Wednesday, October 7, 2009
Jenoptik restructured debt with government help to
The Optoelektronikkonzern Jenoptik has restructured its debt with state aid and thus saved the medium-term financing. A funding package of nearly £ 90 million had been completed, making the funding framework was secured to partially until 2012 or 2014, Nasdaq informed the Jena group on Thursday. For part of the financing package Jenoptik received a federal-state guarantee of 44 million euros. As early as mid-August, had requested the Jena TecDAX group of state guarantee. This should help to shift the financing and to convert short-term loans into medium-to long-term loans. It has become more difficult to carry out the refinancing of banks alone, it was said by the company At about the reasons for the desire for state assistance. The financial liabilities of Jenoptik had hitherto been largely short-term nature: At mid-year was the indebtedness of Jenoptik at just under EUR 190 million, of which approximately EUR 93 million short-term liabilities were. The Group has successfully converted the maturity in the wake of the financing package, said Jenoptik now. Medium-and long-term debt now accounted for about 80% of its debt, thereby Jenoptik reached the 2009 target. Jenoptik estimated the long-term debt to more than 150 million euros. Only £ 35 million would continue to refinance the short term. For short-term liquidity fluctuations Jenoptik can draw on unused credit lines of around 50 million euros. Chief Financial Officer Frank Einhellinger said: "With this investment package we have been able to adjust the financial structure of our business model, which includes in particular long-term contracts in the defense and security technology and the aerospace industry." "With the now long-term and financing as well as the cost-cutting measures, we have secured the competitiveness of Jenoptik for the coming years," said CEO Michael Mertin, Jenoptik. The business of Optoelektronikkonzerns clears up, however: In the next few quarters was a first slight recovery in optical systems for the semiconductor industry to be expected, it said. With a short return to the level of 2007 or beginning of 2008, the Company does not expect. Due to the successful saving Jenoptik expected in the coming financial year, a consolidated operating profit (EBIT) in the double-digit million euro range. 2008, the EBIT at EUR 37 million had been good. For 2009, the technology group expects sales conditions and impeded due to the high levels of competition due to the economic crisis, with significant declines in sales and earnings. Revenue is expected to lie at the end of December from 460 million to 500 million EUR, after nearly 550 million in 2008. Operational and adjusted for special effects, thanks to the stable segment will Jenoptik Defense & Civil Systems Leave operationally in the black. To cushion the impact of economic crisis, Jenoptik had been scheduled several months ago, the red pencil. In the long term the costs should fall by more than 10 million euros. In mid-September exacerbated the chosen austerity then, Jenoptik said that further staff reductions were necessary. The aim is - inter alia through compulsory redundancies - a skeleton staff of just over 3,000 employees. The company had at the end of December 2008 approximately 3,400 employees. The stock market forecast for 2010 was positively received. "The initiated cost-cutting measures seem to bear fruit," said market participants. A restructuring of the debt had been expected, however, and therefore, not surprising. At midday, the stock traded with a gain of almost 1.6% for 3,87 EUR, before the statement of the shares had been as high as 3,73 EUR...
Societe Generale wants to pay off debts to the state
The BNP Paribas will also increase the French Societe Generale bank capital repaid to State aids. The capital will increase by 4.8 billion euros, Société Générale in Paris. Tuesday, 6 October 2009 / 16:32 For the 3.4 billion euro capital of the state aid would be eliminated and included funds for acquisitions. A new share will cost 36 euros, a discount of nearly 27 percent to the closing price of Monday evening. For nine existing shares would be offered two new papers. The subscription period runs from 9 to 20 October. The French bank Societe Generale wants to pay back state aid. / Last week, BNP Paribas had already launched a capital increase of 4.3 billion euros in order to redeem itself from the state. The market leader had received 5.1 billion euros from the state. How the Societe Generale, BNP Paribas had to commit to supplying the industry with loans to pay for 2008, no bonuses to managers and to amend the remuneration of the stock traders. Overall, the state had reached the banks with more than 20 billion euros under the arms.
