"Surprising." "Moved". "Not yet" … The reactions of economists and analysts to interview with the Financial Times by Christine Lagarde is unanimous. The Minister of Economy French expressed doubts about the durability of a German model which penalizes it believes other European countries.

While Germany has deliberately chosen to stake everything on offer to boost its exports at the expense of domestic demand and of exports and other European countries, "it's still hard to criticize a countries, which introduced considerable reforms over the past ten years and whose discipline enables him to get away well, "said Marc Touati, economist at Global Equities.

France has no lesson to give Germany, and especially could receive, say analysts."It's fun for a country that lacks the courage to take the steps it must take to address a friend and partner, accusing him of being just too good student," quipped Marc Fiorentino, Euroland Finance.

"The remarks by Christine Lagarde is a form of displaced unmanageable," according to Marc Touati, that reservation, however, about the conditions of the interview and the return of his remarks.

Christine Lagarde Where does she come?

"I'm not sure that the German model based on the downward pressure on labor costs is sustainable over the long term," said Christine Lagarde, criticizing the trade surplus in Germany. She called Berlin to develop its domestic demand for the good of all Europe.

For Olivier Bizimina economist at Credit Agricole, these remarks are not really the place to be."There is a structural difference between Germany and France: the German household consumes less than the French household," says he. The Germans, when they have more money, save more and invest more. The French consume.

Moreover, the criticism of the Minister does not seem justified in the sense that "it's not as if there had been a competitive devaluation," he said payday loans no teletrack . Germany as France, have in effect the same currency: the euro.

A very contrasting Europe

Christine Lagarde continues to advocate solidarity and convergence between European countries, when Germany chose to focus on its competitiveness and displays its austerity facing European countries in difficulty.In other words, Marc Fiorentino, France asked the European harmony, but that will take place in Germany drawing down "to less jealous, rather than setting goals to the height its neighbor. A vision he considers "pitiful."

The meeting on Monday afternoon, the finance ministers of the euro area in Brussels on aid to Greece, following the joint conference between Gordon Brown and Nicolas Sarkozy in London promises to be stormy. The Franco-German tensions would be increasingly felt, according to some analysts, and contrast with the cordial political relations displayed by Nicolas Sarkozy and Angela Merkel with the media.

SOS eurozone

In a crisis, while Europe is expected to weld, "such criticism" has no meaning and could "put in pole position the idea of an ever more diverse," says Marc Touati .It is time the European harmony, reflection on a European "with clear rules for all countries with a federal …», continues bubget economist. Otherwise, "in 2020, the euro area has disappeared.

Marc Fiorentino, in an editorial on BFM radio this morning, has sanctioned the remarks of Minister of Economy of the verdict without appeal: "It is time that we have a cabinet reshuffle. It speaks of Christine Lagarde Foreign Affairs. This is good news, "he quipped.

ALSO READ:

"Christine Lagarde called Berlin to change its policy

"Greece: Europeans will release 20 billion

"Writing has answered your questions on the crisis in Greek

"Berlin may postpone tax cuts

Even accused in a recent book – Confessions of a mole in center employment, published by Calmann-Levy – are "a machine radierles unemployed, public service employment has responded Friday in releasing the first report Activity of the Ombudsman. "The radiation concern only a few referrals," says Benedict Genuini, the incumbent created in early 2009 which estimated that "only 5%" of cases before it. "This finding contradicts the prejudice of radiation arbitrary or deliberate systematic, says former chairman of Accenture France. And it confirms that the majority of individual are determined at the first level of claims or the merits of radiation is not challenged by their recipients. "

Half of the records which go back on compensation issues related to entitlement to unemployment insurance and calculating the amount."The fusion ANPE-Assedic seems to have redirected the claims that were previously more diluted in the network, or processed by the sites," said Benedict Genuini. A significant proportion (13%) are also aids in recruitment, particularly relating to geographic mobility for the resumption of work away.

Six proposals "modest"

In the last quarter of 2009, the Ombudsman received 4103 cases, with a monthly average of 1368 lifts. "Nearly 550,000 registration records are moved each month by employment center, said the mediator guaranteed unsecured personal loan . The tradeoffs associated with these movements generate about 40,000 claims monthly. "Yet less than 4% back to Benedict Genuini.A given place "in the column of good news," he said.

