Before an audience of cultural professionals, including the French publishers, Nicolas Sarkozy returned to the increase of 1.5 point in the reduced VAT rate on the physical book to bring it to 7% from 1 January cash advance america."Paradoxically, this increase protects the area because all professionals have realized that it was in their interest to contribute to the effort to reduce deficits." But the head of state immediately announced a good news that has filled editors: "From 1 January, we will apply the reduced VAT rate of 7% on digital books, because there is no reason that the same cultural property should be taxed differently if it is on a support physical or digital. I hope the Commission will not oppose this initiative. "The alignment of VAT rates between the physical and the digital book (currently taxed at 19.6%) is the culmination of a struggle of several years.

Earlier in the day, the announcement of the referendum led to a further fall in European equity markets."It's a strange way of acting," said the German Rainer Brüderle, chairman of the FDP parliamentary group (Liberal), a partner with the Christian Democratic Union (CDU) of the ruling coalition. "It looks like someone is trying to emerge from what has been agreed. Prime Minister Papandreou has agreed a rescue plan that benefits the country. The other countries are willing to considerable sacrifices for decades of mismanagement and poor governance in Greece, "he lamented over the airwaves of Deutschlandfunk payday loans.

Finnish Minister for European Affairs Alexander Stubb, said he agreed that the referendum will be equivalent to a vote on the country's membership in the euro area. A view shared by Christopher Pissarides, Nobel Laureate: "If no victory, Greece would fail immediately.The leader of the opposition conservative (New Democracy), Antonis Samaras, said the Prime Minister "can not govern and instead to withdraw with honor, he just dynamite." "I never thought that Papandreou would make a decision as dangerous and frivolous," said the former Foreign Minister Dora Bakoyannis, who heads the Democratic Alliance (a small center-right party).

Even the national press is unleashed. "The country will be paralyzed by endless debates, the government, the state apparatus and institutions no longer function," says the conservative daily Kathimerini.

"A minimum of democracy"

However, few voices to salute the decision of the Papandreou government.

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.

Depression and suicides on the rise

While the island is experiencing its worst recession in 40 years, doubling the unemployment rate in two years more than 16% leads to more and more Greeks to depression and drugs. In fact, suicides increased by 17% between 2007 and 2009 and 40% in the first five months of 2011 compared to the same period last year. Figures all the more impressive as the Greek statistical authorities, the suicide rate in Greece was among the lowest in the EU between 1990 and 2009.Some cases were particularly marked population, like that of a former businessman who has defenestration, leaving a note in which he explained that the financial crisis had had the better of him. Or that of an owner of a small store, found hanged under a bridge, with a letter that read: "Do not look for other reasons. The economic crisis has led me to this. "

Drug use has also risen sharply. Heroin use in particular has increased by 20% in 2009. And even more so in the context of austerity measures imposed by the international rescue plan, control programs against drugs has been reduced by one third fast payday loan no faxing.

A trend that explains the 50% increase in the number of HIV infections at the end of 2010. Researchers predict that the contamination will increase by 52% this year compared to last year.In addition, drug users have less access to small jobs or for pocket money from their parents, some of them prostitutes, which in the case of unprotected sex, also contributes to the spread the virus.

Public hospitals overwhelmed and corrupt

Finally, rising unemployment means that many Greeks no longer receive health coverage provided by their employer. Thus, those who consulted in the private massage now in public hospitals. Now hospitals have seen their budgets melt 40% between 2007 and 2009. A diet which leads to problems of lack of staff and medicines and waiting times exorbitant lead some patients to pay bribes to get an appointment earlier.

Result, the number of people who give to see a doctor when they are sick has increased by 17% between 2007 and 2009.The number of those who describe it as being "bad" or "very bad" health increased by 14% in two years. "Overall, the picture of health in Greece is alarming, the authors conclude. It reminds us that, in an effort to debt financing, they are ordinary people who pay. "

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Beijing, which was ready in early to invest more in Europe to diversify its three trillion dollars in reserves, could turn back if the situation does not improve quickly. "If Europe continues to dither, the situation can get worse. Foreigners who wish to help will not dare and the euro area will disintegrate.This would be a disaster for Europe and the world, "said the daily.

Nicolas Sarkozy will discuss with Angela Merkel

At the opening of Summer Davos Forum, Chinese Premier Wen Jiabao, however, had expressed his confidence in the euro zone leaders business card templates. "China believes that the European economy can bounce back," he explained. Support has already been taken in Greece, Portugal, Spain, and Hungary.

Friday, Nicolas Sarkozy, who met Greek Prime Minister George Papandreou, has again reaffirmed the determination of Paris and Berlin to support the country in which the probable default of most concern global investors. This last debate "in the coming days" with Angela Merkel of the rapid implementation of measures decided on July 21 to stabilize the euro area.For its part, Greece has called an extraordinary cabinet meeting of his government on Sunday.