Greece selects in the shadow of high debt
A week after the German elections to choose the Greeks today its new parliament. And the problems are daunting: The coffers are empty and the debt high. "With at least 260 until 280 billion euros in debt, we Greeks are" appreciated financial experts. In Greece, where the Herod Atticus Theater, under the Acropolis in Athens, is chosen. Photo: Orestis Panagiotou / dpa In Greece, where the Herod Atticus Theater, under the Acropolis in Athens, is chosen. Photo: Orestis Panagiotou / dpa 00 Photo gallery Images on For each of the approximately eleven million inhabitants of 25 000 euro means debt. Thus have the Prime Minister Kostas Karamanlis and his conservative challenger, socialist Giorgos Papandreou is no room for big promises. A cumbersome bureaucratic state apparatus and everywhere-present cronyism curb any attempt to reform and enlarge the daily deficits. The largest pension fund IKA, the country with more than 1.3 million pensioners need till November, around 530 million euros to pay the pensions of the last two months of the year. "We are still ahead two difficult years," said Karamanlis (53). He will "fix responsibility" all the mistakes of the past years. And he promises a half years after his first election victory in March 2004 to combat nepotism. "Now I have more experience," Karamanlis said during an interview with public television. His political opponents he accuses only making "empty promises" to. Opposition leader Papandreou (counters 57): The country needs a new vision and transparency everywhere. Greece wants to lead it with state investment from the economic crisis and the large capital and taxing the rich more. "There is not a pleasant or unpleasant taxes. There's only fair tax, "Papandreou said again and again called on the electorate:" Give me the chance to prove that I can lead the country out of crisis. " Polls indicate a clear victory of the Panhellenic Socialist Movement (Pasok) by Papandreou. For Karamanlis and his conservative party New Democracy (ND) have implemented some of its earlier announcements. Karamanlis wanted to renew the state from the ground up, root out corruption and nepotism. It won the elections in 2004 and 2007. Meanwhile, Greece slipped on the list of countries with the highest corruption at the rearmost seats, together with African and Central Asian states. A Labor of the Karamanlis government employed illegal immigrants without reporting it. One of the closest aides of Karamanlis was convicted because he had tried to save one of his core constituencies a process for participation in a drug deal. Under pressure from these and other scandals and the bad poll numbers in early September Karamanlis was forced to announce early elections. Economic experts are certain that the Greeks need to save. "We will have to close the belt buckle," says the expert Nikolaos Wroussis. EU member country that is threatening punitive measures from Brussels because Athens) with an estimated seven percent deficit as a proportion of gross domestic product (GDP massively violated the Stability Pact. "The (in Brussels) will make us easily under surveillance. Then the economy will practically controlled from Brussels, "continued Wroussis. The campaign against Papandreou, Karamanlis is a remake of the classic Greek Political duel. The feud between the two families for power going on for almost 50 years. Already in 1961 stood Konstantinos Karamanlis, the uncle of the current prime minister, George Papandreou, the grandfather of the current Socialist leader, and in practice, alternately ruled against Greece. Karamanlis, the uncle again ruled Greece from 1974 to 1981, Andreas Papandreou's father from 1981 to 1989 and again between 1993 and 1996. For the 300 seats in parliament to apply and the Communist Party of Greece (KKE), the ultra-Orthodox movement as a whole VB (LAOS) and the alliance of the Radical Left (SYRIZA). The Greek Greens have to tremble because of the three-percent hurdle for representation in parliament. Despite the precarious situation for the Conservatives, it is not clear whether the Socialists get the necessary majority of 151 seats in parliament. And here in Greece coalition governments with the political parties are very unpopular, the country could face a long period of political uncertainty.
Mietingen must make new debts
Meta council unanimously of the supplementary budget for 2009 has decided. The 2008 financial statements was approved by all Council members. The town ended the year 2008 with a Abmangel of 153 000 euros. The economic crisis has made the planners at City Hall Mietingen a huge upset by the bill. Mayor Buck and treasurer Stooß admitted on Monday for the first time must submit a supplementary budget during their terms. "Serious differences," said Martin Stooß would force them to. These are attributed partly to tax shortfalls. So would lead the administration Meta compelled to correct the revenue from the business tax by 175 to 000 below. When income tax is expected to land 122 000 Euros less than budgeted in the municipal coffers. The loss cause by the administrative budget of less money left over to flow into investments. The feeding rate reduced by 321 000 euros. It has almost halved. Not only the taxes not gush so lush. The expected subsidy from the Ausgleichsstock, the school construction grant program and other subsidies have failed rarer than hoped. The hope is that still flow from the Euro 239 000 school construction funding program if the school enters into cooperation with Meta Schwendi. For these reasons Mietingen sees itself compelled to press on the expenditure side of the brake. How will the sewage be saved on the local roads and water supplies around 400 000. The planned output of 150 000 euros for the new development in kindergarten Baltringen is moved to the new year. On the other hand will not move this year, the builders of the multi-purpose hall Baltringen body. She experiences an energy recovery, with the cost, of 217 000 grants of around 173 000 euros compared. The additional expenditure was not included in the budget for 2009. This also applies to the deficiency of the previous year, which is included in the supplementary budget of 153 000 euros. This is due not least to the purchase of land in the "Chapel of fields in Mietingen, who weighs in at around 160 000 euros. To shoulder the financial burden, is a handle designed to reserves. Approximately 330 000 euros will be brought from the high ledge. Even so, the community does not come through the rounds. Since 2003, the chosen path of solid Finazierung leave must be taken up and going to the credit department. The current favorable conditions, it is clear from the statements of the chamberlain to facilitate a borrowing. To balance the budget, a credit balance of just under 684 000 Euros is planned. The per capita debt is at the end of 367 euros. Thus, doubling the previous year.
