The first results of union elections in the State Civil Service, made public Friday, reflect a surge of reformist organizations according to experts, that link including the growth of FO and UNSA and erosion of the CGT. The day after the election for which about two million state employees were called to elect their representatives in the equivalent bodies in the private councils, the Minister of Public Service, François Sauvadet unveiled interim results.

According to these results do not include the votes of Finance (165,000 subscribers) and Justice (75,000 subscribers), the FSU continues to lead with 19.1%, followed by FP that collects 16.2% of the vote. The latest results placed the two organizations, respectively 20.6% and 15.4%. For Anne Baltazar (FP), "if the results are logical, it holds the rope for first place in the State Civil Service", the FSU is not present in Finance.

A participation rate of 51%

"So far so good, the results are good," has carried out its Groison Bernadette (FSU), noting that the organization consolidated his first place in Education. The UNSA, who was fourth and climbed into third position (15.3%), greets his part "satisfactory results" show that "the strong commitment to our agents and reformist humanist values."Then come the CFDT (14.5%), a "uphill" as one of its representatives Brigitte Jumel, the CGT (12.8%), Partners (6.2%), GSC (5.8 %) and CFTC (3.9%).

In presenting these results, François Sauvadet said the turnout of all elections was 51.2%, which is affected by the worst score in Education (40.4%). Apart from this rate "not extraordinary", Guy Groux, a researcher at Sciences-Po, points out that these initial results should be treated with caution as they fail Finance, nearly 15% of registered voters.He noted, however, that "unions are not necessarily favored in the private, such as FSU, UNSA, or FOR, take their game completely," pointing in particular a "sharp increase in Unsa".

The CFTC under the carpet

Bernard Briere, Institute of Economic and Social Research (IRES), for its part is a "rise of the reformist pole" (Unsa, CFDT and FOR) and a hypothesis: "a call for negotiations." For Bernard Vivier, the Higher Institute of Labour, "the surprise is for FOR, CGT while eroding a bit", the result of Finance, however, may change the situation. For unions, which defend their right to negotiate but also their means, the stakes of this election is crucial because the rules of representation have changed the law of 5 July 2010 on the renovation of social dialogue.

Representative to stay, organizations must obtain seats in the various bodies, forcing them to cross thresholds ranging from 3% to 7.5% (against 10% in the private sector). Based on preliminary results, Mr. Vivier, believes that the CFTC passes "certainly at the door," while it should be checked for the GSC. Mr. Briere notes that "small unions have a little progress, but have not achieved what it takes to be representative." Hacquin Vincent, head CGC, however, ensures that the organization was representative, noting that "no one goes so far."

The results of the economic ministries are expected in the evening on Friday. The officers of the Department of Justice that will vote Nov. 22 due to quirks in the preparation.The results for the public hospital where a million workers were also asked to vote Thursday, are expected in early next week.

The American chain adds that the fund would be created by the European Investment Bank (EIB) and the obligations could also serve as collateral for the European Central Bank (ECB).

"Our feeling is that the project to leverage the EFSF (European Financial Stability Fund) is well underway," said CNBC, adding that it was perhaps not the only project under discussion to address the crisis of debt sovereign in the euro area.

Wall Street has increased its earnings this announcement and the Dow and the S & P 500 ended in gains well in excess of 2%.

No one was immediately available to the EIB.

Another European official, who participates in discussions to find ways to resolve the crisis, found that information "bizarre".

"Frankly, what evokes the EIB is just weird, it's not at all what we are talking," said the official told Reuters.

"We are discussing with the EIB to increase its capacity but only for loans for projects," he added, referring to bonds to finance major infrastructure projects of the European Union.

Executive Director of the International Monetary Fund, Christine Lagarde, repeated in an interview published Monday in Germany criticized the application of a European bank recapitalization.

"We think in general it is necessary to recapitalize European banks so that they are strong enough to withstand the risks associated with the debt crisis and low growth," she told the weekly Der Spiegel.

"It is necessary to prevent contagion" problems, she said.

Ms. Lagarde was prompted indignant reactions in Europe already calling a few days ago to strengthen urgently the equity of European banks.

The boss of the IMF, when it was French Finance Minister has criticized Germany's dependence on exports and inadequate intake, also called Berlin in this interview to "stimulate domestic demand, it would be good for the German economy and neighboring countries. "

Lagarde finally claims that "the whole idea (behind the introduction of fiscal rules of thumb) is good," but felt that the inclusion in the constitution limits of public debt "must be understood as a signal to financial markets. "

Germany and France have called on countries in the euro area to adopt such rules of thumb, and Spain responded to the call, although this initiative has been criticized by the President of the European Union Herman Van Rompuy.

