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Spain has asked banks Thursday to raise a further € 50 billion to protect themselves from the consequences of the housing crisis.

In a statement on the financial sector reform, the Ministry of Economy said that banks will increase to 80%, their provisions for problem assets.

Madrid said that no public money would be used for banking reform and institutions had until the end of the year to increase their level of provisions. 

The aim of this reform is to trigger a new wave of consolidation in the sector to develop, four years after the bursting of the housing bubble, banks stronger and restore confidence vis-à-vis Spain, which could still be a victim of the debt crisis in the euro area if ever it were to worsen.

Took office in December, the new right-wing government led by Mariano Rajoy is committed to restructuring the banking sector in the country once and for all. 

The previous government, Socialist Jose Luis Rodriguez Zapatero, had forced some 45 regional savings banks, the "cajas" – for the most highly exposed to noxious claims after the collapse of the housing market in 2007 – to merge with each other and to raise capital, brandishing the threat of nationalization for those who do not would comply with its guidelines.

With the austerity measures taken by the two successive governments to Spain to avoid being carried away by the debt crisis, an unemployment rate that reached 23% the labor force and a likely recession into the fourth largest economy in the euro area – the second in four years – bank loans do not increase. 

But their potential losses are so high – $ 176 billion according to the Bank of Spain 18% of GDP – that markets are not likely to repeat immediately trust sector.

The bank most threatened by the banking reform is Bankia, the result of the merger of seven "cajas" became the fourth bank, which is particularly exposed to the real estate sector.

The property, which has already received 4.5 billion euros of state aid, a portfolio of 41 billion euros in loans to developers and 11 billion of real estate with were seized.

A faxless payday loan can be a great source of comfort in that it can give you breathing space not just for the current emergency but after as well. Still, you should really consider only getting the amount that you absolutely need to get you out of your current predicament.

UBS continues to share roles at the top after the final appointment of Sergio Ermotti to the post of CEO in mid-November.

Maureen Miskovic, the risk manager questioned after the scandal caused by the loss of 1.85 billion francs resulting from unauthorized transactions of one of its traders in London, left the group she joined in January.

It will be replaced as director of risk by Philip Lofts, currently director of UBS Group Americas.He had previously held that position at UBS between 2008 and 2010.

Robert McCann, who joined the group in 2009, will serve as the head of UBS Group Americas in addition to his duties as head of wealth management Americas.

Ulrich Körner takes the former position of Sergio Ermotti at the head of the Europe, Middle East and Africa (EMEA) and keeps his position as Chief Operating Officer (COO) and Director of the Corporate Center.

The director of investment bank Carsten Kengeter is kept at his post, although it has been heavily criticized after the scandal losses brokerage in London.

The rating agency Moody's Investors Service Friday downgraded the rating by two notches of Cyprus on the grounds that the government will undoubtedly support the banking sector next year because of its exposure to Greek debt.

The U.S. agency has reduced the sovereign rating of Baa1 to Baa3 from Cyprus, is just a notch above speculative grade.

This new note has been placed under review for possible downgrade again.

The need for public support to the banking sector comes as Nicosia lost access to international financial markets, which would force the country to seek emergency funding measures, says Moody's.

"This state support will have a significant negative impact on the debt of the state," the rating agency said in a statement.

American billionaire paid $ 7 million in tax last year, a total of 63 million of revenue. Either a tax rate of 17%. The third richest man in the world supports the will of Barack Obama to pay higher taxes for wealthy Americans. American billionaire Warren Buffett has published October 11 in a letter the details of his income and taxes.

American billionaire Warren Buffett has released details of its income and its tax-bill, encouraging other rich Americans whose boss of News Corp., Rupert Murdoch, to follow his example.In a letter to a congressman, Warren Buffett, the third richest man in the world, said it had won a total of $ 62.8 million last year, reduced to a taxable amount of 39.8 million dollars after tax deductions.

Warren Buffett, who supports the attempt by U.S. President Barack Obama to pay higher taxes for wealthy Americans, said it had paid a total of 6.9 million of taxes, a rate of 17.3%. This rate is much lower pay than many Americans, including his own secretary, said Mr. Buffett to Republican Tim Huelskamp in his letter dated Tuesday. Warren Buffett said to Mr.Huelskamp, ​​who criticized his position on taxes, that most of the senators and deputies, pay more than 30% of their income in taxes, "as all employees of the office except me."

Open war with Rupert Murdoch

Warren Buffett, who has accumulated a fortune of over $ 50 billion through its investments through his company Berkshire Hathaway, responding to a call from Mr. Huelskamp asked him to prove the truth of his statements on the few tax to which it is subject. "What would be helpful to see more of the ultra-rich publishing their taxes," Mr. Buffett wrote. "If you could get other rich Americans to publish their taxes at the same time as me, it would be very useful to get an intelligent dialogue on reform of taxes," said the billionaire.