German financial situation: debt vigorously press
Federal bankruptcy eagle or vulture? Back to the gigantic mountain of debt from the current 1.6 trillion every year, new debts are in the tens of billions of dollars. Mounting: Infographics How dramatic the financial situation really is? At the start of coalition talks all sorts of numbers whizzing across the room. We are looking for a path through the jungle. 40, 49, even 75 billion euros for allegedly missing from the next budget. Where are these numbers? ! Head of the Chancellery, Thomas de Maizière has undertaken an assessment of the budgetary situation. It lists 49.1 billion euro, which hit a new debt this year to book. The German Institute for Economic Research (DIW) speaks of 75 billion, which should be saved until 2013, when federal, state and local authorities. And this year, half of which the federal government. What causes the debt? ! One reason lies in the economic and financial crisis caused the billion-dollar bailouts of banks. However, the black-red coalition also issued before the crisis triggered lively money and so durable expenditure of 43.5 billion euros. Critics, including the FDP was one, had always warned that financial management. So now announced a strict austerity measures? ! The Liberals would have liked. The CDU wants to avoid the rather, because he also could stifle investment in the economy. Kanzlerin Angela Merkel will "der Krise nicht hinterhersparen." In addition, the new "debt brake" of the Basic Law allows more debt, ever be lower economic growth and requires strict savings only when growth has resumed. Some institutions are predicting a higher economic growth than previously expected. How helpful is it? One to two percent could be in it because of the Konjukturpakete that unfold until next year, its full impact. In addition, the former Finance Minister Peer Steinbrueck has conservatively planned, if the growth is higher than expected, increasing the revenue. So the situation is, despite the budget hole is not so tense? ! Starting in 2011, takes the new debt brake. Then move out of the finance ministers of the generous mood has fewer loans and record - as it says in the Constitution. By 2016, the loans must be reduced so that only a deficit of 0.35 percent of gross domestic product (now equivalent to about eight billion euros) to finance the expenditure. If the economy goes well, it is even less. Nor did the European Union have a say? ! Germany is not satisfied for the moment both so-called Maastricht criteria. They say that) the annual government deficit (net borrowing shall not exceed 3.0 percent of gross domestic product should. Moreover, government debt should not represent more than 60 percent of GDP. What does this mean for tax cuts, which would reduce the revenue? ! The margin is extremely low. Possible is an increase in family allowances in 8004 of euros during this year, perhaps small corrections to inheritance and corporate taxes.
Tuesday, October 6, 2009
Crisis, other countries must do more ULYSSE BERGERON
The Governor of the Bank of Canada, Mark Carney, and the Minister of Finance, Jim Flaherty, argue that other countries should make more efforts to stabilize the global economy. Canada has done what it was, they said at a meeting of G-7. The main challenge of reducing economic imbalances among the major powers. Mark Carney, has argued that the United States should work to reduce its debt while Mr. Flaherty said that Asian currencies should move more freely.
"There is no question that Canada contributes more," Mark Carney cut. The G-7 has reiterated that "excess volatility and disorderly movements in trade threaten the economic recovery. The instability of the U.S. dollar plumbs the economic recovery. For example, the U.S. dollar has lost 14% of its value versus the Canadian dollar. The weak greenback concern the Minister of Finance of Canada notes that the decline in exports that it has generated has plunged the economy.
6 myths about public finances
Some say we should not worry too much debt to the state. Continue to spend without restraint, because the relative weight of debt will decrease with the growth of the economy. Quebec's debt is not she rose from 52.2% of GDP in 1998 to 42.7% in 2008 without any repayment of capital?
I see two big problems with this reasoning. First, he must pay annual interest of several billion dollars to our lenders. The debt service is also the third largest item in state spending after health and education. These interest payments are so many billions of dollars that can not be spent on hospitals, schools or road maintenance. Second, it assumes that the Quebec economy performs particularly well in the coming years. However, the growth potential of the Quebec economy is severely limited by an aging population.
2. Quebec is rich
We can measure the wealth of a population is not the value of production (IP or income of its population. Choose any indicator, Quebec is one of the poorest places in Canada.
GDP per capita in Quebec is $ 6,000 less than Ontario and almost $ 9,000 less than other Canadians. As in real personal disposable income per capita (all revenues less all taxes), it is 23 $ 324 in Quebec, is 3477 dollars less than the average for other Canadians.
3.The Quebec can all afford
Even if Quebec is poorer, our government spends 2503 dollars more per capita than the average of other provinces. This is possible because Quebecers are more indebted than other Canadians. Net debt per capita in Quebec was 16 336 dollars per capita in 2008 against 9759 dollars for the citizens of other provinces. A difference of 67%.
4. It is the poor who always end up paying
Quite the contrary, thanks to a very progressive tax. Between 1980 and 2006, the number of tax-payers has grown three times faster than the number of taxable taxpayers. Thus, 41.4% of Quebecers do not pay taxes in 2006.
