro area clinched the best student, Germany.

The threat of a possible negative watch placement of Aaa, should also limit a little more room for maneuver of the candidates in the presidential election of April-May

The Socialist candidate Francois Hollande and his family have announced that their action, if they win the presidency, will be dictated by the need to preserve the confidence of creditors of France.

The last step seems to be the most difficult to cross to Europe. Slovakia is the 17th and last country in Europe to vote on strengthening the European Financial Stability Fund (EFSF), and part of the coalition threatened not to accept the text. Without the approval of Bratislava, the plan can not enter into force in accordance Amadeu Altafaj-Tardio, spokesman of the European Commission for Economic Affairs. Interview.

Slovakia Can Europe block?

We hope there will be a positive vote in Bratislava.But if Slovakia did not accept the text, the plan will remain outstanding. And if the vote is negative, the plan falls apart. The EFSF will then remain in its current state but will not have the means to ensure the protection of the euro, as it is supposed to do in its new form.

Ratification does not seem won …

We're not there yet. The Slovak authorities have committed heavily to vote the text. Besides the Prime Minister Iveta Radicova has resigned on the table in case of refusal of the plan by the coalition. Our message was to the Slovak authorities to say that strengthening the EFSF is in their interest. It may be very useful to the country if the crisis in the euro area spreads.

Can you put pressure on Slovakia?

What do you want, the Commission took power in Bratislava? We can not force the country to ratify the plan.This is the responsibility of all political actors. We can not require Member States is in the nature of the European Union. States have decided to vote the text unanimously in 2010 against the advice of the Commission. If we had done by a qualified majority, we would not be here.

This is not the first time that Slovakia played bad students …

We have already had a fantastic story with this government. Parliamentary elections in 2010, Prime Minister of the country – currently in power – has campaigned on his opposition to help countries better off than him. Then, the arrival of Iveta Radicova as Prime Minister, the party decided in June to stop its bilateral loans to Greece in the forefront of support. The decision was taken after the second installment.It is now the sixth …

Part of the coalition claims to be exempt from participating in EFSF (7 billion euros 440 billion in total). Can we modify the agreement to allow Slovakia to vote on the plan?

The agreement was ratified by 16 member states before it, we can not change it for a country. What would the other parliaments have already voted if the text were changed to the Treaty? They could also claim their scpécifiques measures and find that it is unfair to make concessions to one country. Finland has obtained special guarantees with Greece to vote on the text. But these guarantees were part of the bailout.

The euro, which rated approximately 1.3350 dollars, is notably supported after the commitment by Germany Wednesday to help its banks if necessary.

Be announced by the ECB at 24:45 GMT at the end of the meeting of its board of governors for the last time led by Jean-Claude Trichet? The issue is discussed.

The market economists expect a simple majority in monetary status quo – the main rate by the ECB would remain at 1.5%.But the voices of a growing number were heard to ask for a lower cost of money while the signs are increasing of a faltering economic recovery and as the financial crisis – bonds and bank – escalates .

However, inflation continued to rise in September in the euro area. It reached 3.0% annual rate, its highest level in nearly three years, against 2.5% in August, is already well above the objective of the ECB. However, the essential mission of the Central Bank of 17 countries in the euro area is to maintain prices at a level slightly below 2%.

If the ECB does not reduce the cost of credit, it could announce other support measures.Among the measures expected by the market, increased liquidity, recovery of tenders 12 months used for the last time in late 2009, handed to the current tastes of the program to purchase bonds (covered bonds).

According to a Reuters poll conducted last week, 56 of 75 economists said to anticipate a continuation of interest rates, but 13 anticipate a decline of 25 basis points in September and even predict a reduction of 50 points.

For example, JP Morgan Chase is expected to drop 50 points in the cost of money.

The single currency has lost about 10% against the greenback since its peak of 1.4550 dollars in late August, but is above the low point of his nine-month dollar hit 1.3145 this week.

