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"Do you accept the initiative for the right to a minimum wage?" This is the question that will meet future inhabitants of the cantons of Geneva and Neuchâtel. These referendums initiated by the formation of Solidarity and the left supported by the unions and the Socialist Party, are the subject of vigorous debate for several months. If the yes vote, it would be the first time that the Swiss cantons would establish a minimum wage equivalent.

The initiative does not specify the amount. But his supporters agreed on 22 francs an hour, … 4 000 francs per month (3,263 euros) for a full-time or 42 hours per week."It sounds a lot, but the cost of living is very high in Switzerland," says Jean-Christophe Schwaab, secretary of the central Swiss Trade Union (ASU).

According to the Federal Office of Statistics, more than 4% of assets, or 150,000 people, are "working poor" and make less than 2,200 francs (1,800 euros) per month. No, Switzerland, floor wage applying to all. Some minima are defined in sectoral collective agreements but all trades do not have such agreements.

Russia enters the WTO backwards. After eighteen years of fruitless negotiations, Russia will finally entering the World Trade Organization (WTO). The decision will be made official on 15 and 16 November during a ministerial meeting of the Organization, in Geneva, and should take full effect in the summer of 2012.

U.S. President Barack Obama has "welcomed" his counterpart, Dmitri Medvedev. Russia remains so far the only major power not to comply with multilateral trade rules. This advance, described the EU as "a very important step for the Russian economy" is, however, greeted with great discretion in Moscow. Vladimir Putin, who will return to Kremlin in 2012, has never hidden his lack of enthusiasm at the prospect of a liberalization of the Russian economy.Under the pretext of various sanitary, Moscow often blocks the European agri-food imports. Example, from November 15, German pigs suspected of receiving antibiotics, will be denied entry on Russian soil. "Once in the WTO, Russia must change its practices," said the diplomat, however, is not no illusions. The Kremlin will find it hard to give up their protectionist habits.

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The clouds are gathering on the French economy. The Bank of France has released its forecast on Wednesday morning for the fourth quarter: it expects zero growth over the period. It has not changed its latest estimate for the third quarter from 0.1% growth. "The projections show a continuation of the activity to maintain its current level," said she.

The monetary institution observes that the business climate has deteriorated slightly in October in the industry (-1 point 96) and in services (1 point 95). In industry, the factories do not increase the use of production capacity. In addition, the order books are somewhat empty. In services, "the outlook is geared towards a stable activity in the short term," analyzes the Bank of France us fast cash.

The monthly survey of the Bank of France confirmed the slowdown in growth by some economists. In view of the evidence advanced PMI, France would be even already in recession, say the economists at JPMorgan. Another U.S. institution, BofA Merrill Lynch, believes that France is expected to decline 0.3% of its activity in the fourth quarter compared to the previous one, and not resume growth until late 2012.

So, if the average of analysts' forecasts remains at 0.9% growth for the euro area in 2012, large banks have seen their shelves these days. On the downside. Exane BNP Paribas has drastically revised its analysis and expects zero growth next year to France, while in September it still expects growth of 1%.

From our correspondent in Berlin The future of the euro area will play again in the Bundestag on Wednesday. At least in part. Before flying to Brussels, Angela Merkel will deliver a speech outlining the plan to rescue the European, which will be submitted to the approval of German MPs.

The two main opposition parties, the Social Democrats SPD and the Greens, reported Tuesday their intention to vote a joint motion with the majority. The Chancellor should reach the European summit armed with a strong mandate and clear the lower house of Parliament, even though his own majority does not always gained him Tuesday night.

"I am bound by my duties to avoid damage to the German people to do what is good for the German people. This is my guideline in the negotiations, "said the Chancellor, calling for the broadest possible support of the deputies."We have reached a tentative agreement between the majority and the opposition," said Carsten Schneider for his part, the SPD budget expert.

The joint motion of the multiplication of the European Financial Stability Fund (EFSF) implies that the European Central Bank (ECB) continues to buy bonds on the secondary market. In a draft final communique of the summit on Wednesday, traveling Tuesday between European capitals, the Heads of State and Government were preparing yet explicitly encourage the ECB to do so.