Referrals receivable (after initial review by agency and outside letters of moods and information requests) represent 40% of the total. "The majority of cases teaches that this is not the regulation is at issue, but the application is made," says Benedict Genuini. More than half are successful conclusion, total or partial, and only 30% are rejected. "These are cases where it is not possible fairly to respond positively," justifies the center Employment Mediator, who want to provide added "particular care" to explain the rejection.

In conclusion, Benedict Genuini made six proposals "modest" to Christian Charpy, the CEO of Pole employment. "Their adoption would be likely to facilitate the relationship between employment center and its users," he warns.The mediator's suggestions include better write the letters sent to the unemployed in order to avoid certain formulations computer "predefined and disrespectful." As example of being informed of a request for reimbursement of an overpayment of compensation on the basis of a … "no reason".

ALSO READ

"Employment center will collect more offers

The manufacturer Gemalto smart cards issued Thursday its results for the year in france 2009. The turnover declined by 1.5%, reaching 1.654 billion euros. The net lost 3.27% on a year to 148 million euros. For the first time in its history, the company will pay its first dividend, to 25 cents per share.

The group's operating income amounted to 171 million euros (1.18%), although it is cut by 11 million euros. Indeed Gemalto had to make provision for this sum to settle a malfunction on smart cards in Germany.

During Gemalto has accelerated its growth in external spending 74 million euros for six acquisitions, including a company specializing in mobile electronic signature cashadvance .

Outlook 2010

In 2010, the priority is "growth through the active promotion of our expanded portfolio of products and broader distribution of our range of software and services to our customers, to increase our operating income towards the goal we set ourselves an operating result of 300 million euros in 2013, "the group said in a statement.

ALSO READ:

"Gemalto offers champion of security on mobile

In a letter he sent to his employees, CEO of the U.S. bank Morgan Stanley, John Mack, said it will waive for the third consecutive year to its traditional premium end of the year. "At Morgan Stanley, we are aware of the context in which we operate and the economic difficulties faced by both countries. (…) I recommended to our remuneration committee last week not to grant me the premium end of the year. According to news channel CNBC, the management of Morgan Stanley's CEO wanted to receive this award.

John Mack will leave his post as CEO at the end of the year to become non-executive chairman of the board of directors. It's James Gorman to take over at the head of the U.S. bank.

Banks are currently in the sights of government and the American public, particularly incensed by the level of compensation of bankers, while the unemployment rate reached 10% in the country. In view of appeasement, many large institutions have decided to make efforts to pay. As such, the CEO of Citigroup, Vikram Pandit, will not touch a dollar of earnings this year and many executives of Goldman Sachs, another behemoth of American finance, agreed not to receive bonuses cash. Finally, Kenneth Lewis, boss of Bank of America at the outset, it has been pushed by the U.S. Treasury to waive any remuneration for his duties in 2009.

The concern of markets and European authorities in Greece grew by the hour. Following the surveillance of the negative note of the Greek sovereign debt by the rating agency Standard & Poor's, Fitch is contributing, on Tuesday to increase pressure. The agency lowered the rating it assigns to the country to bring it back to "BBB +" with a negative outlook. "This deterioration reflects our concerns about the medium-term public finances given the low credibility of fiscal institutions and the Greek political context," says the agency is said also very worried as the economic outlook ahead.

This ad has tended to lead to further tension on the bond markets. The loan to ten years of the Greek State has reached the level of 5.33%, the highest since mid-JuneIt operates at 200 basis points above the German debt to ten years. The Athens Stock Exchange has, meanwhile, fell sharply, dropping more than 6.07%. The situation will remain tense today. After the close of markets, Fitch has indeed released a new press release announcing that it degraded to a clan note of the four major financial banks in the country: National Bank of Greece (NBG), Alpha Bank (Alpha) EFG Eurobank Ergasias (Eurobank) and Piraeus Bank (Piraeus). It also lowered to 'BBB -' rating of the Agricultural Bank Of Greece, majority owned by the state. This bank is now in the category known as speculative. "The ability (Greek government) to help banks has been reduced" because of the deterioration of the country's finances, Fitch wrote."Greek banks could eventually be a problem to refinance with the European Central Bank," warns Laurence Boone at Barclays. "If the note of Greece continues to fall, the ECB will no longer accept in exchange for taking securities on deposit bank."

