From our correspondent in Brussels

Between doves and hawks her, Euroland barely keep a cool head on Greece. In a sentence, the European Commissioner Karel De Gucht has upset all the Friday speech intended to persuade Greek voters to make sacrifices if he wants to keep the euro.

"The ECB and the European Commission (…) study of emergency scenarios if Greece does not recover," dropped Karel De Gucht Belgian daily De Standaard. It was enough that a news agency transforms the event into "emergency plan" to exit the euro as markets become inflamed Friday.

Brussels later denied, against all probability, the very existence of the crisis scenario, whereas it is the role of staffs to anticipate. The ECB itself does not exclude it. Known for his outspokenness, Commissioner De Gucht is not the first to trip in the contradiction of speech.

The weekend is its chief Jose Manuel Barroso, who set fire to the powder by saying that "better" than Greece leaves the euro if it refuses to play the game President Committee had to make amends, just before reaching Washington, ensuring that Athens "is part of the family." Monday, it was the turn of Maria Fekter, Austrian Minister of Finance, a slap on the wrist because she wanted to leave Greece to the euro and the EU, even then readmit him.

To impress the Greeks, the European discourse can not ignore the scenario of rupture. The problem is that whenever the "bogeymen" open their mouths, they also wake up the specter of a breakup of the euro markets.

Profitable strategy

In Greece, the radical left Syriza, credited with 20% of votes in the polls, seen in the parliamentary elections of 17 June a referendum for or against the austerity, the euro should remain in the table. Europe, tired of paying to no avail, distills a message more complicated: June 17 it will be a referendum for or against the common currency, knowing that the rejection of the euro would lead to bankruptcy even more expensive for the Greeks.

The approach – now responsible Greek, European solidarity later – was agreed in Athens with the two traditional parties, the conservative New Democracy and PASOK socialist, says one in Brussels.

Without interfering officially, Europe wants to make clear to the Greeks that they can not pull the cake and eat it too. In return, Europeans are showing their commitment and offer a promise of better times. These days, were so bent on the exercise for Jean-Claude Juncker of Eurogroup, Mario Draghi for the ECB and Francois Hollande and Angela Merkel in Berlin: "Greece must remain in the euro."

Despite these boondoggles, the strategy can pay off. The conservative New Democracy (ND) replicate the advantage over their rivals Syriza recent days, according to surveys, in Athens opening the prospect of a majority in favor of austerity. Karel De Gucht said himself: the endgame has begun and the question "is whether everyone can keep his cool" to the end.

Trichet's plan to save the euro

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To avoid the breakup of the euro, the former ECB President Jean-Claude Trichet claims to have a plan: put the financially troubled countries under the tutelage of Brussels, if it is unable to implement policies budget approved by the EU. It would operate a federal mechanism "outstanding", when fiscal policy of a Member State slips to threaten monetary union.

"Federalism exception seems not only necessary to ensure a strong economic and monetary union, but it could also adapt to the true nature of Europe in the long run," said the former president of the ECB to Peterson Institute in Washington. The idea is not new. It was proposed by German finance minister, Wolfgang Schäuble, who wanted to entrust the finances of Greece to a "supercommissaire". Interference rejected by Athens as deemed "undemocratic".

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Angela Merkel likes the cons-feet. After the victory of Francois Hollande in the presidential election on 6 May, the German Chancellor had said it would host "open arms" the president-elect. Thursday, it proved inflexible in the Bundestag, rejecting any policy of increasing public spending, policy advocated by the Socialists.

And this Saturday, one that supported Nicolas Sarkozy during the presidential campaign, tried to calm things down, three days before his meeting with Francois Hollande, in Berlin. When asked, by withholding his weekly video podcast, a "possible steady partnership with the new French president," Merkel said, "Yes, that's what I think, because we know since the founding of the Republic Germany a good Franco-German relationship is just very important for both countries. "

Angela Merkel isolated within the EU

By his attitude changes, the Chancellor irritate Francois Hollande. Before his colleagues, the president-elect would not hesitate to declare that "this is not a good method" to be so inflexible. In Berlin, the president apparently intends to say to Angela Merkel, "politely but firmly," according to a close this week quoted by Agence France-Presse savings account payday advance.

For now, the latest forecasts from the European Commission for the French economy, published Friday, give reason to Angela Merkel and fall ill for Francois Hollande. According to Brussels, France's public deficit should reach 4.2% against 3% anticipated by the new president. Growth of gross domestic product to 1.3% in 2013, far from 1.7% target by Francois Hollande. For its part, the German economy should continue its momentum. The five major economic research institutes across the Rhine anticipate a 2% increase in 2013 GDP growth of Germany.