The Chancellor said that she refused the European states impose a course of action to the ECB, exposing a new source of tension with its partners on the eve of EU summit. "We are negotiating for a position of the ECB, who says she wants to do to help countries in the euro area in crisis.Do not let emerge the false impression that the policies expect something of the ECB, "she said, stationing themselves in guaranteeing the independence of the monetary institution payday loan online.

Avoid the humiliation

Angela Merkel told the parliamentarians that the strike force of EFSF should be given to over 1000 billion euros with leverage. The reduction of the Greek debt to private creditors imposed should be "above 50% and below 60%," she added. The joint motion submitted to the Bundestag is also considering the deadline of June 30, 2012 for a recapitalization of European banks.

Merkel faces a new rebellion against its European projects within his own camp. Tuesday, during a test vote, seven members of the CDU, his own party, voted against the motion of EFSF multiplier and three others abstained.A month ago, during a Bundestag vote on extending the powers of EFSF, Merkel had already had to fight to the end to avoid the humiliation of not collecting his own camp. The Chancellor had finally obtained a large majority.

In a ruling last month by the Constitutional Court, the German government can not engage with its European partners on budgetary matters without a mandate from the Bundestag.

Merkel might have to settle for a vote of the Budget Committee. At the insistence of the opposition, she finally chose to ratify the text in plenary session, thus saving the reproach of wanting to leave the key in Parliament.Thus it will arrive in Brussels also armed with a very strong mandate, which will leave only a small place in the negotiation … to better enforce German diktat.

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Disturbing signal. The leading indicator of the economy, the PMI fell to 46.8 points in October, against 50.2 in September, Markit Economics reported. The index, published in draft form, is passed below 50, reflecting a contraction in activity.

"The PMI data are currently consistent with a negative growth rate (of about -0.5 or -0.6%) for the third quarter," that is the beginning of a recession, worries Jack Kennedy, economist at Markit. The French government, which still formally table a growth of 1.75% in 2012, suggested Friday that it has revised downwards this goal.

The contraction in activity has particularly affected the service sector. He has recorded its sharpest fall for 27 months, 46 points, against 51.5 in September. The industry is not much better.Despite a slight improvement, she underwent her third consecutive month of decline, to 49 points against 48.2 the previous month.

"The impact of European debt crisis may be felt on the real economy," says Jack Kennedy. Markit Economics and recorded "a further decline in confidence in the services sector." "The growing uncertainty surrounding the evolution of the economy leads in fact companies to revise downward its business prospects to twelve months, the optimism of the service providers also display its lowest level since April 2009" , notes the Institute for Financial Studies cash advance flexible payments.

Very little sign of hope for a quick turnaround the economy, companies have seen a decline in the volume of new business, "the highest in almost two years," notes Markit Economics.Especially in services, providers are concerned about "the largest decline in new contracts since July 2009." In industry, the decline in sales is that alarm. A trend in both export and domestic market.

Slowdown in Germany

The slowdown in activity is not only France, but also German industry. For the first time in two years, the PMI for the sector fell to 48.9 points in October, against 50.3 in September. Unlike the Hexagon, however, services are able to climb out of the area's 50 points marked a growth in sales, to 52.1 points, 49.7 points against the previous month.Overall, notes Tim Moore, economist at Markit, "uncertainty about the euro area largely explain, according to the companies, investment reports and cuts in non-essential spending."

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This is one of the topics on which Bercy must be urgently addressed. Once set in motion the dismantling, liquidation of Dexia raises the crucial question of the fate of Dexia Credit Local, actor historical funding of local authorities in France. With two major risks to the key. The first, more obvious, the future of 1300 employees of the group. The second, less visible but equally significant, the need to compensate for the loss of a market leader in loans to local area is drying. A strategic issue for the French economy, knowing that municipalities and other semi-public companies focus a large part of the investment in France.

According to the scheme blessed by Bercy, The Post Bank is expected to take over from Dexia on new loans, via a joint venture which it will own 65% and the Deposit 35%.But in the current discussions, Philippe Wahl, chief executive of The Bank intends to significantly reduce mailing the scope of its intervention.

