In 2008, he cherished the hope of becoming the first secretary of the PS. But he had finally lined up behind the candidacy of Bertrand Delanoe. In 2011, he thought he could be a candidate for the Socialist primary. Then he threw in the towel, choosing to support Dominique Strauss-Kahn, then rallying Francois Hollande not without obtaining the position of campaign manager. Pierre Moscovici, 54, has learned to give up. Here he is rewarded. He is back in force to the government and assigned the Ministry of Economy, Finance and Foreign Trade. Certainly it does not get the Quai d'Orsay which he dreamed, Laurent Fabius was his favorite. But he inherited a portfolio to match its ambitions. And thereby in passing some disappointed, Michel Sapin in mind. "Mosco" consensual socialist, social democrat, is now a heavyweight team Ayrault, number five in protocol order.

It is he who will be at the forefront of the debt crisis. There is no shortage of assets since knows the workings of Europe. He was, for five years, from 1997 to 2002, Minister Delegate for European Affairs in the Jospin government. At the time, the rise of the Express near the then prime minister, who had just been elected deputy of the Doubs for the first time, had been criticized. But, he will prove himself. Former MEP, a graduate of Sciences Po and ENA, he will prepare no quack the French presidency of the EU, negotiating the Treaty of Nice and the European Constitutional Treaty. During this period of cohabitation, he managed also to find his place against Jacques Chirac. In fact, the President of the Republic and the Socialist Minister for European Affairs are of course in these five years: Chirac taking the young minister with no experience under his wing, even to comfort him when he doubted. An agreement with Lionel Jospin was annoyed.

After the failure of the left in 2002, Moscovici was defeated in the parliamentary elections in the Doubs. A year earlier, he had already failed to municipal Montbéliard. Without parliamentary seat, without mayor, he tried his luck with the 2004 European and found his seat in Strasbourg. In 2007 he was again legislative candidate in the Doubs. This time he wins.

Pierre Moscovici, tried by the Revolutionary Communist League when he was young, joined the PS in 1984. He was close to Michel Rocard, Jospin and Dominique Strauss-Kahn, his former professor at the ENA. He is the son of a social psychologist Serge Moscovici, who was a member of the Romanian Communist Party and fled his country in 1947. Pierre Moscovici was the first to openly criticize the Socialist Francois Mitterrand and his relationship with Rene Bousquet. "What shocks me, he said, is that he can spawn with someone who has been a tool of the state anti-Semitism and an accomplice of the final solution of the Reich." … …..

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While Germany has recovered its investment before the crisis of 2008, the French business leaders remain on the defensive. According to a study by the credit insurer Euler Hermes from 1684 businesses for the periods May 2011-September 2011 and November 2011-January 2012, a third of companies have stopped their investment in the second half of 2011. Small companies doing less than 4 million, including retail trade, are particularly affected. The lack of visibility is the main reason. "A fog effect resulted in a sharp decline in investment decisions and the quality of investment deteriorates," said Ludovic Subran, chief economist at Euler Hermes.

All sectors have reacted the same way. "45% of service companies have decided to halt their investments regardless of their size. Conversely, the food industry – particularly large – were able to hold their own game: + 8% investment rate compared to the average of other sectors. This can be explained by the fact that they export more, "says Ludovic Subran.

Uncertainty on taxation

The gloom has also dictated the attitude of two thirds of enterprises which increased their capital spending last year compared to 2010. They did so because they had invested in the first half and could no longer freeze spending in the second half.

The trend remains the same for this year. Only a quarter of French companies expected to increase their investment spending. Wait-they do not invest in new markets or improve their research, but to renew their equipment or to retrofit. "Companies are very concerned," says Ludovic Sénécaut, France region responsible Euler Hermes. It is true that business prospects are not encouraging. Euler Hermes is forecasting growth of 0.4% this year. Uncertainties about the evolution of taxation in the aftermath of the presidential election are high. "Our growth will suffer austerity plans of other countries as well as historic highs in terms of savings and unemployment impacting the consumer," says Ludovic Sénécaut. The credit insurer expects a 4% increase in business failures expected to affect 63,500 businesses.

