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Francois Hollande took over France in a low growth in Europe depressed, with the main challenges the recovery of public accounts and employment.

The pressure is on the new president, who knows that its room for maneuver is more limited than those of his predecessors.

Having identified the growth as a condition of the reduction of public deficits in Europe, it will negotiate, particularly with Germany, measures to stimulate activity without deteriorating accounts of the States.

In France, he inherits an annual deficit of about € 100 billion, focused on the state and the financial statements. 

He promises to bring the end of 2011 from 5.2% to 3% of GDP end 2013 in accordance with the commitment of France, by raising taxes and curbing the rise in die ; think the effort is balanced between the two.

Priority of the French unemployment rises, it, every month for nearly a year and reached a forgotten since the late twentieth century.

To reverse the trend, adapting the social system and revive the industry, the new president plans to use fiscal and budgetary weapons and engage in important negotiations with employers' organizations and union. 

FAITH IN THE FUTURE

Like his predecessors, he hopes to be helped by a more dynamic growth than await the IMF, OECD, the European Commission and economists. Additional austerity measures could therefore be required.

GDP would grow by 0.5% according to him this year, 1.7% in 2013, 2% in 2014, and 2% to 2.5% from 2015.

Economists at Credit Agricole CIB-felt before the second round it was a forecast "too optimistic".

"Both programs lack a credible comprehensive strategy to boost competitiveness and growth", they added about the finalists.

Francois Hollande opposed to a sudden slowdown in public spending, want to avoid explaining a recessive effect that dry up the revenue of the state and would increase the deficit instead to reduce it. 

Increased spending would be 1.1% per year – against an average of 1.7% from 2007 to 2010 – which would decrease the amount as a percentage of GDP if growth is there.

His relatives said that the rating agencies were watching the growth prospects of the states, not just fiscal ratios.

Degraded by Standard and Poor's earlier this year, the memo from France – ever "triple A" by Moody's and Fitch – is negative outlook for all three agencies, which means other damage are possible.

RECOVERY HISTORY

Francois Hollande promises to balance the public accounts end of 2017, a first since 1974. The effort would be one hundred billion over five years, including about forty by the end of 2013, provided that the annual defense budget.

"Despite the strong commitment of candidates to control deficits, we highlight the historical magnitude of the adjustment would be needed", noted analysts at Barclays.

To lower the debt ratio to GDP, which tends toward 90%, about 80% end of 2017, Francois Hollande provides significant tax increases, where the impact would be in his the less sensitive: the richest households and the largest enterprises.

Thirty billion of new taxes would reduce the deficit, and fifteen more would finance a portion of its 20 billion euros of measures. Some of these measures according to him should support growth and employment, others restore "justice" as the softening of the pension reform.

It is however committed to removing the VAT hike decided for the month of October and that would affect all consumers.

Faced with unemployment at its highest since 1999, Francois Hollande relies on a battery of policy measures – including an increase in recruitment of officials – and on support for small and medium enterprises.

He promises a "generation contract" to integrate young people into the business while retaining older workers, and the creation of 150,000 "jobs of the future", a discount of up to date "youth jobs" of the Jospin government. He announced a refocusing of training on the less educated public and strengthening the capacity of job center.

STRUCTURAL WEAKNESSES

The new president will also reduce structural weaknesses that undermine the French economy since the end of the "thirty glorious years".

The foreign trade surplus that has been ten years since 1950, had a deficit of 70 billion euros last year, a record. The market share of France in world trade deteriorates to 3.3% last year against 5.8% in 1995. Exports and the deficit with the EU, representing 61% of total products sold outside France, widened further.

The imbalance of foreign trade is reflected in the current account deficit, which measures the evolution of the country's debt vis-à-vis the outside, so that almost ; s two-thirds of the stock of marketable debt held by French non-residents.

Francois Hollande surprised during the campaign by his discretion on structural reforms intended to reduce these imbalances.

"The discussions on an agenda of structural reforms (labor, goods and services) are, surprisingly, absent from the campaign of Francois Hollande," analysts at Barclays stressed. "That said, we see reason to believe in the ability of Francois Hollande to reform: the Socialist Party has traditionally good relations with social partners and Francois Hollande is known for build consensus. "

For Gilles Moec, Deutsche Bank, "its goal of zero deficit in 2017 is underpinned by ambitious growth forecasts which we believe are not credible without reforms rapid structural on which the Socialists are now completely silent. "

The CEO of Qatar Airways has expressed interest in studying the case of aircraft developed by countries such as China, given frequent delays at Airbus and Boeing.