But sixteen months of laws, the government of Angela Merkel is in trouble. Having already lost power in Schleswig-Holstein, the Chancellor will test again on Sunday in one of North Rhine-Westphalia, the most populous regional state of Germany and bastion of the left. Especially, that which formed a duo with austerity in favor of Nicolas Sarkozy, now seems isolated within the EU since the latter has lost the presidential election. And while many European capitals have welcomed the growth pact advocated by Holland.

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Finally, the new stadium in Lille will be delivered on time. "We'll play mid-August our first game of the season at home," says Michel Seydoux, chairman of the LOSC which evolves in Ligue 1. But behind the scenes, the standoff is not over. Reportedly, Eiffage who built this house demands a hundred million to his client, the urban community of Lille. Concerned, administrative delays that forced the construction group to leverage teams to meet deadlines.

With the organization of Euro 2016, France has decided to rejuvenate its fleet of stages. Four out of the ground and go four or five others will be renovated. Operations treacherous. Especially for construction groups that often lead these operations as a PPP (public private partnership-). Clearly, they build these speakers with their own funds and bank loans and are remunerated by the operator of more than thirty years. Vinci will manage this formula with the new stadiums in Nice and Bordeaux, Lille and Eiffage that of Bouygues Stade Velodrome, Marseille being renovated.

The obstacle course begins with countless appeals to justice. They can block the project because if they are serious, banks may freeze their loan. A random number taken seriously in view of the foregoing. At Valenciennes, the new stadium was delivered in July 2011 with a year late. The work was interrupted several months due to legal proceedings.

In Bordeaux, the partnership agreement itself, which is contested before the Administrative Court. "The process is ongoing but does not prevent us from pursuing studies prior to construction should begin in a few months," said Fadi Selwan, development director of Vinci Concessions. The Group therefore maintains delivery in 2015.

Disappointment at Le Mans for Vinci

In Nice, there is an appeal against the building permit. But banks have tried without real danger. They finance the construction site so that advances at a good pace. And the stadium should be finished, as agreed in the summer of 2013. Same optimism to meet deadlines in Marseille while the renovation takes place in the Velodrome stadium where an OM continues to play its games. "The major work is completed and a forum of four is remade," Bruno slips Botella, Bouygues support to manage this grant. Result, the Velodrome, in its new configuration, scheduled to open in June 2014.  

Once completed, the hard part begins for construction groups responsible for operating these speakers. For this brand new business may be of surprise, as was discovered by Vinci, dealer of Le Mans stadium, inaugurated in January 2011. This enclosure was configured to seat 25,000 for a club in Ligue 1, or the home team is behind the bottom of the standings in League 2. "We have significantly reduced the rent charged for the Le Mans FC matches and the club did not make the 6 million to the concessionaire as planned," says one at Vinci.

The risks are smaller for stadiums built in large cities. But several questions remain. For example, to maximize their operations, construction groups expect all of revenue related to the organization of concerts and shows in addition to games of the resident club. The stage is betting on Lille from 20 to 25 such events. The Velodrome in six. Remains to be demonstrated that there is enough events could fill a stadium area.

Finally, all expect finding a group willing to pay five million a year minimum to give his name to the stadium. But for now, nobody has found a generous patron.

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Le Figaro – Why this book?

Christophe Chaptal de Chanteloup – The elements of language management has always struck me and amused. However, this language becomes troublesome in times of stress: flowery and poetic, he is far from making abrupt dismissal and restructuring that we know. And the action is more brutal, more vocabulary is elliptical.

This shift is also embarrassing for those who lead the game for those who are its victims. I campaign for the use of simple terms: "I dismiss you," instead of "we urge you to consider a track external developments."

That reflects the use of these words?

They may reflect a lack of strategy: one says anything to occupy the space. Conversely, the strategy may be clear, but the manager did not dare express it because it is politically incorrect. Attenuate the words then a brutal reality, as the "backup plan for employment", which saves only the use of those left

free credit score online.

What are the risks of this fuzzy language?

The weight of political correctness, the fact of wanting to be inclusive of as many of the sensibilities and finally make the speech unintelligible.

By disconnecting the language of reality, that reality is no longer included. This practice is detrimental to individuals and organization, which in the long term, lose their bearings. By dint of saying anything, you end up doing anything.

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Cemented over the Internet and social networks, legends are built today at full speed. Especially in the "global village" of finance. Demonstrated experience in recent days by crossing Iksil Bruno, senior trader but anonymous until last Friday the bank JP Morgan in London.