"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."

Sowind Group, one of the few independent Swiss watch manufacturers with a presence in 60 countries including the brands Girard-Perregaux and JeanRichard.

PPR, which already held 23% stake in the company did not specify the amount of the transaction.

"This allows the Luxury Goods division of PPR to strengthen the segment of the luxury watch while supporting the international development of Sowind Group," said the French group in a statement.

PPR CEO François-Henri Pinault, became president of Sowind Group alongside Mailander Monica Macaluso, vice president.

Because the investment, which should have been the main driver of growth in the U.S. this summer will be much less dynamic than expected. Lack of cash to finance it. Indeed, corporate profits fell by almost 5% in the first quarter. Involved, soaring commodity prices and declining productivity have resulted in a sharp increase in production costs.Now companies can not afford to pass this increase on their sales prices, households are already reluctant to spend right now. As a result, profit margins are squeezed. At the same time, banks increasingly reluctant to lend. If in the investigation, they ensure that they have not tightened their credit terms, it is not the claims of the business owners. And we tend to believe them. Deprived of their main sources of funding, companies must limit their investment projects but also recruitment. Consequently, the labor market continues to deteriorate, which weighs the purchasing power of households, already well under way by inflation, and thus on consumption. It's a vicious circle.

Why the activity distribution at the end of the year?

With the decline in commodity prices.According to our calculations, even if oil prices remain at current levels until the end of the year, U.S. inflation would fall by two percentage points to 1.5% in December against 3.5% today ' hui. A real breath of fresh air for households. It will also be a relief for companies that can rebuild their margins and thus boost their investment projects.

What could stop the recovery?

A new wave of default on housing loans. The housing market remains depressed and overseas should continue to deteriorate. Many loans in 2006 and 2007 should be revised in coming months. And should be revised upwards due to the degradation of the risk posed by each borrower. As a result, households may no longer be able to pay their credit.This new series of default would be costly to the U.S. banking sector still very fragile. And for good reason, the increase in profitability seen to date is mainly due to a sharp decline in provisions for losses, banks anticipate a decline in default rates. But as we explained earlier today that optimism is not justified. Banks could then be unpleasantly surprised by the end of the year and fully close the valve of credit, thereby blocking the resumption of the activity.

"We will encourage groups that strengthen our industrial champions," said the Head of State at the inauguration of the 49th Paris Air Show.

"I say what I think: the Franco-French squabbles must end in a good mood and on a voluntary basis. And if that was not the case, it would be always in good spirits but on the basis instructions, "he added.

For the French president, "the competition is too fierce, the stakes are too urgent" for the French champions do not play the game

"We must decide and decide now to make choices.Believe me the government's desire to bring those choices. "

Under pressure from the State intends to reduce costs because of duplication in the defense sector, the French group Safran and Thales have recently resumed discussions on exchange of assets in the plane, a year after a first failure.

In addition to the friction Safran and Thales, the French government may be facing a "war of the drones" between EADS and Dassault Aviation, who both planned programs unmanned aircraft.

Nicolas Sarkozy justified the government intervention in the aviation sector, noting that if France was a great power in this area, "it is through decades of public investment in programs, research, training alongside the industrial. "

The state, through its defense programs, "plays a pivotal role for the industrial and technological base," he added.

The Head of State had previously attended an air show cut short due to bad weather, prototypes of military transport aircraft Airbus A400M and the X3 hybrid helicopter of Eurocopter.

Faced with the nervousness of the markets and taking note of the persisting differences between members of the euro area over the contours of the background support, Olli Rehn expressed confidence Thursday in the fact that Athens would get in time 12 billion euros of loans provided.

"I am confident in the fact that the Eurogroup Sunday will decide the disbursement of the fifth tranche of loans to Greece in early July.And I also trust that we will be able to conclude the ongoing evaluation in agreement with the IMF, "said European Commissioner for Economic and Monetary Affairs in a statement.

The Greek problem is again weighed on European financial markets Thursday, especially on the French banking sector.

And while the prospect of an early agreement on the national debt receded and the Greek Prime Minister George Papandreou continued the preparation of a new government, after a day of action marked by violence against his austerity policies.

He is now seeking to obtain a national consensus on a new austerity plan over five years, if required by the European Union and the International Monetary Fund to release using in July.