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"SPECIAL CRISIS: fear of debt

Following a conference call held late in the day Wednesday between Nicolas Sarkozy, Angela Merkel and George Papandreou, the Franco-German couple has been very clear in stating that "the role of Greece in the euro area. "In a statement released in the process, they attached a condition, however, also very explicit: "The implementation of strict and effective recovery program of the Greek economy supported by the countries of the euro area and the IMF and which conditions the disbursement of future tranches of the program. "

Since the Davos Forum held for three days in Tianjin, China, Zhang Xiaoqiang, deputy director of the China Development and Reform, confirmed that China stands ready to buy securities with sovereign debt states involved in the debt crisis.Earlier in the day, Chinese Premier Wen Jiabao had made statements to this effect while advising countries to reduce their deficits and to open their markets rather than relying on China to pay off the debts of the world's economies wide.

Similarly, the president of Brazil, Dilma Rousseff, said his country is ready to participate in a "global effort" against the economic crisis that affects rich countries, following the announcement of a meeting of countries emerging Brics (Brazil, Russia, India, China and South Africa) to discuss aid to Europe.The head of state stressed, however, that there is no "global solution" to the crisis and that much depends on the countries concerned.

For its part, the U.S. Treasury Secretary Timothy Geithner who should participate in a meeting Friday of finance ministers in Europe, had said before the conference between France, Germany and Greece, convinced that the Europeans "have financial resources to do what is necessary and avoid the collapse "of the euro area". He had, however, added that the Europeans will have to "recognize that they will have to do more and have fallen behind."

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Markets such as increased losses when Jürgen Stark, member of the Executive Board of the ECB, announced his resignation for "personal reasons", the statement of the institution. The chief economist of the institution has repeatedly expressed his opposition in recent weeks to buyback of government bonds led the ECB to ease the most fragile countries in the euro area.To this must be added the increasing fears of a major failure of Greece that have undermined investor sentiment. "The markets are falling heavily as the big concern is about the crisis of sovereign debt in Europe, especially in Greece," summarized Peter Cardillo, Rockwell Global Capital.

According to analysts, the drop is also due Friday the threat of attack ten years to the day after the attacks against the twin towers of World Trade Center. Washington said Friday morning that al Qaeda was behind the threat of attack "specific, credible but unconfirmed."

In addition, markets have shown little convinced by the stimulus of employment presented by Barack Obama on the eve of 447 billion.Operators are skeptical that the U.S. president to implement his program because of opposition from his Republican opponents that could block the vote.

Expectations related to the G7 Finance

To this must be added the words of Christine Lagarde, Executive Director of the IMF, stressed the urgent need for additional capital banks.So far, investors have also expressed no confidence in the discussions of the G7 finance that opened Friday in London to try to find an answer to the crisis.

Another item, from China, was not enough to appease both sides of the Atlantic: Inflation has indeed slowed in China in August, which removes the fear that Beijing tighten monetary policy .

On the macroeconomic front, wholesale inventories reached a record high in July, rising 0.8% to 462.4 billion dollars, an unprecedented amount, in line with market expectations. Note that a first estimate of consumer confidence from the University of Michigan for the month of September is expected in the afternoon.

As for the euro, it is at present weighed down by concerns about increasing the economic health of the euro area and the global economic recovery.At the close of the New York Stock Exchange, the European currency fell to 1.3658 dollar (-1.63%), its lowest level since Feb. 23. For its part, the oil has finished on a decline, a barrel of "light sweet crude" for October delivery ended at 87.24 dollars, down 1.81 dollars compared to the previous day.

Threats to jobs at Bank of America

On the corporate side, no major publication was in sight Friday.

The job cuts planned by the management of Bank of America (-3.05% to 6.980 dollars) as part of its restructuring plan could affect 40,000 people, said Friday the Wall Street Journal Online, citing sources familiar with the . The group identified on 30 June nearly 288,000 employees. So far, estimates of job losses were around 30,000, while many banks worldwide have announced significant staff reductions.These reductions would occur as part of an extensive research program savings called "Project LAC", the acronym by which exchanged the title of the institution to the New York Stock Exchange.

Texas Instruments (1.08% to 26.08 dollars) remains small increase, after a warning issued Thursday night on its third quarter results, citing a decline in demand for semiconductors. IT had already warned in July that the current quarter would be modest. The group emphasized that this time the request had deteriorated to "a wide range of products, markets." The manufacturer of components that go particularly in the manufacture of mobile phones and automotive electronics, said now anticipate earnings per share between 56 cents and 60 against a previous range stretching from 55 to 65 cents.