The man remains discreet, understandably. Within days, he became the "whale of London", or "the Thames", or "white" – we do not know too much – or Voldemort, the terrible witch of the Harry Potter … The number of nicknames given to it becomes suspect. The story is told that then took a dramatic turn when it was revealed that the banker in question was French, a fact which would be enough to make a "trader crazy," Kerviel in a power nap.

This trader is part of the Chief Investment Office of JP Morgan in London. Mission: to cover the global credit risk of the bank. A bank, remember, which is one of the first in the world with some 2.3 trillion dollars in assets, including nearly 1 trillion of bank loans or bond companies.

Cover such a balance, that is to say smooth risk, entails putting a lot of money in the balance. And that's what the CIO of JP Morgan in London: its positions would reach $ 350 billion, according to the Wall Street Journal. A figure which should not be misunderstood. Within this volume, the positions that bet on the rise of a particular index are largely offset by positions that bet on a decline, leaving the final few tens of millions of dollars, still in danger Loss … or possibility of gain.

An aberration of market

Why the activity of this team of JP Morgan is she suddenly appeared in full light? Bruno Iksil would take very large positions on a particular index, a derivative that replicates the behavior of CDS (credit default swaps) of some 121 companies. Such large positions that its movements can only move the value of this product, regardless of the price of 121 CDSs that compose it. A market aberration which obviously was not without consequences on some hedge funds, put in losses by the orders of the influential CIO JP Morgan. It is in this context it seems that some seem to have wanted to settle accounts in the press intermediary.

Behind "the matter of the whale in London," we therefore call one of those pretty poker games including financial traders have the secret. JP Morgan, who has not the reputation of being a bank-casino chooses to treat it with discretion. She is content to know that the activities of its London office are intended to cover its loan portfolio, and that the positions taken are knowingly.

The story may therefore be short-lived. Even if it raises real questions about the functioning of finance today. The first key of course the lack of market transparency of derivatives products, and in particular credit derivatives, whose gross volume reached tens of billions of dollars worldwide. The second, current, examines the nature of transactions. When these volumes are involved, is it still just hedging strategy or can we not think that JP Morgan also plays some of his capital? Soon, this question is no longer just theoretical: under Volcker rule that will apply to U.S. banks that collect deposits, such as JP Morgan, will no longer have the right to make the proprietary trading .

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Regional producers of France chasing European labels. On 20 March the European Commission awarded the Protected Geographical Indication (PGI) in sea salt. "This is great news that we have awaited for a long time," says Gregory Pitard, president of the Association for the promotion of artisanal salt (Aprosela). To date, 191 French products – and some 375 wines – benefit from a PDO (Protected Designation of Origin) or PGI, a total of 1092 products. And forty cases are still awaiting a decision from Brussels, whose Livarot, mussels from Bouchut, Camembert de Normandie, chestnuts from Ardèche, rillettes of Tours or the Montbéliard sausage. "Producers voluntarily impose new constraints in their manufacturing process to protect their knowledge against usurpation and imitation," says the National Institute of Origin and Quality (INAO).

European labels have not only a protective role. "Over time, the IGP is a business advantage," said the president of the Aprosela. In fact, 42.3% of French people think that promoting products "Made in France" should be a priority in the presidential campaign, according to a study site Testntrust. "The geographic origin of a product is an important choice for consumers, although it is difficult to measure its impact," says Jean-Louis Benassi, director of the inter Unicid ciders. A view shared by Alexis Martinod Savoîcime director, representing the Tomme de Savoie. "Achieving the required level of quality has a cost that justifies the eyes of our customers, a sales price sometimes better than others," said he. For the INAO, "buying a local product is often a militant act because, in the spirit of the French, it provides a livelihood for local channels, or even a region where the context is sometimes difficult, as the Lozere or the Ardeche. "

Europe also protects Chinese garlic …

With these labels, producers sometimes enjoy support from the regions or departments to complete their development projects. Chain of Tomme de Savoie, for example, spends an annual budget of 25,000 euros to research. Regional producers can expand their markets. "Our products are particularly relevant to retailers," says Franck Pernot du Breuil, president of the inter Fraise du Périgord. In recent years, retailers have expanded their range by playing the card of the soil. Like with its Carrefour brand Reflets de France, or E. Leclerc Our Regions of Talent.