3.2% of Quebecers reported revenues of $ 100 000 and over in 2006. Between them, they paid almost as much tax as 81.1% of taxpayers, that is to say all those who earned less than $ 50 000. Those whose incomes range from 50 000 to $ 100 000 - the middle class - constitute 15.7% of taxpayers paid 39.7% taxes.
5. The current situation is temporary and due to the crisis
Instead, time is running out to bring order to public finances. Health spending rose from $ 15 billion to 27 billion dollars over 10 years and we have not seen anything yet. In 20 years, the number of Quebecers aged 65 and over will increase from 1.2 million to 2.1 million. The only effect of aging will create additional costs of 19 billion dollars for health care of Quebecois. Indeed, a person under 65 years costs the state $ 1 600 per year on average, against 15 000 for someone over 65 years.
6. The money is in Ottawa This is the historical goodwill of the governments of Quebec and the two parties committed to independence. I will not comment on a particular issue and I am the first to admit that the question of the profitability or lack of profitability of Canadian federalism is of unprecedented complexity. However, I'd be extremely surprised if Quebec would not only benefit from the situation in recent years. First, the Statistical Institute of Quebec estimated $ 51 billion spending on goods and services and federal programs in Quebec. By cons, not Ottawa that would reap 43 billion dollars in tax revenues in the province. Second, the federal government has increased in recent years of 5 billion dollars in transfer payments to quebec.ca 'is substantially more than the cost of the fiscal deficit estimated at 2.5 billion dollars in the report Seguin (2002) and substantially more than one billion dollars would be saved by an independent Quebec in Budget Year 1 of the former member François Legault published in 2005. Finally, if Quebec really was the cash cow of the federal government, as seems to think many Quebecers, how is it that he did not even have the resources to balance its budgets and reduce its own debt. Albertans, two times less likely than Quebecers pay so much money in taxes to the federal government.
Astronomical debt for Real
Michel Platini, who wants to improve financial performance of European clubs, has work. On the occasion of the general meeting of Real Madrid, Florentino Perez has provided figures on the club. The White House has a budget of 422 million for the 2009-2010 season. But the scale is weighted to 327 million euros of debt! Real president said he wanted to reduce this debt of 200 million by June 2010. Less than what he claimed Cristiano Ronaldo (94 million), Kaka (65), Karim Benzema (35) and Xabi Alonso (30) during the last transfer window.
An agreement on debt Terreal
Most bankers manufacturer of tiles and bricks have agreed with LBO France to reschedule its debt. Fourteen months after being opened, the discussions between creditors Terreal bankers, LBO France's shareholder and management have finally succeeded. An agreement was approved by 72% of the banking syndicate to restructure the debt of the producer of tiles and bricks, purchased in 2005 in Carlyle and Eurazeo for 860 million euros. The new assembly would be composed of 30 million euros of super-senior debt, 500 million of debt ultimately repayable in 2014 and 402 million of PIK tranche at a rate of 4%. During this period, the leverage will be limited to 10 times EBITDA, now estimated at 50 million euros. Once the amount of the credit refunded, LBO France will rely on its 145 million euros of equity. After that, the bankers will receive a 49% LBO France and 51% of any additional equity.
Today debt, future tax THE WORLD ECONOMY
D together with other G20 countries, France has decided to use the weapon budget to cushion the effects of the recession. The deficit of the state, local and Social Security should exceed 8% of gross domestic product (GDP) this year as next year, and debt and should reach 84% of GDP at end 2010, according to the draft budget law presented Wednesday, September 30. The 3% deficit and 60% of debt fixed by European standards seem so far away. But this situation is exceptional. According to the formula of the Minister of the restart, Patrick Devedjian, "when there is fire to the house, you do not watch the water bill. When the situation will recover, the deficit issue will arise again. Certainly, the budget revenues will be better then. But the recession may leave traces for a while on the ability to create wealth: sluggish growth is heralded by many experts for years. "The structural deficit of France [the sum of expenses not covered during normal growth] is estimated at 100 billion euros, according to latest figures from the Organization for Economic Cooperation and Development [OECD]. After the crisis, some of those 100 billion will be met by savings, but the rest will be through tax increases, "warns Jean-Marc Daniel, a professor at the Ecole Superieure de Commerce de Paris (ESCP ) and c columnist "World Economy".
"There is a problem of consistency between what households and businesses require state, and they are willing to pay such taxes," said Mathilde Lemoine, chief economist at HSBC France, former Adviser on Taxation with Prime Minister Dominique de Villepin and Rapporteur of the Group Climate Energy chaired by Michel Rocard.
