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The Greek government approved on Sunday evening a plan to reduce the number of employees, matching the most controversial release of financial assistance from the International Monetary Fund (IMF) and the European Union (EU).

The project creates a "worklist", where 30,000 employees would be affected by the end of the year with a drop of 40% of their compensation. After a year they would be dismissed.

"Measuring worklist was unanimously approved," he told Reuters a vice minister at the meeting of the cabinet.

Axa has launched the sale of its private equity, an assignment following the withdrawal of almost general banking and insurance sector made a not very attractive for future Solvency II prudential standards.

Two sources familiar with the matter told Reuters on Friday that the bank Credit Suisse had been mandated to look after the sale that occurs in the middle of financial turmoil.

"It's like any new process," said one of them, noting that the figure of one billion sterling raised in the morning by the British news channel SkyNews seemed high.

Many financial institutions are now trying to strengthen their balance sheets in order to reassure the markets and prove they can cope with the debt crisis in the euro area.

"It's not their core business or strategic asset," said one London analyst, who is likely Axa uses the proceeds from this sale to strengthen its capital rather than make acquisitions.

The impact of this withdrawal should be limited, because private equity is not an activity that consumes a lot of capital.

Management companies such as Axa Private Equity investing in unlisted companies for several years but do not with their own capital.They invest on behalf of institutional investors or wealthy families.

But even if Axa does not change his deep financial profile of the transaction, the sale could help convince its shareholders of its determination to go after refocusing.While the future of the subsidiary was never considered a major issue.

Reconquest

Axa has launched an operation in June "conquest" with its investors with the presentation of a strategic plan in 2015 whereby it has redeployed some of its capital to emerging markets and reduce its costs in mature markets.

The title Axa lost 33% since the beginning of the year, while the European sector index limit its losses to 27%.

Axa declined to comment on Friday to become its subsidiary AXA Private Equity which manages $ 28 billion in assets and was one of the most dynamic in its sector in France this year.

In particular, it acquired in May in tandem with Clayton, Dubilier & Rice (CD & R) and the Deposit Quebec electrical engineering group Spie for 2.1 billion euros.

Axa PE also announced the acquisition in August at HSH Nordbank

the bulk of a portfolio of 620 million euros, having already completed in June the acquisition of a portfolio of Citigroup for $ 1.7 billion (1.17 billion euros) and another Barclays for 740 million dollars.

Main engine of recovery of M & A in 2011, private equity, however, shows signs of weakness in France.

The closing of the market "high yield", these high-yield bonds that fund LBOs (financial arrangements based on significant debt leverage) points to a new lean times for the sector.

The ECB president, Jean-Claude Trichet, said Saturday that the budgetary situation in the euro area was better than elsewhere. A response to criticism from the United States on the European management of the Greek crisis. The ECB President Jean-Claude Trichet reiterated, at a summit of the Eurogroup Saturday, September 17 in Wroclaw, the budget situation in the euro area was better than in other rich countries.

The Europeans responded Saturday to criticism by the United States on their management of the debt crisis, saying that the budgetary situation in the euro area was better than other major industrialized countries.Against the attack came from Jean-Claude Trichet, president of the European Central Bank (ECB), following a meeting of European finance ministers in Wroclaw, Poland.

"Taken together, the EU and the euro area are in a situation probably better than the economies of other major developed countries," he said to the press. Proof of this is: the deficit (public) of the euro area is expected to grow by about 4.5% of GDP this year, said the head of the Mint. The United States, which are struggling under a huge debt, expecting a deficit of 8.8% this year.

Disagreements over the financial tax

His comments appear as a response to statements on the eve of U.S. Treasury Secretary Timothy Geithner, who came to Poland to lecture Europeans on how to deal with the debt crisis that worries the world now. Mr.Geithner urged the euro zone to end the divisions on how to resolve this crisis, particularly between the ECB and European governments, warning against the risk "catastrophic" of disunity.

EU ministers have not enjoyed these recommendations. In contrast, Germany has suggested the United States to support the idea of ​​a tax on financial transactions, which would release the necessary funds. What the U.S. Secretary flatly refused, according to comments reported by a minister.The subject of the tax is divisive within Europe itself, since France and Germany are in favor while the British, worried about the future of the City of London, are opposed.