Akbar Al Baker, who regularly criticizes two giants of the aerospace industry not to take their time, said Monday that delays of up to three years had thwarted growth plans of carriers in the Gulf region, which now constitute much of the Western demand for appliances.

Qatar Airways has ordered the Boeing 787 Dreamliner, the Airbus A380 superjumbo and the A350, three devices that did not meet delivery dates announced. 

The airline has also ordered smaller devices to 150 seats, as the A320neo. She ordered 50 during Dubai Airshow in November.

Asked if he would consider buying Chinese equipment, Akbar Al Baker said: "Why not? If it is safe, effective, advanced and that it meets the requirements."

The Chinese Comac develops a 150-seat aircraft.

Industry leaders argue, however, it will take at least ten years before China can compete with Boeing and Airbus on larger aircraft.

STMicroelectronics (ST) announced Monday that an arbitral tribunal ordered it late last week to pay $ 59 million (45 million) to NXP Netherlands, leading manufacturer of semiconductors ; to lower its margin guidance for the first quarter.

"This award follows a dispute between ST and NXP that involved a claim by NXP for certain operating expenses to be added to the price of chips provided by NXP from 1 October 2008 and 31 December December 2009 to the joint venture created by ST in the field of mobile, "the company said in a statement.

"This award will be reflected in the income statement of our first quarter 2012 and we believe it will negatively impact our cost of sales. This will in turn have a negative impact on our gross margin by about 2.6%. "

ST adds thereby lower its pre ; cédente forecast results for the first quarter as a result of this unexpected exceptional charge, to about 30.4%

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The Tokyo Stock Exchange ended down 0.53% Thursday, limiting its losses in the wake of the sharp drop on Wall Street and European markets.

The Nikkei fell 52.38 points to 9,767.61 points after touching a low four-week session and the Topix broader point yielded 2.79 points (-0.33%) to 832.57 points.

Toshiba has closed up 1.73%. The world number two flash memories is considering an alliance with South Korea's SK Hynix Semiconductor to buy Elpida Memory, according to the Nikkei newspaper.

Values ​​have been car clearances, leaving Toyota and Honda Motor 0.72% 1.13%.

Health spending should not increase by more than 2.9% last year. The target was held and even beyond. But if the city manages to medicine to save money, it's more difficult for the hospital. But the effort required for 2012 has been strengthened.

Good news. The national target of expenditure (ONDAM), indicator of the health expenditure control, was observed in 2011, for the second consecutive year. Savings have been achieved even, mainly due to the general practice.

"Under 2011, spending will be well below 330 million euros to the goal voted by Parliament. Specifically, spending on care city will be less than 300 million," said a joint statement ministries Budget , Health and Solidarity.

The hospital sector is more difficult to roll back its spending. "For their part, hospital expenditures do not exceed, after setting aside prudential funds, the authority of Parliament," the statement said, meaning that the ONDAM hospital has been held that using a gel certain appropriations provided by the state, primarily for public hospitals, for most of 2011.

The deficit of public and private non-profit improves slightly (0.8%) in 2011: 504 million euros against 508 million in 2010. For teaching hospitals (CHU), the largest public hospitals, the overall deficit improved by 15 to 329.4 million. Nicolas Sarkozy had hoped in 2007 a return to balanced operating accounts in public hospitals for 2012.

For the three departments 'performance' of 2011 "bodes well for the respect of ONDAM in 2012, for the third consecutive year." The goal for this year was, however hardened, precision required, and will be more difficult to hold, with a projected increase of 2.5% against 2.9% in 2010 and 2011.

The CSMF reacted to the government announcement stressed again that the bulk of the savings was realized by the general practice. "Beyond compliance ONDAM general ONDAM care is respected city for four consecutive years" and in 2011, savings totaled 612 million, "62 million more than expected," says union in a statement. He took the opportunity to claim back a "rebalancing" budget for the care of town. For 2012, the rising cost of ambulatory care was limited to 2.1% against 2.6% for hospital costs.