It points the gap that existed in 2007 between public spending (52.4% of GDP) and the tax ratio (44.5%), the difference being met by non-tax revenues (income holdings of State ...) and debt. Today, notes Ms. Lemoine, "companies are the first to request assistance from the state, but they also want lower taxes and deficit ».... Now, says she, "if the state limits the effects of the crisis, it will pay!" While forecasting is a difficult art. For Thomas Piketty, Professor at the School of Economics in Paris and director of studies at the Ecole des Hautes Etudes en Sciences Sociales (EHESS), it would be "absurd to make the tax increases the central question of exit crisis: nobody can now say with certainty what the level of public debt, inflation, interest rates or growth in 2012. And excessive debt, historically, have been drowned in the inflation ... . But this outcome is still uncertain, particularly given the aversion to price increases of the European Central Bank (ECB). And the debate on taxation often considered fair bit too complex and should resurface eventually.
"Early in 2010, with growth turned positive, Brussels will raise his flag and request States to develop three-year plans to reduce their deficits, said Natacha Valla, Goldman Sachs economist specializing in the euro area. The France is eager to become more ambitious [she has set a deficit of another 7% of GDP in 2011 and 6% in 2012] and must demonstrate skill in how she will lead the large loan and explain whether or not it should be taken into account in the Maastricht criteria. She states that governments must prepare public opinion from late 2010 to tax increases for subsequent years.
Beyond the option for a green tax - to encourage less polluting activities - tax arbitrage will give assurances of fairness and efficiency. What levers use? How to distribute the load? Experts differ on these points.
First option: the rupture. "The tax increases will affect households because it will preserve the ability of firms to invest and generate growth, which also will reduce the deficit," Mr. Daniel Assen. For the latter, he recommends not to be limited to relief from business tax: "On the taxation of business profits, follow the report's findings Jouyet-Levy in 2006 devoted to the economy of the intangible, which proposed to join the European average "or lower the rate of corporation tax of 34.4% to 29.5% (the average of the fifteen older EU member), even 25.8% (average for the EU to twenty-five in 2006). Conversely, households would be utilized. "The best tool is the CSG: part of this contribution is not tax deductible for income tax - so it is still progressive - and its base includes financial income, Judge Daniel. But the shield would make the current tax increase unfair because it does affect when the middle classes. We must therefore remove the tax shield but also address its origin: ISF [solidarity tax on wealth], which should be repealed. "
Each point CSG reported 10 billion euros. "We can not solve everything with an increase of this contribution, without which it would be unbearable, but Mr. Daniel said. He therefore advocates the same time reduce state intervention and "eliminate direct subsidies to businesses, such as reduction in charges related to 35 hours and overtime, which cost 30 billion euros per year. And then to finish with 35 hours. It also requires close the Strategic Investment Fund (ISF) and thereby recover 20 billion euros ...
Monday, October 5, 2009
Team Ayoub concerned about debt and transparency
A hundred people attended the official launch of the campaign and the opening of local Ayoub Team in Place Lorraine.Members of the Task Ayoub hosted this week, hundreds of supporters to mark the official opening of the local elections and the announcement of the first election commitments. Proud of the reception of citizens during visits and support received at the opening of local electoral Ramez Ayoub, has delivered the first engagements of his team. "The debt of the city of Lorraine was $ 22 million when the team Pelletier was elected in 1999. We managed to reduce it to $ 13 million. In four years, Mayor Dalle-Vedove has risen to 22 million $...», says he. "On the other hand, it asserts that the area's development is maturing, and they rely on government subsidies to advance, it is rather disturbing. Meanwhile, the landscape in a driveway paved, it installs two plates and six seats in front of city hall and it costs $ 350 000! "Denounces Ramez Ayoub.
The team leader has pledged to boost the intake of stable income including finalizing the development residential. "There are fifty building lots, four years later is just beginning to develop. We must stop the unnecessary and costly litigation, and develop them according to regulations. I also asked as alderman costs of counsel in these cases, of course I had no answer, "says he. In this chapter, Ramez Ayoub committed to publishing gradually as the financial statements on the website of the town of Lorraine, "now people have no access to information, they have no answer to their issues, even adding meetings with elected the current administration that will not change, they give the information required for council meetings, when the mayor feels something he avoids threatening. The counselor also points out an expectation of "the impact on the project Chambéry Blainville, it's the same with people."
Noise barrier
In the final hour, the outgoing advisor Ramez Ayoub has issued a statement on the back wall of noise. "The noise barrier erected in the southern part of Lorraine, near Highway 640, threatening to collapse at any moment the ground on which it was built has become unstable," complains he stressing the withdrawal of machinery on the site. "The wall is a major risk to the safety of residents of adjacent properties. Despite my repeated requests, it is impossible to know if the required security measures have been taken and how the invoice amount. Mayor Dalle-Vedove is careful to say or make a decision, though he has known for months ... "indignant Ramez Ayoub.