20,000 march against austerity

"There are significant divisions on this issue," acknowledged the Polish Finance Minister Jacek Rostowski, explaining that many states fear that a tax on financial transactions confined to the European Union "to succeed simply that transactions move outside the area. " The Belgian Finance Minister Didier Reynders, defended the tax Saturday. Failing to implement it globally, "we will do in the European Union, and if not possible, in the euro area," he said."It's a technically simple, economically viable by the financial sector, financially productive and politically correct", pleaded for its part the European Commissioner for Financial Services, Michel Barnier.

The meeting of European ministers, which began Thursday, ended on Saturday against a backdrop of protests against austerity in Europe, the appeal of the European Trade Union Confederation (ETUC). Polish police counted 20,000 demonstrators. Organizers were expecting more than 30,000. The event took place while the situation in Greece empire every day and the meeting of Wroclaw has failed to progress whatsoever on the implementation of the second aid plan in the country.

Monday teleconference between the troika and the Greek Minister of Finance

Without this rescue plan of nearly 160 billion euros, the country is threatened by a default. Mr.Reynders has predicted that the rest of the debt crisis in Europe would last for "one or two years" and that a legal guardianship of Greece – already well underway – will probably be necessary. The file blocking Greek in particular the requirement Finnish financial guarantees in exchange for new loans. "We negotiate continuously, but there is nothing new for now," said Saturday the Finnish Minister of Finance, Jutta Urpilainen.

Another source of uncertainty, the troika of donors of Greece (EU, IMF, ECB) does not return date in the Greek capital, while its presence in Athens was announced for those days.It must decide the payment of an installment loan of 8 billion euros, which is essential for financial survival of the country, according to the efforts of the Greek government.

The finance minister, Evangelos Venizelos, but officials said Saturday that the troika would meet with him Monday via teleconference. Greek Prime Minister George Papandreou has also postponed a scheduled visit to New York, "because next week is particularly crucial" for the implementation of European decisions on the Greek crisis.

Contrary to popular belief, teachers do not run on gold in France. They earn less than their counterparts in rich countries. Above all, their pay has fallen since 1995, according to the OECD. A class of primary Vincennes

A few months before the presidential election, it's a stir of Education launched by the OECD. In its Report 2011 "Education at a Glance", released Tuesday, the organization that brings together the richest countries of the world considers "alarming" the wages of teachers in France.

First, the average statutory salary (excluding bonuses and overtime) of primary teachers or secondary school is less than the average of OECD countries, both for new teachers (25% approximately), for those with 10 or 15 years of professional experience (from -14% to -17% depending on the level of education).Only late-career salaries are slightly above the OECD average.

"This is a first criterion quite alarming, but also, when you look at the evolution of the statutory salaries between 1995 and 2009, France with Switzerland is one of the two countries that have had a steady decline of teacher salaries ", commented at a press conference Eric Charbonnier, education policy analyst in the OECD. In fact, the evolution of the salary of a teacher of junior high school with 15 years of experience has gone from an index 110 to index 95, according to OECD criteria.

"These OECD statistics merely reflect a sad reality that French teachers are paid less than their counterparts in developed countries and their standard of living has steadily deteriorated over the past ten years, says the expansion. com Daniel Robin, secretary general of the SNES-FSU, the main union of Education.It is even worse for two years: the freezing of the index point in the civil service and the increase in pension contributions and CSG [through the pension reform of 2010, Ed] result in a net loss purchasing power for teachers, "he adds.

1666 euros early career

According to INSEE, the average monthly income of a primary school teacher was 2367 euros in 2008, 2423 euros for professors, certified teachers in higher education. This is slightly higher than the average wage of a civil officer of the State (2328 euros net per month). But it is almost two times less than a part in the private sector (equal status with certified teachers and aggregated), who earns an average of 4081 euros per month.

According to the compensation schedule of the Ministry of Education, a school teacher earns 1666 euros early career and 3026 euros in late career. Same salary scale for certified teacher. The aggregate earn more: 2032 euros in early career after Euro 3722 30-year career. For secondary school teachers (secondary schools), in addition to such remuneration bonuses, miscellaneous allowances and overtime. All of which can reach 200 to 250 euros per month depending on the SNES-FSU.

Levels well below other major economies. In Germany, the average monthly salary of a certified teacher of over 15 year career amounts to 5,400 euros, according to OECD data. United States, the same teacher earns 4150 euros a month.In France, it affects only 1913 euros and 2540 euros (after 20 year career) to finish at 3,000 euros.

These statistics will not run out of the debate for 2012 election, while the right plans to increase the time spent by the course teacher, for a fee (the "work more to earn more" dear to Nicolas Sarkozy ), as Martine Aubry proposes to take into account the number of hours team meetings and meetings with parents, and Francois Hollande is prepared to recreate the 70,000 positions eliminated in five years. Alas, none of the candidates meets the wishes of the unions, "an appreciation of teachers' salaries at a level at least as high as the average of rich countries," explains Daniel Robin.