"Retailers often do not put forward our signature Fraise du Périgord because they want to promote their own brands," says Franck however Pernot du Breuil. "As a result, consumers may not know these labels and the qualitative approach they impose on our business." The boost from the European Union can also lead to unexpected setbacks. Last October, Brussels has angered producers of French, Italian and Spanish by registering as a PGI Chinese garlic Jinxiang Da Suan, facilitating the coup its import and marketing in Europe. Meanwhile, in France, smoked garlic Arleux still waiting for the distinction.

Quality labels and home: how to find

In France, nearly one in two farmers engaged in an official sign identifying the quality and origin. In 2010, these signs represented a turnover of 19 billion euros in the first market, according to INAO, which recalls the specifics of these signs guaranteed and recognized by the State: …… ..

• The designation of origin (AOC) means a product including all stages of manufacturing (production, processing and preparation) are made according to know-how in the same geographical area. For example, the St. Nectarios can not be manufactured in only part of the Auvergne from milk from the area.

• The designation of origin (PDO) is the European equivalent of the AOC. The name of a product is protected throughout the EU. Products that have earned this distinction, there is Chablis, Roquefort, Brie de Meaux, olive oil from Corsica or Bresse chicken.

• The Protected Geographical Indication (PGI) is a product whose characteristics are related to the geographic location at which occurs at least its production or processing according to well defined conditions. The ravioli of Dauphine, the Camargue rice and Bayonne ham are among the 107 products that have obtained the PGI in France.

• The traditional specialty guaranteed (TSG) is a European label that protects a traditional recipe. To date, no French product holds this sign, which was however awarded Serrano ham or Gueuze beer. The farmed mussels and Emmental filed an application with the European Commission in 2006 and 2011.

• The Red Label is a sign that French refers to products with higher quality compared to other similar products, thanks to their conditions of production or manufacture. This is awarded to agricultural and food products such as smoked salmon, chicken, cheese or sausage.

• Organic farming (AB) production method ensures environmentally and animal welfare. The rules regulating the organic production method are the same throughout Europe, and imported products are subject to the same requirements.  

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The Swiss Parliament voted yesterday the revision of an agreement allowing the U.S. to get lists of bank customers Helvetian for suspected fraud. This addition to the double taxation agreement of 2009, which may be applied retroactively, goes much further than those signed thus far. The IRS will not need to demand details in the form of 'group applications', confidential information to banks Helvetians.

A major issue

This new cut to the sacrosanct banking secrecy does not delight the Swiss deputies. "Nobody does it with a light heart, but we have no alternative, said Christophe Darbellay, president of the Christian Democratic Party. Play the showdown with the Americans could have serious consequences. "The stakes are high: eleven Swiss banks (Wegelin, Credit Suisse, Julius Baer …) are the subject of a complaint for helping U.S. taxpayers evade taxes. If Bern does not play the game, Washington threatens to withdraw the banking license to establishments Helvetians.

Yesterday, only the Central Democratic Union (UDC) has objected to signing the text. "Banks have done wrong and they should pay the bill, but it's not MPs to bow down," says Guy Parmelin, vice president of the parliamentary group CDU.

According to press Helvetian, the success of the United States in this matter could lead to the European Union, too, have strengthened administrative assistance. An option that the President of the Confederation, Eveline Widmer-Schlumpf, refuses to consider. In an interview with Time, it maintains that the priority remains the final withholding tax at source, called the "Rubik" whereby Switzerland would pay a lump sum to partner countries to compensate for the loss of tax revenue.

"Applications bundled"

Despite the optimism of Bern, "Rubik" soon however to be validated by the Germans and did not interest the French authorities. Pierin Vincenz, CEO of Raiffeisen, the third Swiss bank, recently broke a taboo by speaking to the automatic exchange of information. Philippe Kenel, tax lawyer near Lake Geneva, also defended this solution, which in return would allow "the free movement of financial services, that is to say the possibility for Swiss banks to work in European countries."

But the debate is far from over, as Switzerland will have to adjust by the end of the new OECD standards, which should also include 'group applications'. The American victory could turn into an international standard … Meanwhile, the Swiss tax advise their customers in Europe to come to Switzerland to avoid tax evasion charges.

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Faced with a collapse of its real estate market, Shanghai intends to relax its measures restricting purchases. According to the Shanghai Security News, the city will soon authorize the purchase of a second residence for people who had lived there at least three years. An acquisition until formally excluded for "non-local" to curb speculation and soaring prices. "This should push up sales of real estate 20% to 30% in Shanghai, said Jack Gong, an analyst at Jefferies Group Inc.. Hong Kong, but that does not mean that the central government also intends to implement such measures to relax. "

Striving to deflate the housing bubble, a source of social unrest and destabilization of the economy, Beijing has implemented since 2010 on measures to limit credit and the number of apartments that individuals can buy.