The team leader has pledged to boost the intake of stable income including finalizing the development residential. "There are fifty building lots, four years later is just beginning to develop. We must stop the unnecessary and costly litigation, and develop them according to regulations. I also asked as alderman costs of counsel in these cases, of course I had no answer, "says he. In this chapter, Ramez Ayoub committed to publishing gradually as the financial statements on the website of the town of Lorraine, "now people have no access to information, they have no answer to their issues, even adding meetings with elected the current administration that will not change, they give the information required for council meetings, when the mayor feels something he avoids threatening. The counselor also points out an expectation of "the impact on the project Chambéry Blainville, it's the same with people."
Noise barrier
In the final hour, the outgoing advisor Ramez Ayoub has issued a statement on the back wall of noise. "The noise barrier erected in the southern part of Lorraine, near Highway 640, threatening to collapse at any moment the ground on which it was built has become unstable," complains he stressing the withdrawal of machinery on the site. "The wall is a major risk to the safety of residents of adjacent properties. Despite my repeated requests, it is impossible to know if the required security measures have been taken and how the invoice amount. Mayor Dalle-Vedove is careful to say or make a decision, though he has known for months ... "indignant Ramez Ayoub.
The bomb of debt
While the world economies seem to resume growth after one of the largest downturns in a generation, the spotlight now fixed on the huge budget deficits and the sharp increase in public debt. It is estimated that the number will grow this year (as a share of GDP) 13.5% for the United States, that is to say twice as worst moments of the terrible recession of the early 80s
Renewal promises to contain taxes and to control debt
FOR IMMEDIATE RELEASE The three outgoing elected Renewal Sherbrooke, Robert Pouliot, Bernard Diane Sevigny and Délisle promise to have the debt of the City to the eye. The mayoral candidate Bernard Sévigny keep the annual increase in municipal taxes below inflation if elected.
The leader of the Renewal Sherbrooke will also equip the city to plan a policy of debt management. No question, however, commit to reduce debt or to freeze its current level of $ 215 million. The three outgoing elected Renewal Sherbrooke, Bernard Sévigny, Robert Pouliot Délisle and Diane, believe that the council is ill-informed of developments in municipal debt during the year. As recently raised the Acting Auditor General of the City, the cost of certain projects, like the new pool of Brompton or the cultural center of Fleurimont, rose to 50 percent after the elected officials have approved. Substantial sums have been borrowed on the way to pursue these projects, thereby increasing the indebtedness of the town without elected officials have a complete picture of the situation, members complain Renewal Sherbrooke. "Right now, we go by intuition in debt management, says Bernard Sévigny. The evolution of the debt is alarming. It does not jeopardize the ability to pay people .[...] Generally, the council undertook to borrow the amount you repaid in the year. In recent years, however, has borrowed more than they could repay. " Renewal Sherbrooke Sherbrooke wants to develop a policy of debt management, as was recently Montreal and Quebec. Some parameters to be determined, will be established. To waive the City Council shall give its consent. The Board may engage such that the debt does not exceed the operating budget of the City, argues Bernard Sévigny. In 2008, debt stood at $ 215.3 million while the operating budget was $ 216.0 million. According to figures provided by the finance department of the City last year, the municipal debt is less than the operating budget since 2006.
The leader of the Renewal Sherbrooke will also equip the city to plan a policy of debt management. No question, however, commit to reduce debt or to freeze its current level of $ 215 million. The three outgoing elected Renewal Sherbrooke, Bernard Sévigny, Robert Pouliot Délisle and Diane, believe that the council is ill-informed of developments in municipal debt during the year. As recently raised the Acting Auditor General of the City, the cost of certain projects, like the new pool of Brompton or the cultural center of Fleurimont, rose to 50 percent after the elected officials have approved. Substantial sums have been borrowed on the way to pursue these projects, thereby increasing the indebtedness of the town without elected officials have a complete picture of the situation, members complain Renewal Sherbrooke. "Right now, we go by intuition in debt management, says Bernard Sévigny. The evolution of the debt is alarming. It does not jeopardize the ability to pay people .[...] Generally, the council undertook to borrow the amount you repaid in the year. In recent years, however, has borrowed more than they could repay. " Renewal Sherbrooke Sherbrooke wants to develop a policy of debt management, as was recently Montreal and Quebec. Some parameters to be determined, will be established. To waive the City Council shall give its consent. The Board may engage such that the debt does not exceed the operating budget of the City, argues Bernard Sévigny. In 2008, debt stood at $ 215.3 million while the operating budget was $ 216.0 million. According to figures provided by the finance department of the City last year, the municipal debt is less than the operating budget since 2006.
Debt: Benoît Hamon did not understand!
Jacques Sapir did not appreciate the recent statements of Benedict Hamon on indebtedness of the state. The director of studies at EHESS, which has supported the Left Front in the European judges them "silly" and especially "incoherent". For the Benedict Hamon on this subject is not the same when he is spokesman of the Socialist Party and if they operate as leader of the current "One World Ahead"
Debt: Benoît Hamon did not understand!