The Chinese government estimates that S & P has only confirmed a "horrible truth". One that was highlighted by the rating agency Dagong China, which has degraded the U.S. triple-A immediately after the agreement to raise the debt ceiling.She said "the days of Uncle Sam, crippled with debt, could easily squander endless amounts of borrowing from abroad seem numbered. (…) In order to treat his addiction to debt, the U.S. must restore the principle of common sense that we must live within its means. " For Dagong, the note of the United States increased from A + to A with, again, a negative outlook. According to the official Xinhua news agency, the adoption by Congress of a text to avoid a default of the United States failed to defuse "the bomb of debt." This failure to control U.S. borrowing could affect the "well-being of hundreds of millions of families in the United States and abroad," she lamented a few days ago.

In other countries, tempers

In France, Baroin, Minister of Economy, trying to reassure.First European official to respond to the thunder of the deterioration in the sovereign rating of the debt of the United States, he ensured that France "has full confidence in the strength of the U payday loans with no fax.S. economy and its fundamentals, and in the U.S. government's determination to implement the plan that was approved by Congress this week. "

Japan, the second creditor of the United States, said that its policy of buying U.S. bonds remained unchanged despite lowering their score. "Our confidence in U.S. Treasuries and their attractiveness as an investment will not change because of this action," said a Japanese government official told Dow Jones Newswires.Japan, which is trying by all means to curb a flight of its currency against the greenback, has no interest in selling its dollar assets for now since it would only strengthen the yen.

In South Korea, senior officials of the Ministry of Finance held an emergency meeting Saturday to analyze the consequences of the downgrade. But the government has warned against overreaction. "We need not be too worried about our economy and financial markets," said Deputy Finance Minister Yim Jong-yong. An Australian Prime Minister Julia Gillard has also called for calm markets. "At the same time, the other two major agencies, Moody's and Fitch continue to note the U.S. economy AAA. So I think people need to consider all the facts, "she said.In the Philippines, a spokesman for the Presidency said that the downgrade by S & P was "to some extent a wakeup call for the U.S. begin to seriously address their economic problems. We have confidence in their ability to do so. "

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"Debt: the United States have failed according to China

To support this message, the governor of the central bank, Zhou Xiaochuan, announced that "foreign exchange reserves of China will continue to follow the principles of investment diversification and risk management." Clearly, the portion of funds invested in dollar continue to fall. "Large fluctuations and uncertainty in the market for Treasuries have an impact on the stability of the international monetary and financial system, and could affect the global economic recovery," said the Chinese official.Beijing has to worry: he has financial reserves of the largest in the world, or about 3.197 trillion dollars at the end of June, of which 1.16 trillion invested in U.S. Treasury.

The rating agency Dagong China has also downgraded the U.S. of A + to A, away from the AAA provided by Western agencies. She said raising the debt ceiling will "worsen" the situation. The show divisions between Republicans and Democrats in recent months "reflects the government's inability to solve the problem" of American finance, said she.

"A first step"

More lenient, Moody's affirmed the AAA rating of the United States, while combining it with a negative outlook. "The agreement voted Tuesday night is the first step to recovery of public accounts," she observed in a statement.But the financial health of the world's largest economy, and therefore its rating could be threatened if new austerity measures are not adopted in 2013, even if growth slows, or in case of sudden rise in interest rates.

The rating agency Fitch for its part, said Wednesday morning in a statement that it believes "the risk of default of the United States is extremely low." However, "the United States, like most countries in Europe, must confront difficult choices about taxes and spending in a sluggish economic recovery," and sufficient to redress public finances. Fitch confirmed Tuesday night the American note.

Standard & Poor's, the most influential of the three Western rating agencies, has not yet officially expressed.The director of sovereign ratings Takahira Ogawa, however, tried on Wednesday morning to alleviate the issues of possible degradation, "the market has to some extent already recognized the potential risk of a downgrade American." S & P had warned during the negotiations on the ceiling of the debt: the United States should save 4 trillion dollars over the next ten years to maintain their AAA. The plan adopted only on table 2.4 trillion.

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The binder excluded from the list

The list 2011 includes thirty references, from books to filing through the rubber and pencil sharpener.This year, it does not ultimately buy a binder. The withdrawal of the article led the Federation of Parents for Public Education (PEEP) to leave the negotiation. "We recognize the economic reality and the context of rising raw material such as that 40% of the price of pulp, said Daniel SCHWARZ, treasurer of PEEP. That's why we were ready to discuss a positive impact on prices, perfectly stable since 2007. But the fact that teaches unilaterally remove the binder from this list, it is not acceptable. The binder for us is critical, there is. "

Rising prices

Creyssel Jacques, managing director of the Federation of Commercial and distribution (FCD), whose members are the retailers participating in the operation, has stressed during a press conference that the prices of "Essentials of return "would increase. "The increase will be moderate," he promised, however. Brigitte Masure, president of the Confederation of families, intérogée by Le Parisien, Aujourd'hui en France believes that the purchase of supplies back last year cost 40 euros for a child to kindergarten, 113 euros for a PC, 337 euros for a sixth and 821 euros for a second student to technology. The invoice should climb this year.A study published in late June by the online shopping site Twenga revealed that the average cost of supplies were increased by 18% compared to last year.

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