The investment company Eurazeo announced Thursday a loss of 106.3 million euros in the first half due to losses on derivatives and goodwill.

The results related to the business are better and Eurazeo shows a revenue increase of 5.3% to 1.907 billion euros.

EBIT (earnings) of consolidated companies adjusted to 200.5 million euros it is up 7.7% over the same period last year.

Eurazeo reported a stable net asset value to 70.1 euros 70.3 euros against 31 December 2010.

The financial holding company, which had returned to profitability in 2010, reiterated its goal to create 2 billion of value creation by 2014 thanks to new acquisitions.

Eurazeo has launched this year in a series of acquisitions by taking over the fund OFI Private Equity, participation in the group of ready-to-wear Moncler and the land administration.

The holding company has stakes in listed companies such as Accor or private car rental company Europcar.

DIA, the company split from discount stores with Carrefour, reported Tuesday a 10% increase in underlying profits in the first half, strong growth in emerging markets offsetting difficulties in its main markets of France and Spain.

The Spanish group, which made its IPO last month, has reported a gross operating profit (EBITDA) of 233.8 million euros.

The eight analysts polled by Reuters expected a profit of between 217 and 236 million euros.

The action DIA opened up 3.18% to about 2.73 euros.

The stock fell nearly 23% since the IPO of 5 July, amid fears about consumer spending in Spain, France and Portugal, where the group achieved in 2010 over three quarters of its sales.

Sales of DIA, which operates over 6,400 stores in eight countries, emerged up 2.5% to 4.79 billion euros in the first half.

Sales at stores open at least a year jumped 14.4% in emerging markets and increased 0.2% in Spain and Portugal, offsetting a decline of 6.4% in France.

The EBITDA margin increased 30 basis points to 4.9%.

The group said it maintained its full-year, which increased sales by 4% and an increase of 6.5% of adjusted earnings.

Carrefour, the first European distributor, launched last month a warning on its earnings because of its poor performance in France. It must publish its interim results on Wednesday morning.

Austria, the Netherlands and Slovakia want to turn the establishment of a collateral attached to loans in Athens if the agreement between Finland and Greece is approved by the countries of the euro area.

"The model collateral must be open to all countries in the euro area.We'll see if this is the case, "said Harald Waiglen, spokesman for the Austrian Ministry of Finance, in the pages of Helsingin Sanomat.

The three countries want to follow the lead of Finland have paid for approximately 11% rescue plan 109 billion euros granted to Athens.

Finland has reached an agreement with Greece on the collateral attached to loans from Helsinki to Athens, which should facilitate the establishment of a Nordic country using the most indebted to the members of the euro area.

The establishment of a collateral – collateral assets in a loan – its loans was a sine qua non for Finland agrees to participate in the Plan aid to Greece.

The country's cooperation with this plan is considered important, not because of the size of its stake, but because it is one of six members of the euro area to receive a rating of "AAA" , the highest possible.

A representative of the Greek government but warned that extending this option to other states in the euro area would be to nullify the effects of emergency aid.

So he quickly indicated that Athens did not evoke such an event with other countries than Finland.

"We do not discuss this," he said on condition of anonymity."Launching such discussions would be to cancel the effect of the rescue plan."

The Greek Minister of Finance declined to comment on this information.

"If other Member States of the euro area require collateral to ensure their contribution to the second bailout plan, the amount of funds available is dwindling, threatening the success of this new aid," said Theodore Krintas Attica Bank.

Marco Valli, chief economist at UniCredit in the euro area, for its part believes that multiple requests "undermines the credibility of the assistance plan."

Lafarge announced on Wednesday the sale to the Australian Boral its stake in their joint venture equally in the plaster in Asia worth 429 million euros as part of its debt.

The world cement continues its withdrawal from the plaster, the smallest of its three businesses, in February after setting an ambitious target of over two billion euros of debt, half by reducing the dividend, and for other by a decline in investment and new divestitures.

Final completion of the sale of its share of Lafarge Boral Gypsum Asia (LBGA) expected before the end of the year, Lafarge said in a statement.

The price of EUR 429 million represents the value from Lafarge LBGA.Excluding debt and minority interests, the price stood at 380 million euros.

Founded in 2000, LBGA conducted last year in sales attributable to the group of 181 million euros and EBITDA of 31 million.