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Against finance, but not against the big bosses. The Socialist candidate for president, Francois Hollande, has reassured business leaders of the CAC 40, in an interview in Paris Matchpubliée Thursday. He was lampooned in mid-February, their salary increases "of 36% on average in 2010."

As we approach the elections, it has softened its tone. "We will need all the forces for the country's recovery. Therefore, in the aftermath of the presidential election, I will convene the CAC 40 companies, although many of their leaders will not vote for me, he says. I tell them: "You are the spearhead of the French economy. We need you and you need the state. We face together the challenge of recovery of France "."

The Socialist candidate was told by the president of MEDEF, Laurence Parisot, France 2 on Thursday, that the vocation of the employers' association was "to work with any government whatever." Tenors Socialist Party had in fact accused of campaigning for the incumbent president Nicolas Sarkozy free business cards.

Francois Hollande tried several times to reassure the campaign finance and management. Visiting London, and then he gave himself to enemy "the world of finance," he said at the City he was not "aggressive" and that n ' there was "nothing to fear" if elected.

Still, the Socialist candidate wants to increase the effective tax rate of 35% in large groups and, among other things, against the practice of stock options. "France seems to bring out the multinationals," said Denis Kessler, CEO of Scor, quoted by The Economist. For the second consecutive week, the weekly British Liberal lampooned the socialist project to tax at 75% marginal bracket the higher incomes of over one million euros.

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The success of the magazine inspires XXI Francois and Jean-Dominique Siegel. The two brothers, son of the founder of VSD, Maurice Siegel, April 5 launch a new "magbook" magazine mid-mid-book, Tomorrow We. Their ambition is to make a "marker of social change."

In line with Current, relaunched in 1970 by the post-68 generation, or the U.S. magazine Wired, established in 1993 to decipher the impact of technology in society, they hope to re-register in the frame of the time. "This magazine is a showcase to build something new, Siegel says Francois. If the stock settles, we will develop a website, a platform for trade and a think-tank. "We Demainmise on this societal positioning to differentiate itself from other" magbooks "turned to the big story (XXI), Foresight (& Usbek Rica) or polar (Alibis).

Like the latter, We Demainsera distributed in large networks of library. On an initial run of 30,000 copies, most books will be reserved for rays of Fnac, Virgin, Relay and large newsagents, and those of Carrefour hypermarkets, Auchan and Leclerc no fax payday advance. The title is based on the publisher Le Cherche Midi and its distribution network Interforum (Editis). Tomorrow we will start at 12 euros, and will cost 15 euros, the same price level as other "magbooks".

Create a "label"

The project was fully funded by the GS Group, owned by Francois and Jean-Dominique Sylvain Attal and Siegel, who oversees GS Press, governed and publisher of the monthly Info-Driver and two television quinzomadaires for Auchan and Leader Price. Jean-Dominique Siegel Demainun We hope to do the "label" that will generate a new economic model. Without advertising startup, the title is meant to seduce "brands involved," for traditional advertising or through partnerships, but also to attract investors.

EU leaders breathed a sigh of relief Friday after the success of the voluntary exchange of Greek debt, 85.8% subscribed by private creditors. Within the euro area, this is Nicolas Sarkozy, who hosted the agreement with more enthusiasm. "I am pleased that we have found a solution to the Greek crisis plaguing the financial economic situation of Europe and the world for months," welcomed the French president, traveling to Nice election. "With Angela Merkel we worked day and night to find a solution," he recalled. "Today, the problem is solved, and the page of the financial crisis is beginning to turn" it was welcomed.