"It is clear that many ultra-rich pay even lower percentages than me and get the federal government the amount of taxes could be useful to legislators to establish a fair tax code", he still writes. In particular, the billionaire city "Rupert Murdoch, one of my colleagues ultra-rich" owner of the Wall Street Journal that criticized last week Warren Buffett calls for higher taxes for the rich and had demanded the release its tax-bill.

Mr. Huelskamp has responded on his website regretting that Mr. Buffett has not yet released its official tax form. "If Mr. Buffet wants to actually pay its fair share + + tax the government can easily send voluntary contributions to President Obama and the federal government. This, apparently, he did not," concluded Mr. Huelskamp.

Pensioners' organizations in 110 cities protesting against the decline in purchasing power and delayed the reform of addiction. A retirement home in Paris in July 2006.

Organizations require retirees to protest Thursday in 110 cities against the plan anti-government deficits, the loss of purchasing power and delayed the reform of addiction. Paris will be the highlight of this day inter-engagement, with a planned demonstration at 14h between the Place de la Bastille and of the nation, the call of the UNSA-retired from UCR-CFDT, the Unar-CFTC, the UCR-CGT and the FGR-FP.

These pensioners' organizations have condemned the government decision to postpone indefinitely the reform of financing of the loss of independence and recalled "the need to create a universal benefit to compensate for the loss of autonomy regardless of age, care for national solidarity, as part of Social Security. "

Campaign promise of Nicolas Sarkozy in 2007, this reform was to improve the quality of care for older people and reduce the cost for individuals, has been postponed several times, the last time in late August. But is conspicuously absent from the bill funding the Social Security (PLFSS) for 2012, presented Wednesday by the Cabinet, even if it is intended as annual increases in funding for the elderly.

Regarding the purchasing power, "which continues to deteriorate," the five unions fear a further decline due to plan anti-government deficits announced in late August. At the same time, they demand a significant increase in pensions, especially for low pensions, minimum pension at the minimum wage and a new method of indexing.

The UCR-FO, which was signed in July calling for the single day of action, has finally shown solo on September 20 with all the militants OST to the trial of "austerity".

European shares ended down Friday but above their low of the day, markets, waiting for more specific ads from Ben Bernanke in Jackson Hole, was somewhat disappointed.

The CAC 40 index closed down 1.01% at 3087.64 points, but above the lowest of the day (3014.37 points) hit immediately after the Fed chairman has assured he would use all the tools necessary to support the economy.

For the week, the benchmark index of the Paris advance 0.38% after falling nearly 18% during the first three weeks of August.

London finished little changed (-0.02%), Frankfurt lost 0.84% ​​and 0.97% Milan.Of the European indices, the EuroStoxx 50 yielded 1.18% and 0.65% Eurofirst 300.

Ben Bernanke was "stuck in terms of what he could say. The markets had intensified the pressure for him to say more but he must first win the support of the FOMC (monetary policy committee, ed)," says Julian Callow, economist at Barclays Capital in London.

"The fact that there will be a two-day meeting of the FOMC is interesting and reflects the Fed's will to end disagreements. The decision to stimulate the economy depends on the statistics," he adds.

"Any decision by the Fed has been postponed to September.Long-term fundamentals of the U.S. economy are not affected by the crisis dixit Bernanke, "said Philippe Waechter, director of economic research at Natixis Asset Management.

Waiting for the FOMC 21 AND September 22

"The current imbalance requires a course correction. The unemployment rate is too high and inflation (underlying) low. If there is no significant rebound and inflection of the profile of the activity before the meeting of September 21 and 22 of the Fed action will be announced then, "said he.

As for values, financials weighed on the markets. In Paris, BNP Paribas (-2.33%) and Axa (-3.44%) were the main contributors to the decline in the CAC 40.Natixis, the largest decline CAC lost 4.51% and 2.82% Societe Generale.

Technip as the cyclical (1.76%), Michelin (1.31%) and Alcatel-Lucent (1.02%), have resisted.

The euro rose and traded around the 1.4460 dollar.

The performance of the German Bund to 10 years, the benchmark euro zone was stable at 2.17%, the 10-year T-Bond American relaxed by 3 basis points to 2.21%.

The cost of school students in 2011 will increase by over 4%, twice as much as inflation, according to unions. The government minimizes the increase. Students in general meeting at the University of Strasbourg (February 2009)

The cost of school students in 2011 will increase by over 4%, calculated their organizations. While inflation was 2.1%, the "cost of student life" increases of 4.1% compared to last year, according to UNEF, the first student union, and the "cost of school "4.2% according to Fage, the second organization, which is more than in 2009 and 2010. The return cost and 2657.3 euros a student and Ile 2265.8 euros in the province, said the Fage.