The announcement by François Fillon a budget for 2010 with the record deficit of 8.5% of GDP has provoked many reactions. Jean-Pierre Raffarin and on Canal + Was this figure too high. He is in his traditional role and it astonishes people. By cons, statements of Benedict Hamon rigor to September 27 that France was "ruined" are much more surprising (1). They have been confirmed, but this is a little less surprising, with statements along the same direction of François Hollande.
Thus, the Socialists would be converted to fiscal restraint?
Coming after their conversion to liberal Europe, this would hardly be surprising if it did not introduce a dissonance in their major speeches. Let's face it: it is unlikely that the Socialists are gaining credibility in this argument, but they certainly lose one he could still hold, particularly Benoît Hamon, other arguments, such as industrial policy or protectionism European (2).
Debt: Benoît Hamon did not understand!
The announcement by François Fillon a budget for 2010 with the record deficit of 8.5% of GDP has provoked many reactions. Jean-Pierre Raffarin and on Canal + Was this figure too high. He is in his traditional role and it astonishes people. By cons, statements of Benedict Hamon rigor to September 27 that France was "ruined" are much more surprising (1). They have been confirmed, but this is a little less surprising, with statements along the same direction of François Hollande.
Thus, the Socialists would be converted to fiscal restraint?
Coming after their conversion to liberal Europe, this would hardly be surprising if it did not introduce a dissonance in their major speeches. Let's face it: it is unlikely that the Socialists are gaining credibility in this argument, but they certainly lose one he could still hold, particularly Benoît Hamon, other arguments, such as industrial policy or protectionism European (2).
Domestic debt
Member countries of the WAMU have accumulated domestic debt of 1450 billion CFA francs. All these unpaid bills undermine the private creditor states. They result in failures, delays in the payment of wages and thus generate lower consumption and reduced growth.
In collaboration with the IMF, vigorous action is under way to unlock this folder. The IMF has allocated 450 billion CFA, states have found either in resources or by borrowing 450 billion. Thus, within the WAMU, 2 / 3 of domestic debt will be repaid. Togo (debt of 320 billion CFA francs) to great effect, following the directives of President Faure Gnassingbé, Minister of Finance Ayassor began repayment of debt. It is an important lifeline for the Togolese economy. We note that such reimbursements are made according to strict criteria and implementation of an audit performed by a large group. Objectivity, neutrality and good president to repay domestic debt.
In collaboration with the IMF, vigorous action is under way to unlock this folder. The IMF has allocated 450 billion CFA, states have found either in resources or by borrowing 450 billion. Thus, within the WAMU, 2 / 3 of domestic debt will be repaid. Togo (debt of 320 billion CFA francs) to great effect, following the directives of President Faure Gnassingbé, Minister of Finance Ayassor began repayment of debt. It is an important lifeline for the Togolese economy. We note that such reimbursements are made according to strict criteria and implementation of an audit performed by a large group. Objectivity, neutrality and good president to repay domestic debt.
Saturday, October 3, 2009
Quebec's debt climbed to $ 287 per second
The tool shows in real time the growth of debt based on data supplied by the Ministry of Finance. Each day, the debt of the province climbed to $ 25 million, depending on the tool designed to educate taxpayers Quebec.
"It's important to contextualize these figures is that Quebecers to realize how fast the money they pay is spent. Also, for the general public is important to realize that this debt is growing very rapidly. And we hope it will bring the governments and people to act, "said David Descoteaux, MEI economist. The debt that appears on the website of the institute represents the long-term debt of the entire public sector, not just government. "It's the government's net debt which is added to the debts of networks for education and health. It is a debt that is more representative of the responsibilities of government. We took the pace of growth last year and has been applied to this year, "says Descoteaux.
The economist believes that the valuation of debt made by the MEI is conservative. "We are in economic crisis. Government revenue drop, spending increases ... There is a very good chance that next year when the budget statement, the said amount is higher than that seen on screen.
What should I do to slow the meter? "The solution is that the government is trying not only to increase his income but also reduces expenses," suggests Mr. Descoteaux.
"It's important to contextualize these figures is that Quebecers to realize how fast the money they pay is spent. Also, for the general public is important to realize that this debt is growing very rapidly. And we hope it will bring the governments and people to act, "said David Descoteaux, MEI economist. The debt that appears on the website of the institute represents the long-term debt of the entire public sector, not just government. "It's the government's net debt which is added to the debts of networks for education and health. It is a debt that is more representative of the responsibilities of government. We took the pace of growth last year and has been applied to this year, "says Descoteaux.
The economist believes that the valuation of debt made by the MEI is conservative. "We are in economic crisis. Government revenue drop, spending increases ... There is a very good chance that next year when the budget statement, the said amount is higher than that seen on screen.
What should I do to slow the meter? "The solution is that the government is trying not only to increase his income but also reduces expenses," suggests Mr. Descoteaux.