According to an internal document that has acquired Le Figaro, a subsidiary of La Poste aims to establish "a secure and cost-effective model." A slogan: zero risk on its balance sheet, zero financial resources and significant margins. The Post Bank and excludes to the liquidity available for its core businesses such as home loans or consumer credit in the service of this new clientele. A surprise because it is precisely to tap into surplus resources of the Post Bank that it had been in the loop.

Instead, the "new player in the financing of local authorities" – as he describes himself – is that its production loan is refinanced entirely by Dexma, the tool securitization Dexia which the Deposit will hold 65% Dexia Bank 30% and 5% PO. This necessarily limited new production.

The strategy of small steps

The Postal Bank does not hide it: it does provide "a gradual entry in the market." It must be said that the bank does not have jurisdiction over this area. A solution would involve Dexia to the joint venture, but Philippe Wahl opposed it, arguing that he had drawn a line under the past.If "tools and know-how" will be taken, much remains, at this stage in DCL, which will continue to do business consulting and other brokerage insurance: paying as many services that are generally obtained when The bank, first granted a loan, often less profitable. In other words, the relationship promises to be complicated.

The strategy of small steps of the Post Bank suggests some difficult years for local governments. While their financial needs are increasing, the supply of credit is reduced to a trickle. The difficulties of Dexia added in effect to the decision of Savings and Credit Agricole others to desert, from mid-2011, this market is too expensive in terms of regulatory ratios.The Deposit has set up an emergency budget of 3 billion euros, when experts estimate that 7 billion unmet needs. Next year it will be even more.

What is the country with the largest trade surplus? Germany, with 194 billion dollars over the last twelve months, ahead of China (173 billion). What is the state that attracts the most capital of the world? The Netherlands, where foreign direct investment to date some 3000 billion, far ahead of the United States (2.25 trillion), according to the review of the IMF. What is the country which hosts the most tourists? France has received 78.9 million last year, against 61 million for the United States.

Each of these expresses a form of performance excellence. Germany feeds her flawless manufacturing tradition since the industrial revolution. The Netherlands, taxation deliberately advantageous for multinational companies, is one of the hubs of global capitalism since its "golden age".The Hexagon cultivates an image of cultural universality and good living. Taken one by one, most Old World nations are doing much better than the European Union, or the idea of ​​it.

The Americans accused him of set themselves up as "fortress" when "big market" Europe was created in 1992. Now she is unable to defend its weak links, as révèlela sovereign debt crisis. Public deficits are, however, generally two to three times lower than those of the United States and Japan, as Jean-Claude Trichet, ECB president, continues to say. But markets look weak countries, not the average of a "Union" in front.

Europe is becoming "the global village idiot" in the words of Hubert Védrine, former foreign minister.He who has not grasped the rules and fails to protect its interests. This is particularly evident in relations with China, became the first trade and investment partner of the Old Continent. The EU has a trade deficit with China of 169 billion (in 2010) of similar magnitude to balance US-China (205 billion euros). But the complaints vis-à-vis Beijing are very far from achieving the shouts of Washington. The Committee of Foreign Trade of Parliament held on October 11 a special session on Sino-European trade.As responsible for relations with the Far East in the European administration, Helena König wanted to do things in perspective: "It is clear that for European companies in China is a source of profits" at she said, with emphasis on German and French companies in China. Certainly.

Unfair competition of the "Made in China"

This can not hide everything savings account payday advance. First of all the unfair competition of the "Made in China", which led last week the U.S. Senate to vote for the first time, a bill accusing Beijing of "manipulating its currency." Or access the Chinese market, fully controlled, as we see "a rush of China in Europe." This is the title of the study that came to write scathing François Godement Jonas Parello-Plesner and for the European Council on Foreign Relations. They describe an all-out acquisition strategy.The recovery of ailing brands such as Volvo and MG in the car, the establishment of SMEs. Beijing has established a fund of 2.8 billion euros to assist innovative German SMEs to develop partnerships with their Chinese counterparts. This may take the form of real industrial cities, as in Florence, on the outskirts of Florence, where 4 800 small businesses employing 40,000 Chinese expatriates in Mainland China are a bridgehead offshore.