For both organizations, the increase was mainly due to housing and mandatory spending levels announced this summer by the government (fees, meals academic, social security). The UNEF insists that small units of large Cities are those whose rents are rising the most. "The figures of the Observatory of Student Life (OVE) give us an average of 646.6 euros for rent student Ile-de-France, an increase of 7.7%", details the Fage. As for increases validated by the government this summer, they represent an increase of 4.4% of the cost of living, according to UNEF.

As a result, the organization requests that the government does not sacrifice the purchasing power of students on the altar of debt reduction and the maintenance of "AAA" rating of the debt of France, while the budget announcements are expected Wednesday ."These decisions" will be viewed with extreme caution and extreme firmness by UNEF. It is not for students to pay the triple A of France, "he told a press conference the chairman, Emmanuel Zemmour, claiming that the tenth month of stock is properly funded.

The government will present its own assessment of the cost of the return within 10 days

But the executive defended himself: "The rising cost of this return is probably one of the lowest in the last five years," he told AFP the Minister of Higher Education Laurent Wauquiez. He cites as evidence an overall increase in rents at the national level "of 1.2% this year against 1.5% last year" and higher ticket university meal 1.7%, after 3.4% in 2010. Mr Wauquiez said that increases in the ticket "UK" or in license fees (1.7%) are "below inflation" (1.9%)."I do not take lightly the issue of cost of student life, but we need everyone to take the measure of the efforts," he added.

"France is the European country in which to study is the cheapest" and the government chose "not to increase, with the crisis, student fees, unlike Britain, Spain or Italy, "insisted the minister. "Student organizations are perfectly legitimate and in their role out of ciphers, but these are not scientific and statistical evaluation", he further argued, promising formal evaluations by "ten days".

However, the UNEF judge's record five-year "bad" in terms of purchasing power of students: on average since 2006, mandatory spending for students increased 33.2%, but the welfare of 13%.In higher education, the proportion of students from lower income households fell in the same period by 9.1%, "a historical perspective" according to Emmanuel Zemmour, because "the financial barriers to acccès are becoming larger ".

0%. This is the tricolor évolutrion GDP in the second quarter. Zero growth falls ill, as markets doubt the solidity of the French economy, and announced a rise in the fiscal austerity. Baroin was appointed Minister of Finance and Econo Wednesday, June 29, 2011. He was replaced by Valerie Pécresse Budget.

The growth of the French economy was zero (0%) in the second quarter. A new falling ill, while France is battered stock market, the markets doubted the strength of its economy. Wednesday, rumors of a degradation of the note tricolor has plunged the CAC 40, and in the wake of all European stock exchanges.

What explains the halt in growth?

This poor performance was expected, even if the correction is stronger than expected – the Bank of France expected a GDP growth of 0.2%.This is the logical aftermath of the strong rebound in growth earlier this year – 0.9% in first quarter – mainly due to the rebound restocking businesses and lagged effects of scrapping – the orders for cars registered in late 2010, before the extinction of the device, but only delivered in early 2011. But since April, the accumulated bad indicators: unemployment is again on the rise, consumer spending fell, industrial activity shows a sharp decline … Result, a growth that is "flat", as the euphemism used by INSEE, which is "disappointing", recognizes the Minister of Economy Baroin.

What engine stalled?

All, that is why it is disturbing. Household consumption, the main driver of the French economy (representing 56% of GDP) fell by 0.7% – the worst figure since 1993 and the end of "Balladurettes".The end of the scrapping is not the only cause: the French have reduced their spending in all positions of manufactured goods. The acceleration of inflation (0.5% in the second quarter) has indeed affected the power of households, reversing the meager salary increases (+0.6%). Companies for their part, interrupted the replenishment of their stocks, and investment slowed (+0.7% after +1.9% in the first quarter). Only the foreign trade made a positive contribution to growth in the second quarter (0.3 percent of GDP), but only thanks to decline in imports (-0.9%, while exports remained stable).

The outlook for the end of the year?

They are not optimistic, given the sharp deterioration in the economic climate in recent weeks. Surveys of business (Markit PMI) and the business climate by INSEE for the month of July are in fact rather alarming.And this slowdown affects all developed economies, so much so that economists can evoke fear a "double dip" (double-dip recession) on both sides of the Atlantic. Yet French firms are ill equipped to tackle this global economic downturn: their margins are low, production capacities are still underutilized, meaning that they will continue to restore their capacity for self-financing, particularly since more than the stock market meltdown currently affecting the French banks could lead to a restriction of the conditions for granting credit. In short: the companies will focus on increasing productivity in the creation of employment, and will restrict their investments.Consequence: the salary of the French will not increase, unemployment will not fall back sharply, so consumption will remain depressed.