Lafarge had already announced July 22 the sale of its gypsum in Australia in its German competitor Knauf for a net worth of 120 million euros, ten days after entering into exclusive negotiations with the Belgian Etex plaster to give up his European and South America, for a net amount of 850 million euros.

With these assignments, which follow the cement and concrete assets in the United States announced in May, Lafarge will far exceed the target of disinvestment of 750 million euros it has set for 2011.

The group's debt, inherited largely from the acquisition of the Egyptian Orascom in 2008 reached 14.3 billion euros at the end of June.

Moody's announced on August 5 lower the debt rating of Lafarge Cement in the speculative grade, five months after a similar decision by the Standard & Poor's.

Costly wars, tax breaks, financial crisis … Some of the factors that led to the debt of the world's greatest power to reach the ceiling of 14,300 billion authorized by Congress.

Expensive wars, tax cuts and the crisis of 2008 are some of the factors that make the U.S. world power, now find themselves on the verge of default, which could affect severely the economy in the world.

As Barack Obama said bluntly in a speech to the nation Monday night: "During the past decade, we have spent more money than we collected." In 2000, the U.S. federal budget showed a surplus of 236.2 billion dollars.In February 2011, the Obama administration projected a deficit of 1650 billion for the current year, a figure recently reduced to 1,300 billion by the Congressional Budget Office (CBO), a non-partisan.

The Democrats like to point out that the federal budget was in surplus when Bill Clinton left office in January 2001 and that the deficits began to reach heights under the chairmanship of his successor, George W. Bush. But Bill Clinton himself had benefited from tax increases decided by his predecessor, George Bush, to whom they may have cost her re-election. The "bubble" in the IT sector was also boosted federal revenues under Clinton. She would burst in March 2001 under the presidency of George W. Bush, a year that would end on sending troops to Afghanistan after September 11.

In 2003, President Bush ordered the invasion of Iraq to dislodge Saddam Hussein, but refused, with its Republican allies, to make tax increases. Many Democrats will still vote the funding of these two conflicts, including Senator Barack Obama. For their part, Republicans now leading advocates of fiscal restraint, as the leaders of the party in the House of Representatives and the Senate, John Boehner and Mitch McConnell, also had fully supported the approach of George W . Bush. The United States spent U.S. $ 1.283 billion for the wars in Afghanistan and Iraq in 2011, according to a report in March by the Congressional Research Service (CRS), another non-partisan entity.

According to the CRS, the tax cuts enacted between 2001 and 2004 have cost, again in 2011, 1,760 billion in the federal budget.The New York Times, "If these tax benefits had expired as scheduled in 2012, future deficits would be halved."

In addition, a drug reimbursement policy more beneficial to the elderly, approved in 2003 by the two parties, resulted in an additional cost of 552.2 billion dollars over 10 years, according to the CRS.

George W. Bush inherited a debt of 5,700 billion. In January 2009, at the end of his second term, she had grown to 4,900 billion and the U.S. economy suffered the brunt of the crisis "subprime". "Wall Street got drunk and now it's cooked," summed up President Bush in July 2008.

The rescue plan set up by Obama has cost 800 billion dollars more, but failed to boost employment.And the debt continued to accumulate, reaching 16 May 2011 the ceiling of 14 300 billion authorized by Congress.

Which Bush and Obama is to blame most for the digging of the debt? The New York Times table below compares the new spending under the two presidencies …

It's a painful choice awaits U.S. leaders on August 2, when the government will end up running out of expediency if the ceiling is not raised: to default on part of the debt or cutting spending or health retirement. And economic and financial world feared the shock waves in the world if no agreement is reached. Obama himself spoke of a "Apocalypse" economy.

But Republican leaders must manage the intransigence of their ultra-conservative members, close to the movement of the "tea party", who reject any tax increase, away from the prospect of a compromise.

The rating agency believes that the new aid package to Greece means a credit event of partial default on long-term debt of the country. The offices of the rating agency Fitch in New York.

Fitch Ratings has taken the first. Following the announcement of the bailout European Greece, Franco-rating agency in New York said Friday that it would put the note in default part of the country.

The agency, which considers "important" and positive "the agreement reached by the countries of the euro area to hold the debt crisis shaking the monetary union, says that Athens will default on its old bonds, according to its criteria . In effect the new rescue plan involves a contribution from private creditors, which amends the original terms of their loans.

A new note will then be attributed to the Greek sovereign debt, but probably in the bottom of the speculative grade by Fitch Ratings.