The IMF is "very concerned" about the developments in Greece "has changed radically over the last twenty-four hours," said Min Zhou Thursday morning, Special Advisor to the Director of the IMF, on the sidelines of a conference in Paris.

"We are ready to lend our support because it is an extremely important issue for Greece, Europe and the world economy," he said.

PROBLEMS SET TO HEAVY

Several high-ranking sources within the euro area said they expect that the IMF pays its share of the next tranche of aid to Greece against a commitment of Europeans to continue their support in the country.

"The situation is clear: if there is a strong commitment from the Europeans to do what it takes to support Greece, the IMF will make money.And this commitment will be there, "he told Reuters one of these sources.

But the Fund had initially made a new plan of aid to Greece the prerequisite for the payment of the tranche, but political differences and the technical difficulty in agreeing on the private sector to make this plan this view highly unlikely.

Germany has proposed that banks are offered the possibility of a "swap" between their current obligations and new securities to maturity lengthened but a majority of countries and the European Central Bank prefer a "rollover" voluntary debt Greek by European banks.

"There are a number of political problems to solve.We're working at the highest level, "the source said referring to the scheduled meeting tomorrow in Berlin between Angela Merkel and Nicolas Sarkozy, has called on the spirit of responsibility of the Europeans.

"But the truth is that there are also technical problems that require heavy lot more time to be resolved," she said.

European banking sources have also indicated that Germany wished to refer to the adoption in September of the second aid plan.

In a report, the rating agency said that Axa and Groupama should suffer the consequences of this climatic phenomenon but also the French subsidiaries of Allianz and Generali.

The rating agency said that a previous drought, which occurred in 2003, had cost one billion euros in the sector.

Nicolas Sarkozy announced Thursday several hundred million euros in aid for farmers affected by drought and a medium-term plan to improve water management.

In the camp of tents and tarpaulins planted in the middle of Puerta del Sol in central Madrid, capital of Spain, hundreds of young, more determined than ever, were preparing Friday to defy ban protest on the eve of a weekend election.

"We will stay on the site. This is not an event but a citizens' movement, asserted Juan Lopez, an unemployed 30-year and one of the spokespersons of the movement now called alternative Toma Plaza (take place).

A two-day regional and municipal elections ahead disastrous for the ruling Socialists, the head of government Jose Luis Rodriguez Zapatero has promised that he would be "sympathetic" towards the protestors.

Since Tuesday, the mosaic of young people but also people from all backgrounds and all ages, unemployed, students, retirees, employees, took possession of that place in the heart of Madrid. Unique, spontaneous, colorful and pacifist movement, on behalf of the "right to be indignant," denounces the jumble stranglehold of the major parties on Spanish politics, social injustice, the "corrupt politicians".

More importantly, it betrays the frustration of millions of Spaniards who face unemployment reached a record high of 21.19% and strikes nearly half the age of 25, salary cuts, fallout from the economic crisis.

The movement on the eve of the weekend election in which any event is prohibited, puts the government in very difficult position, forcing him to choose between a police or a flexibility that would surely earn him criticism. "I must stress that they appear in a peaceful manner, what is important. Of course, there will be understanding and sensitivity" of the government, Mr. Zapatero said Friday morning.

During the night, the Election Commission had declared illegal gatherings scheduled for Saturday and Sunday by protesters. "The Interior Ministry and the government will act properly, intelligently. We want all the rights are guaranteed and that the retreat, which begins Friday at midnight," is respected, "said Zapatero.

At 0:05, the protesters called the crowd to freeze symbolically in a "silent cry", a piece of tape stuck on the mouth. Gather around the camp every night since Tuesday, thousands of people, supervised by a police presence remained until this very visible, but unobtrusive, despite the crowd that gets bigger every day.

The movement, to a lesser extent, has won most of the cities of Spain. Faced with this growing success, his spokesman longer exclude it from continuing beyond Sunday as originally planned. "The meetings will convene and decide," said Juan Lopez.

Friday, when occupants of the Puerta del Sol woke up under the blue tarps and small tents, and every day they were joined by a crowd of supporters.Between young people wrapped in blankets and lying on cardboard boxes, many retirees came to express their solidarity, to bring food, offer help.

In the queue in front of the booth dedicated to the signing of the petition of support, Maria Jesus Garcia, an employee of 40 years, recounted coming "because of unemployment. Especially the young." "I will read the petition, and I'll sign," she said. "But they must continue after the elections. If they stop, it will be worth nothing."