Arnaud Lagardère, the General Partner of Lagardère, was sold for eight million shares of the group founded by his father Jean-Luc Lagardère.

According to advice published by the Financial Markets Authority (AMF), the shares were sold in five lots between 12 and 16 March. Arnaud Lagardère has sold 346,653 shares, representing 0.26% stake in media group.

Prior to these assignments, Arnaud Lagardere held directly and indirectly 9.62% of Lagardère, or 12,610,893 shares, as the group's annual report in late 2010.

These sales of securities came as the sovereign wealth fund Qatar Holding is mounted to the capital of Lagardère in its interest to 12.8% against 10% previously. The Qatari fund since December is the largest shareholder group.

"The sale of shares made these days on behalf of Mr. Lagardère held as part of the unwinding of a financing package set up by BNP Paribas in 2004 to opportunity of settling the estate of his father and under the relevant contract ", simply commented Lagardère in an email to the press.

"Mr. Lagardère has signed, as such, a term of disposals programmed, September 30, 2011 and including the AMF was informed," says the company. "The declarations of leadership assignments are made directly to the MFA by the operator."

Lagardère, which owns a 7.5% share in EADS, has suffered a heavy loss in 2011, 707 million euros due to massive writedowns past ; are about sports.

This diversification, considered strategic by Arnaud Lagardère, ended last year with an operating loss of six million euros, after sales performance below expectations, loss of several contracts and litigation.

Qatar has raised its stake to 12.8% stake in Lagardere and intends to seek a position on the supervisory board of the media group, we read in a notice published Monday by the Authority ; financial markets.

Qatar Holding said hold 12.83% stake in Lagardere. society, which belongs to the sovereign wealth fund Qatar Investment Autority, said it had also surpassed the 10% voting rights, 10.05%.

She added that it reserves the possibility to further increase its stake in the company but said not wanting to take control.

However, it indicates it intends to seek a position on the supervisory board and "talk to all interested actors, as appropriate, in light of strategic partnerships to create value in ; long-term shareholder, with the stipulation that there is currently no specific plans in this regard ".

Privatization of tax collection, open to private hospitals, creating a single tax on companies by 15%: the leader of the Conservative party of New Democracy, Antonis Samaras, on Wednesday presented his recipes out of the crisis. The Leader of the Conservative party of New Democracy, Antonis Samaras.

The France of the ancien regime had its tax farmers to collect the tax in place of the state. Greece does go so far if the leader of the Conservative party of New Democracy, Antonis Samaras, came to power after the next election? Among his proposals to end the crisis, because it evokes a form of outsourcing privaisation or tax services.

"We advocate a single tax on companies by 15%, and at the same time we must ensure that there is not a crook in the system (tax, NDR). If necessary, we will use the type of private KPMG (audit firm, ie) to help us collect taxes, "said Mr. Samaras a delegation of journalists Spanish, Portuguese, French and Maltese visit Greece on the initiative of the European Commission. "We will use outsourcing services even if we also try to make public employees more competitive," said Mr. Samaras, whose party is leading the polls for upcoming elections in Greece, planned a priori in May

. Mr. Samaras reiterated that his party was committed to "submit to the policy "contained in" Memorandum "(the RAP of the economy) signed by Greece with its European partners in exchange for loans vital for the country. "We ask only a modification of certain policies to promote growth and stop the cycle of recession," he emphasized, however.

Greece is in recession for the fifth consecutive year. Questioned by the press on the responsibility of his party, in power between 2004 and 2009, in the current crisis in Greece, Mr. Samaras was rather minimized by rejecting most of the blame on the socialist party PASOK, with which He currently shares the power within the coalition government led by Lucas Papademos. "I do not mean that my party has no direct or indirect responsibilities in what took place

. We have not done some things we should have done, but PASOK did things he should not have done, "he said. "We have privatized Olympic Airways (…) but we have not privatized enough," he said, also refusing to recognize a liability for his party in the inflation of the country's public deficit in 2009.