Carmignac Gestion WANTS THE RATES TO ZERO

After raising rates twice this year in April and July, the ECB changed its stance at its September meeting and opened the door to future cuts.

She said that the risks to inflation were no longer on the upside but were "broadly balanced".

Since then, inflation was announced at 3%, but the signs of a slowdown have been confirmed.The U.S. investment bank Goldman Sachs and others now provide even a "mild recession" for the eurozone in the fourth quarter.

Economist Oxford Economic Forecasting (OEF) Tom Rogers believes that the ECB will reduce its rate to less than 1% if the economy falls into recession.

In a full page advertisement in the Financial Times on Wednesday, the French manager Carmignac Gestion, with assets under management amounted to 55 billion euros, asked Jean-Claude Trichet to go further and to reduce rates to zero.

"Goodbye, we do not regret it!" We read in the box presented in the form of a letter to the President of the ECB."This is your last chance to leave on a positive note."

According to many economists, it would be the next President of the ECB, Italian, Mario Draghi, Jean-Claude Trichet decides to lower the house money before taking office.

They feel that if Mario Draghi had to take such action in its first monetary policy meeting in November, it might then be portrayed as a supporter of lower rates.

This would imply, however, that Jean-Claude Trichet left as the last measure of his eight-year term rate cuts in a context of high inflation: such a decision contrary to fundamental principles of the ECB, would be enough to ruffle the supporters of the 'budgetary orthodoxy.

Some as Carmignac criticized the ECB for not doing enough to fight against debt crisis in the euro area, but others, like the Bundesbank, the ECB's view that has already gone beyond its limits and it puts independence at risk.

The euro area may therefore have to await further signs of a slowdown, or a decline in inflation, to get a breath of fresh air in the form of lower rates.

Heads of Mission of the troika of creditors will return to Athens, Greece "in early next week" to complete talks for the release of the next tranche of loans to the country, said Tuesday the Department of Finance at the end a teleconference between representatives and the Minister.This conference gave rise "to a satisfactory progress" in negotiations, said a ministry statement, stating that the minister, Evangelos Venizelos, will also continue its discussions with donors in the country "this weekend in Washington at the annual meeting of the IMF. "

These negotiations are intended to avoid a default on Greece in need of loan from the euro area and the International Monetary Fund to cover its financing needs from the end of October. In Brussels, the European Commission made from advanced, indicating that negotiations were possible to find common ground and confirming the return of the troika. During the conference, following a first round Monday, "Good progress has been made," the Commission ruled in a statement.Technical discussions will continue over the next few days in Athens, she added, as also the statement of the Greek Ministry.

Of these negotiations depends on the payment in October – vital for Greece – the sixth round of eight billion euros of the loan in May 2010 in the euro area country and the IMF. A source of the Greek Ministry of Finance, negotiations Tuesday were to endorse the measures agreed between Greece and its creditors to achieve the planned budget savings and accelerate structural reforms that Athens has promised to perform in exchange for his rescue bankruptcy.

The European Commission has not confirmed this information and did not provide details in a statement. The department has for its part not mentioned in either agreement.A cabinet was nevertheless restricted announced Wednesday morning that the Greek media are waiting for a green light to launch the measures agreed with creditors, centered on the compression of the public sector.

The second European airline in terms of sales said in a statement it had carried 6.8 million passengers last month, with revenue per available seat kilometer (RASK) excluding currency "slightly down" from August 2010.

Traffic recorded an increase of 10.7% in the Americas network and 9.0% on the Asia network, for load factors in respective increases of 1.3 points to 89.6% and 1.4 points to 89.4%.

The Caribbean and Indian Ocean network recorded a traffic increase of 10.0% with capacity up 7.1%, while Africa and the Middle East are still affected by political crises and have a stable traffic ( -0.1%) on capacity down 0.5%.

In freight, cargo traffic is also almost stable (-0.2%) with capacity up 2.8%, bringing a decline of 1.9 points in load factor to 62.5% while unit revenue per tonne kilometer (RATK) excluding currency is "up slightly".