The government forecasts it is achievable?

In this context, the objective of 2% growth in government for this year seems less and less achievable, unlike insured Baroin. Indeed, the carry-over at the end of this bad second quarter now stands at 1.4%. To 2%, that GDP should grow by at least 0.6% over the next two quarters. Analysts have therefore revised their outlook downward: BNP Paris expects an economic growth tricolor in 2011 1.7% 1.6% Natixis. The objective of 2.25% included in the draft budget law is even more multi unrealistic. Bercy should also be revised downward in the 2012 draft budget.

This will it affect the deficit?

Growth lower than expected means less tax revenue, so a larger effort to predict savings for deficit reduction. Out sharp deterioration in the economy – relapse into recession – the credibility of the target for this year – a deficit to 5.7% of GDP from 7% in 2010 – remains intact. However, to achieve the objective of a deficit to 4.6% of GDP in 2012 and 3% in 2013, France will have to tighten their belts. The budget minister Valérie Pécresse has already announced that the government was ready to remove more tax loopholes that what was previously expected. The government is also considering taxing very high incomes, and increase taxation on life insurance. Nicolas Sarkozy will make its arbitration on August 24.

Standard and Poor's cites as examples the pension reform of 2010 and the end of the recovery plan. Which justifies the agency for the stable outlook on the "AAA" lights. The rating agency Standard & Poor's has lowered a notch Friday, August 5 sovereign rating of the United States, from "AAA" to "AA +".

The rating agency Standard and Poor's considers that France has a "well-designed fiscal policy" that justifies its "AAA" rating with positive outlook "stable", said Monday one of its leaders.France is often cited among the countries most at risk of losing their "AAA", the highest rating possible for an issuer of debt, like the United States Friday.

The President of the rating committee of the States of S & P's John Chambers said during a conference call that the pension reform in 2010 was "a very smart" and the withdrawal of fiscal stimulus "an example of fiscal policies well designed. " "While this is not seen" in the budget immediately, longer than two years of working time has "significantly improved" the long-term debt, said Mr Chambers.

S & P was again justified in this conference call his decision to leave the United States the circle of the most reliable borrowers, explaining that the country was not a decision-making process as efficient as others in its attempt to reduce its deficit budget. "The euro area has its problems too," Mr. Chambers noted, however. France is often cited among the countries most at risk of losing their "AAA", the highest rating possible for an issuer of debt, like the United States Friday.

The French debt will be increased by about 15 billion euros by 2014 due to the implementation of the plan of aid to Greece reached Thursday night, said Friday Prime Minister Francois Fillon.

This increase in debt could undermine the government's objective to begin to reduce the debt ratios of France from 2013.

"This will have an indirect effect is an increase by 2014 our debt levels, given the inclusion of guarantees, up to about 15 billion euros," said François Fillon to Following a meeting with parliamentarians of the majority.

The government expects public debt will continue to grow this year and next year (85.4% and 86.9% end 2011 end 2012) and begin to decline in 2013 to reach 86.4% at end 2013 and 84.8 % end of 2014.

François Fillon announced that the new support plan for Greece would require a new supplementary budget to be presented to Parliament in September.

The leaders of the euro area reached an agreement Thursday involving the private sector and reforming drastically the stability fund to make an embryonic "European Monetary Fund."

Welcomed by the markets, the new Greek plan, a total of 109 billion euros, will be echoed by participating banks and European insurers, the amount could go up to 50 billion euros.

NO BANKRUPTCY OF STATE

"This agreement marks an absolutely decisive in the history of the euro area," said François Fillon."There will be no state of bankruptcy in the euro area, because the solidarity of the euro area will be complete.."

The "golden rule" would entrench the need to reduce deficits in the French Constitution is now more than ever, still says the head of government.

"It is indeed now a joint effort of the countries in the euro area to adopt this budget framework must be credible leads," he said.

France has pledged to reduce its public deficit below 3% of GDP in 2013 but believes it must include the balance of state finances in a basic document.

If this "golden rule" was passed by the majority, it must, to be enshrined in the Constitution, getting three-fifths of the vote in a Congress, which requires adherence to some of the parliamentary left.

The Socialist Party refuses for the moment and Nicolas Sarkozy has not officially taken the decision to convene the Congress but the majority, Francois Fillon at the head, pushed him to move forward.

For the Prime Minister, France played a "central role" in the conclusion of the agreement, including by reaching before the summit in Brussels an agreement with Germany.

"The Franco-German duo has once again played a key role in finding the right solutions to the crisis.I guess you could say that the Franco-German couple is the key to stability in the euro area, "he said.