Faced with this wave, "Europe has no information or regulations," stigmatizes Francois Godement. The Bulgarian ambassador in Paris, Marin Raykov, explains how his country, not having been able to interest the French car manufacturers, has brought the Chinese Great Wall Motor to manufacture cars in Bulgaria.Deindustrialization and fiscal difficulties of the southern states are an ideal soft underbelly.

With its 3.2 trillion (dollars) of foreign exchange reserves, Beijing appears in turn as the white knight to the rescue of Greece, Portugal, Ireland and Hungary. Last summer, a delegation from the Italian Treasury, modern-day Marco Polo, visited with great ceremony in Beijing to his court. It was rumored that the Chinese central bank holds 25% of all European public debt. Information without foundation, insists Francois Godement. Unlike the U.S. Treasury, following precisely the holding of Treasury bonds by Beijing and publishes its figures, Europe has no statistical tool.Like Greece, which has Eurostat in September 2004 that its accounts were rigged, had not a lesson.

This lack of information is a godsend for Beijing, which keeps his secret. What easy conquest, according to the principle of "divide and rule", as old as the Roman Empire, the British had returned to their use to colonize the Middle East.

Back to the wall, the Greek Prime Minister George Papandreou, had to consent, on Sunday during an extraordinary Council of Ministers, new sacrifices. He acknowledged that the prospects of the Greek economy is still terrible, well below expectations in any case, the troika formed by the European Union, the European Central Bank and the IMF.

For 2011, the Greek government had already recognized that the deficit could not be reduced to the initial target of 7.6% of GDP: this will ultimately be 8.5%, a "hole" of 18.7 billion euros. For next year, the forecast is 6.8% or even 14.6 billion euros spent too (against a deficit of 6.5% planned in the plan concocted by his creditors).Difficult, indeed, to restore the country's finances when the recession is severe: 5.5% contraction in 2011 and another 2% expected next year.

30 000 employees laid off

In response, George Papandreou has put together a budget under the sign of austerity providing a saving of 6.6 billion euros in 2011 and 2012. This draft must be submitted to Parliament today.

Under pressure from the troika of envoys in Athens for four days, and on the eve of the Eurogroup, Luxembourg, the Greek government wants to show his voluntarism in order to obtain payment of an $ 8 billion of loans on the 110 billion allocated by the countries of the euro area and the IMF."As we make these decisions so difficult and that the Greek people made such great sacrifices, yes, the sixth installment is assured," said the Sunday newspaper To Vima the finance minister, Evangelos Venizelos free credit score online.

In particular, very unpopular decision in a country where the employment of public employees is guaranteed for life by the Constitution, the government decided to set the layoffs of 30,000 employees close to retirement by the end of the years. These employees "set aside" will be paid 60% of their wages, before being fired after one year. Social discontent swells accordingly. Public transport again observe a work stoppage this afternoon, before the strike of the entire civil service and state agencies and the general strike Wednesday 19 October.One in five employees in Greece is official.

German debate

While surveys conducted in the country reveal that two out of three Greeks want to stay in the euro area, the debate rebounded this weekend after the statements of one of the allies of Angela Merkel. "I think a solution, if we want Greece again become competitive in a stable manner is that it does so outside the euro area," said Alexander Dobrindt a radio, the general secretary of the CSU. Thursday, Philipp Rösler, the German Minister of Economy, will be in Athens for talks with his Greek counterparts.

The capital is always full of visitors. While George Papandreou received Saturday the Emir of Qatar's sovereign wealth fund Qatar Holdings has committed to invest $ 1 billion in operating a gold mine in Greece.

After Societe Generale and BNP Paribas, is the turn of Credit Agricole announced asset sales. The bank is expected to formalize the announcement today confirming the information in the Financial Times published on Wednesday that does not specify the amount that could take these asset sales.