In Berlin, the reaction was more cautious. According to the spokesman of the government of Chancellor Angela Merkel is "encouraged" by the agreement. "It would be a big mistake to give the impression that the crisis is resolved," warned the German Minister Wolfgang Schauble Finances.Pour "an important step was taken, but we are not out of the woods."

The agreement sealed between Athens and its private creditors will erase 107 billion euros of debt, a total of 350 billion. This is a historic debt reduction. It must allow the Greek debt, which now reaches 160% of GDP, reaching 120.5% in 2020, a ratio similar to that of Italy.

"This agreement allows more to protect Europe from Greece to help that Greece itself" summarizes Jacob Kirkegaard, a researcher at Washington. Photo credits: Kostas Tsironis / Bloomberg

In China, the Hang Seng in Hong Kong ahead of 2.27% to 19,571.36 points and the Shanghai composite index of 1.82% to 2526.15 points.Securities Want Want China Holdings Ltd (7.85% to 7.56 Hong Kong dollars) and Tingyi (Cayman Islands) Holging Corp (1 paydayloan.91% to 21.30 Hong Kong dollars) will be integrated into the index Hang Seng early December.

The markets also monitor developments in euro area at the front of the sovereign debt crisis. In Italy, former European Commissioner Mario Monti has been appointed new Prime Minister last night and must form a new government who will redressser the country's finances.

Tokyo ready to increase its aid to Europe

Japan has also said this weekend be prepared to increase its financial aid to Europe when the European countries have expressed their willingness to fight against their debt problem with a united front.

The debt crisis in the euro zone continues to focus the attention of international markets, including Italy, whose financial situation was at the heart of the G20 discussions. Last night, the two main political parties in Greece have announced an agreement to form a national unity government which will not attend the current Prime Minister George Papandreou. An agreement aimed at ending the political crisis that shook the country on a background of project, aborted referendum on the European Support concluded October 27.The hotel is also in advanced negotiations for the buy out its Indian partner Geojit Financial Services in a joint venture institutional brokerage, according to two sources familiar with the matter cited by Reuters.

According to La Tribune, Crédit Agricole is expected to announce during November job cuts, mainly in its branch banking and investment (CA CIB).

France Telecom: according to banking sources, the proposed sale of Orange Switzerland, a subsidiary of telecom, receives funding of around one billion euros arranged by the seller. The sale could be completed before the end of the year.

This is the revision of judgments that led the twin peaks of yesterday to look at both a greater debt forgiveness by the banks (see below) and a substantial extension of the second plan Support Service promised this summer.Signal of the malaise, the ECB has refused to endorse some of the assumptions of the report and the IMF dragging its feet to validate the final tranche of aid Papandreou government.

Three years late

109 billion euros announced July 21, the financing requirement of Athens may rise to 252 or even 440 billion in the darkest scenario of the troika. Greece, which was initially successful in refinance markets from 2021, could see the deadline extended until 2027. In the meantime, the countries of the euro should cover the dead as they have formally committed and maintain a drip Greece, backed up by the IMF payday loans with no fax.

Implicitly, the troika questions the validity of the treatment and the backlash seems he underestimated.Since the summer, "the situation in Greece has worsened," she notes prior to drive the point home: the plan adopted at the summit in July "reduced the pace of debt (the country) but the effect is more than offset the macroeconomic and political. " Clearly, the state of the patient's health deteriorates and Europe continues to hope for a better.

As a complicated medical treatment, management of side effects is crucial. Contrary to expectations, "Greece, part of a very low fail to juggle internal devaluation (through lower wages, Ed), tackling its budget deficit and the completion of its program privatization ", experts say the troika.

Privatization, expected to bring the Treasury Greek part of the resources it lacks, offer a good illustration of the inability to juggle all aspects of shock therapy.According to Troika, the recession and the collapse of financial markets have already reduced 66-46000000000 Product maximum expected disposals of businesses by the Greek State. Athens logically reluctant to sell off its assets at the worst of conditions. European experts in the wake recognize that the program has already taken three years late.