Rare occurrence, this new series has led the European Commissioner for Economic Affairs to publish a statement in the evening. "A difficult situation for a member of the eurozone is a worrying factor for the whole area and it is clear that Greece is facing very big challenges on the economic and fiscal," said Joaquin Almunia. "The Commission stands ready to assist the Greek government in implementing its program of reform and fiscal consolidation." Technical assistance and policy then, but not financial.Last February, when Greece already raised the concern, the German finance minister at the time, Peer Steinbrueck had said explicitly that it was impossible for Germany to leave a member of the eurozone s 'collapse. But since then the situation has changed. Peer Steinbrück has been replaced by a Liberal cabinet minister and the situation of Greek public finances deteriorated sharply. Hence the renewed concern among investors. Especially since the country's social situation, explosive, does not promote major reforms.

Even countries rated frighten markets

"Greece is sure to find a savior who will avoid bankruptcy

The tax evaders are more than a month to repent: December 31, cell regulation introduced in April by Bercy close its doors. Reportedly, this special structure has so far treated about 800 cases of taxpayers who, after a time concealed their assets abroad, wish to put in order.

In these penitents, the French Treasury provides the "market" after they pay tax but the interest charges and penalties are negotiable. In addition, they are guaranteed not to be criminally prosecuted.

Betting on a rush of wrongdoing in the final straight, Bercy envisaged a final review of 2 000 cases handled. Such a result may seem disappointing. The famous list brandished by the Budget Minister, Eric Woerth, French listing of keeping accounts in Switzerland, has, alone, 3 000 names.The sums collected by the cell should not be extraordinary. Especially since, to attract shoppers, Bercy was ready to make some additional discounts for last repented, lowering the rate of penalties. These could, according to some tax, limited to 15% tax in the best cases (an ancient heritage or income expatriate several years old).

Small estates

"These are mostly" small estates "under 10 million euros using the cell. People are just very fortunate, "says a lawyer also. The motivation of repentant? Often leave a more healthy children. Some also come back by reason investments hidden in Switzerland do not always offer the best returns and, ultimately, capital good position in France, even subject to tax, almost all can relate.

In any case, people interested in the cell are no longer hanging. "The Swiss banks are in no hurry to give the pieces necessary to assemble the file," says another lawyer.

"To lower the ceiling on tax loopholes

Times are tough, but some still manage to pull the chestnuts out of fire. Property Regions (FDR) has come to an agreement with Groupama and Predica to buy them a nice batch of offices worth 267 million euros. Constrained by debt (58.8% of its equity), the listed property company expects to fund its operations by issuing 3.9 million new shares. Groupama will rise to 5% of its capital. Predica, Crédit Agricole subsidiary, already owns 3.2%, rising to 7%.

On a stone three coups. While expansion of its heritage, FDR strengthens its capital without increasing debt. Having divested 633 million in assets since January and renegotiated its credit lines, the property enjoys a "timely", as President of its Executive, Christophe Kullmann. FDR put his hand on quality assets at a price considered attractive."At 6 500 euros per sqm with a yield of 7% is an operation which shows that the crisis was moving prices, said Christophe Kullmann. Bankers return, insurance companies have collected a lot of money and tradeoffs we are favorable bond yields are low and risk aversion has decreased. "

At year end, FDR will make a second capital increase for existing shareholders by offering to purchase 200 million new shares at a preferential price. Its debt would then fall back to more reasonable levels, around 56% of its equity.

The post-crisis?

Is this the beginning of the post-crisis? After nine months of sluggishness, investment tends actually to leave, knowing that we've been through. The major transactions in the fourth quarter will not save the year, the worst the industry since 1998.But they will help give an award to products that arise on sale in the coming months.

Observed around the pressure to lower rents have hit a low point in the beautiful neighborhoods of central Paris. Good resistance that appeals to insurers, such as German funds, often little indebted, or private investors who wish to also do good business.

Among the big "deals" finalized or could be, the sale by the HSBC bank's headquarters in Paris on the Champs-Elysees. A long-awaited transaction that the market estimated at 400 million euros. It could be done under a Qatari sovereign wealth fund, if the parties agree. In the suburbs of Paris, another building, new one, will soon be sold by U.S. fund Carlyle at Credit Agricole, which could make his future headquarters.Since January, Klépierre in turn sold 400 million euros in offices and shops. The listed property, owned 52% by BNP Paribas, is selling one billion of assets by the end of 2010, but refrain from seizing opportunities.

ALSO READ

"Housing loans: interest rates further down

"The real estate prices should fall further (avecJdf.com)