Particularly exposed to the crisis in Greece with its local subsidiary Emporiki, Credit Agricole, was downgraded by one notch Mood'ys ten days ago, as its rival Societe Generale. By reducing the size of its balance sheet, the bank may, mechanically strengthen its financial soundness. BNP has already announced plans to reduce by 10% the size of its balance sheet by the end of 2012, while Societe Generale provides 4 billion of asset disposals.

This is also seeking to sell its stake in Newedge, the joint venture of Societe Generale and Credit Agricole specializing in derivatives personal loan for poor credit.According to a source quoted by Reuters, the bank will also consider transfer SGSS, its management subsidiary titles, but no decision had yet been taken.

Reorganization in North Africa and the Middle East

Tuesday, the head of Crédit Agricole in the UAE had told Reuters that the bank had closed its merger and acquisition in North Africa and the Middle East. "We want to focus on areas where we can create value for our customers," he said.

At the Paris Bourse, the Crédit Agricole yield 1.04% to 5.134 euros after climbing 13.10% yesterday, amid rumors of measures to support the banking sector in the euro area.

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From our special correspondent in Wroclaw.

The Europeans hoped "a dialogue between friends," the Americans had "no arrogance." Las. With the destabilization of markets and growing concern on both sides of the Atlantic, the U.S. Treasury Secretary, Tim Geithner, could not resist lecturing his seventeen counterparts in the euro area gathered Friday to Wroclaw (Poland).

The relief provided by five central banks – including the U.S. Fed – banks in the euro area will not long concealed the absence of concerted policy response to the crisis. On behalf of the Europeans, the President of the Eurogroup Jean-Claude Juncker declined projects Tim Geithner, citing "differences in approach with our American colleagues."Treasury Secretary, he has put his finger where the euro hurts: he publicly expressed concern "of the conflict between governments and the European Central Bank," a week after the sensational resignation of the Chief Economist of the ECB .

Barack Obama's America, soon launched a presidential campaign, fearing a collapse of Greece, a contagion to European banks and a possible fracture of the euro area. If the crisis deepens, it is the U.S. economy would suffer the backlash, shock reverse of that which had hit Europe after the collapse of Lehman Brothers in 2008.

The first message in Washing-ton is to push the Europeans to speak with one voice and act decisively. "Governments and the Central Bank should work together (…) to avoid catastrophic risks for financial markets," said Treasury Secretary.And he insists, denouncing the cacophony that destabilizes the common currency: "Everyone should also abstain from loose talk about the end of the euro area." Targeted: the proponents of expulsion from Greece …

Denial of a tax on financial transactions

The unprecedented invitation launched by Poland – host country because currently presiding the EU – Timothy Geithner had anything to embarrass, in turmoil, the finance ministers of the euro. We saw Baroin host the head of U.S. Treasury of a strong handshake in Wroclaw. But the Euro has carefully kept at a distance. He has not formally participated in the circle, but a "preliminary conversation" about an hour. Contrary to custom, he did not sent to journalists.To tell his truths to Europe, he preferred an audience of bankers in another part of town.

Some did not take gloves to say that Europe has no lessons to learn. The United States, collapsing under the deficits should put their own house, says the Belgian Didier Reynders. "America has nothing to dictate when the person refuses flatly our suggestions," added the Austrian Maria Fekter. It is true that Tim Geithner repeated Friday his opposition front to the tax on financial transactions carried to Paris, Berlin and Brussels.

Decisions deferred

For the second time in eight days, Treasury Secretary left Europe empty-handed. Friday, the Europeans have made a face at her suggestion to "leverage" means the EFSF, the bailout fund for countries of the euro in difficulty."This is not a subject that is discussed with a country outside the EU," Jean-Claude Juncker meant. Same end of inadmissibility of the American idea of ​​supporting the growth of public funds "even a donkey does not stumble twice on the same stone, 'says Didier Reynders, convinced of the urgency to fight first against the deficits.

For the Americans as to Europeans, the European event in Wroclaw ends with a disturbing sense of incompleteness, even for emergencies. The Eurogroup has pushed to mid-October a decision on payment of 8 billion euros to Greece. He did not reach an agreement on guarantees that Finland requires Greece.