Action Air France-KLM on Tuesday completed a course of 5.993 euros, showing a dip of 56% since the beginning of the year.

One billion euros. This is the amount of additional tax revenue for 2011 that the government is seeking at the extraordinary parliamentary session that opens Tuesday. MPs must rule on the immediate implementation of five measures forming part of the austerity plan announced there ten days by François Fillon. Knowing that all of this will be discussed in the fall during the budget debate in 2012 with the goal to bring 12 billion euros. However, these emergency measures are far from unanimous, even among the majority.State of Play.

Stay for abatements on real estate gains?

One of the most important steps is one of the most contested. The government intends to eliminate deductions on real estate gains (excluding primary residence) for any sale agreement signed after August 25. Knowing that the current system reduces the taxable gain on resale of 10% per year from five years in prison. This opens the way for a full exemption after 15 years. The removal of this niche could yield 200 million in 2011 and 2.2 billion euros in 2012.

Problem, if not convicted on the bottom on the left, it is hotly contested within the ranks of the majority."The government is open to criticism and amendments, provided they do not involve the amount of effort or their balance," said François Fillon at the close of the summer university of the UMP party this weekend. Jean-Pierre Raffarin, however, already announced the abandonment of the measure, after a meeting with Nicolas Sarkozy.

A tax on Luxury Hotels?

This would be to find a way to offset the 90 million savings that would bring the increase. Gilles Carrez considering a tax on room rates at luxury hotels. "Politically, it's interesting," admits a source member. The measure would involve the wealthiest, while a tax on theme parks to be targeted to benefit the middle class. But industry lobbyists are already lashing out at the proposal, supported in this by the minister of tourism.This tax "would be a blow to the competitiveness of French tourism," he told Le Figaro said Frédéric Lefebvre fear that the net worth be tempted to go "to other capitals cheaper."

A measure that sickens mutual

The plan discussed Tuesday also plans to increase from 3.5% to 7% special tax on insurance agreements "caring and responsible." Or most of the contracts offered by mutuals. The measure could yield 100 million in 2011 and $ 1.1 billion in 2012. But it suffers, too, the fire of criticism, the opposition is doing this over from another. "The government did not want to touch the heart of its policy, but he has not forgotten detaxerles middle and working classes", then "it is already becoming increasingly difficult to treat" was criticized in Martine Aubry reaction."

This calls into question deeply the objectives of access to care and control advocated by the French Mutuality. (…) The taxes on health insurance organizations additional (…) were multiplied by twenty "protested the president of the French Mutuality, Etienne Caniard, in a letter to Nicolas Sarkozy.

Two taxes more consensual

This is the increase of 12.3% to 13.5% of payroll taxes on capital income (200 million gain in 2011, 1.3 billion in 2012) and harmonization of the report of deficits in taxes on companies with the rules in force in Germany (500 million and $ 1.1 billion.)

"When I hear some Socialist leaders promise blood, tears, discipline … there is not the rigor to promise, there is good management to implement," said Segolene Royal on Saturday night on the set of 20H TF1. The primary candidate for the PS was reacting to remarks by Manuel Valls, considering it necessary "a recovery effort as important as the one France experienced in the aftermath of World War II."

"I'm not in favor of tax increases," added the president of the Poitou-Charentes, questioned the tax reform bill of another candidate, the favorite in the polls, François Hollande.In the Nouvel Observateur of August 18, Mr. Holland proposes a "broad base for all charges", where the PS project envisages widening of tax base for some samples.

"I think the priority is the recovery of economic activity and ensure that everyone who wants to start their own business (…) can find ways to do so, and certainly not slowing further growth "said Ms. Royal. A unison of socialist leaders, she declined to support the "golden rule" government back to a balanced budget, as the Prime Minister asked the PS to do in the name of "national interest".

Ségolène Royal has held that this "golden rule" was not "effective" or "honest".In return, she suggested to François Fillon "to prevent speculation in the States" and asked again "to make public the names of banks and financial institutions that speculated against the United States and against the people."