Revision of deficit by the Socialists in 2010 (from 6% to 15% of GDP), which has crossed to Greece access to capital markets by triggering the IMF and the European Union (EU) for Rescue of the country, the subject of an intense political battle between New Democracy and PASOK. "To restore the credibility of Greece in this area, we did the right thing by appointing an independent person at the head of the statistics agency," said Secretary of State for Finance Yannis Mourmouras, this the meeting. "There is more political interference," he said. Moreover, on immigration, Mr. Samaras said he was "determined" that Greece "does not become a magnet for immigration" asking "a common policy in Europe" on the subject.

Over 80% of private creditors of Athens agreed to participate in the restructuring of the country's debt will be reduced by 107 billion euros. The agreement paves the way for the release of a new international loan which will prevent the default. Three of the four ministers of the Greek far-right party Laos opposing the new austerity measures demanded by the creditors of the countries presented their resignations Friday, February 10

Greece can heave a sigh of relief. The plan to restructure its huge debt raised almost 84% acceptance of all its private creditors, including only 85.8% of bondholders under Greek law.

Result: some 107 billion euros over the 206 billion euros of Greek debt held by banks, insurers, investment funds and pension funds will simply be deleted. A very short term, the agreement removes the risk of default since the country had to repay € 14.4 billion on March 20. It also unlocks additional European assistance than 130 billion euros that will enable it to meet its medium-term future échéanches.

If Greece has avoided a default unchecked, this rate is still insufficient compared to the 90% target that was set by the government, explaining that he had to recommend the activation of collective action clauses attached to the bonds to be exchanged.

They are forcing carriers reluctant to accept the terms of trade and should be ultimately the acceptance rate at 95.7% said the Finance Ministry statement. "The holders of approximately 172 billion euros of bonds by Greek law" have accepted the proposal made by the Hellenic Republic on February 24 to exchange their debt securities against other securities whose face value was reduced 50% said the statement.

"I wish to express my gratitude to all our creditors who supported our ambitious program of reform and adjustment and shared sacrifices of the people in its historic effort" praised the Greek Finance Minister Evangelos Venizelos said in a statement. The exchange of specific securities to be held Monday, March 12 for bonds by Greek law, but an extension until March 23 was granted to holders of non-Greek right to present their response to the proposal. This delay does not allow those who have already joined to the bid to reverse their decision.

The partners of Greece indeed want the private sector do its part in the rescue effort of the country, with a contribution sufficient to provide debt reduction to 120.5% of GDP in 2020, a ratio expected to guarantee the country's return to solvency.

Successful restructuring opens the door to the contrary release 130 billion of loans provided by the euro area in late October. These two components, debt and bailouts, make up the second bailout of the country developed its international partners, after an initial infusion of 110 billion granted in 2010.

Wall Street ended down about 0.5% Wednesday, interrupting a series of four consecutive sessions of gains, after investors have concluded about the Reserve Chairman fe ; Re public that there will be no immediate further monetary easing.

The Dow Jones Industrial 30 yielded 0.41%, or 53.05 points, to 12,952.07. The S & P-500, wider, lost 6.50 points, or 0.47%, to 1365.68. The Nasdaq Composite fell 19.87 points to his side (-0.67%) to 2,966.89.

At his hearing before the Committee on Financial Services of the House of Representatives, Ben Bernanke noted that there had been improvements in the labor market, although it also said he had to accelerate growth in the United States that will reduce an unemployment rate considered unacceptable.

Recognition of a better employment has, ultimately, been interpreted as not going in the direction of an imminent new bond buyback program, possibility Ben Bernanke himself had not ruled out during the press conference which followed the last monetary policy meeting of the Fed's late January. 

"Market participants felt that Ben Bernanke was slightly less accommodating than before – and I stress the word 'slightly'," said Michael Marrale, managing director at RBC Capital Markets.

The statements of Fed chairman supported the dollar and weighed on commodity-related values, with a sector index down by 1.74%.

The decline of Wall Street has been limited by the publication of an index of purchasing managers in the Chicago area much better than expected in February, its highest since April 2011 . 

The publication of the Fed's Beige Book, which says that the U.S. economy grew at a moderate pace in January and mid February, was also ; a factor of support.

The decline Wednesday is also linked to profit taking after the series of increases in recent days. And, throughout the month, the Dow Jones gained 2.5%, the S & P 500 4.1% and Nasdaq 5.4%.

Analysts also note that the volumes were less expanded in comparison to the average of February.