Pillar of growth

But today, the Chinese real estate sector was found particularly affected by a drop in demand as prices began to decline, causing a wait of many potential buyers.

A statement from the National Statistics Office, the property prices in January continued their downward trend in most Chinese cities. Of 70 cities covered by a monthly survey, 48 have seen the price of flats down by the previous month, while it remained stable in 22 others, no increase was noted.

The Chinese government does not seem to want as many concessions. "In the name of fairness and stability, restrictive measures can not be released," said Premier Wen Jiabao in mid-February, ending, after three days, the measures of the city Wuhu in eastern countries, which were to subsidize the purchase of apartments to stimulate activity in the sector.

Always fight against speculation, the Chinese government announced in late January to create a file owners covering 40 cities. This is to prevent wealthy Chinese to circumvent the prohibitions imposed by municipalities to purchase several apartments, increasing acquisitions in different cities.

But the Chinese government also needs to avoid a contraction in the construction sector, a mainstay of the Chinese economy, while it is slowing its growth.

China's central bank announced it would reduce the reserve requirement ratio for banks to release more of their maneuvers to lend, especially first-time buyers who struggle to find housing.

]]> http://oursaviorsalbany.org/shanghai-will-free-property-sales/feed/ 0 http://oursaviorsalbany.org/greece-europe-completes-a-historical/ http://oursaviorsalbany.org/greece-europe-completes-a-historical/#comments Tue, 21 Feb 2012 13:48:32 +0000 admin http://oursaviorsalbany.org/greece-europe-completes-a-historical/  

After twelve hours of marathon, the countries of the euro in the early morning concluded their negotiations on a solid support in Athens, to save him once again the bankruptcy. Assistance, debt forgiveness and contributions combined, Greece will have cost twenty months more than 350 billion euros to the EU, banks and international institutions. As much as the debt that the country continues to grow as Sisyphus his rock.

EU assistance in the night discussed by finance ministers, an amount of at least 130 billion euros, displayed more modest ambitions than the first 110 billion plan presented in May 2010 as a panacea. The 2012 version covers the next eight years, but eventually it no longer guarantees for certain relief initially hoped the debt burden (120% of GDP in 2020). It does not fill a growing distrust between Greece, is said bled dry, and creditors like Germany believe that it can never do enough.

In the calendar, the distress of Athens as important as the progress of complex financial dealings with governments, private banks, the IMF and the ECB. Under penalty of default, the government should realize Papademos an agreement with its creditors before March 20, deadline by which 14.5 billion of government bonds mature. "We must conclude today, because time is running out," said the president of the Eurogroup, Jean-Claude Juncker.

Continuous monitoring of the accounts of Athens

Faced with the enormity of the amounts, the sense of urgency was far from being shared across the currency area. North, capitals such as Berlin, The Hague and Helsinki took advantage of last hours to demand concessions maximum of Athens by suggesting, as the German Wolfgang Schäuble, a Greek bankruptcy would be manageable after all. To the south, others were alarmed instead of a possible contagion of bankruptcies in Portugal, Spain and even Italy, in the midst of a European recession saving account payday loan.

In the early hours of the morning, the agreement was tied on two parallel negotiations in Brussels. First erase the unprecedented 107-billion of private debt, accepted in principle by the banks but stumbled on an extra effort required by the euro area. "It's done and we have a good agreement," confided to 4:30 French banker Jean Lemierre at Figaro. Then a bailout of at least 130 billion euros financed by creditors themselves. It is this second part, agreed by governments, the IMF, the ECB and other central banks of the euro which validated the entire plan.

To reassure investors, and despite the anger of the street, the government is preparing to slash Papademos 3.3 billion more in its budget deficits through the envelopes of health insurance, minimum wage and defense . He also accepted a permanent monitoring of the EU and the IMF on its accounts. "The Greek people have made considerable efforts, it is now for others to do the same," let go a Christine Lagarde yet mindful of the IMF funds.

Politically, Athens refuses any loud and European tutelage and just show the vitriolic exchanges with Berlin. But in practice, Greece has made a surrender of sovereignty unique setting up a budget account blocked, intended to guarantee the repayment of debt and interest payments. The mechanism, suggested as a sign of confidence by Berlin and Paris, is to serve the foreign creditors before committing a penny of national public expenditure. Athens won an unmatched support after the night, but it will probably remain the Greeks the bitter taste of a potion imposed from outside

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