Alert debt
one way or another, Jean Charest's Liberals are certain to make enemies. United in general council this weekend, activists have put forward a series of proposals to replenish the coffers: Recovery of tolls on highways, the imposition of tuition at college, higher rates of Hydro-Quebec , new tax on alcohol and bottled water. As I forget?
The budget introduced in March by the former Minister Monique Jerome-Forget was a deficit of 3.9 billion. The first quarter figures, released last week, already indicate a deficit of 3 billion just for this quarter. It must obviously be careful about making bold projections from a single quarter. Still: it is obvious that the goal of 3.9 billion will be missed. Among specialists, are already talking about 5 to 6 billion. This hole in the government's financial balance will affect subsequent years. Already Mrs. Jérôme-Forget expected to earn 11.6 billion deficits until 2013. The new minister Raymond Bachand has much to do to avoid break down this figure.
Under these conditions, the 400 delegates to the General Council have sought to replenish the coffers. And now, at the conclusion of work on Sunday, Premier Jean Charest has put a big flat on this. Before embarking on increases in taxes and tariffs, he said, the government should start by looking at how it could better control costs, to "tighten our belts before emptying the pockets of citizens.
Well said, but it hides a challenge. If the Government decides to raise rates and some fees, he
gets back to consumers and taxpayers. If he wants to reduce its expenditure, it triggers the wrath of the all-powerful unions. Yet, sooner or later the Government will have no choice in the Quebec public finances deteriorate seriously.
The biggest problem is debt. Given its ability to pay, Quebec is by far the most indebted region in Canada. Net debt represents the Quebec government $ 16 336 for each citizen, including babies, against $ 13 320 on average in the Maritimes, $ 11 552 in Ontario and $ 1667 in the western provinces. In addition, each Quebec citizen must bear its share of federal debt is $ 15 469. These figures provide a good indication of the level of government debt, but do not tell everything. Thus, we have just seen that the per capita debt in Quebec is much higher than Ontario. However, Ontarians, even taking into account recent troubles in the automotive industry, are richer than Quebecers. So for every Ontarian, the burden of public debt is much lighter than it appears at first sight.
To better reflect this reality, the debt is expressed as a percentage of gross domestic product (GDP), that is to say the size of the economy. At the federal net public debt reached 515 billion, or 32% of GDP. For other regions, here's what happens: the western provinces, debt of 17 billion or 3%, Ontario 149 billion or 25%, Atlantic Canada, 31 billion or 32%, Quebec, 127 billion or 42%.
Here is another point of view, which gives chilling: Quebecers, who constitute 23% of Canada's population, account for 40% of the total debts of provincial governments. This imbalance is so important that it is high time to sound the alarm. Certainly, all things considered, the budget deficit of Quebec will be lower this year than in most other provinces. Slim consolation prize. Precisely because it is already much more heavily indebted than others, Quebec must do everything possible to avoid adding.
But how did this happen? It's an old story. Already in the early 90s, just before the outbreak of the crisis in public finances, Quebec was heavily indebted. In 1991, net debt of the Quebec government was 37.6 billion, against 38.4 billion for Ontario, but much richer and more populous.Subsequently, it was attacked with limited success in cancer deficit, although the finance ministers have often managed to achieve a zero deficit at the price of accounting tricks, also criticized by auditors General. However, except for a symbolic payment made in time by the Minister Pauline Marois, and the initiative of Minister Michel Audet create a fund of generations (which has been entrusted to the Caisse de depot, and then hit hard by the financial crisis), it has always failed to seriously address the debt. In this sense, the Parti Quebecois and the Liberal Party can hardly blame each other for the disaster. They are both responsible.
The budget introduced in March by the former Minister Monique Jerome-Forget was a deficit of 3.9 billion. The first quarter figures, released last week, already indicate a deficit of 3 billion just for this quarter. It must obviously be careful about making bold projections from a single quarter. Still: it is obvious that the goal of 3.9 billion will be missed. Among specialists, are already talking about 5 to 6 billion. This hole in the government's financial balance will affect subsequent years. Already Mrs. Jérôme-Forget expected to earn 11.6 billion deficits until 2013. The new minister Raymond Bachand has much to do to avoid break down this figure.
Under these conditions, the 400 delegates to the General Council have sought to replenish the coffers. And now, at the conclusion of work on Sunday, Premier Jean Charest has put a big flat on this. Before embarking on increases in taxes and tariffs, he said, the government should start by looking at how it could better control costs, to "tighten our belts before emptying the pockets of citizens.
Well said, but it hides a challenge. If the Government decides to raise rates and some fees, he
gets back to consumers and taxpayers. If he wants to reduce its expenditure, it triggers the wrath of the all-powerful unions. Yet, sooner or later the Government will have no choice in the Quebec public finances deteriorate seriously.
The biggest problem is debt. Given its ability to pay, Quebec is by far the most indebted region in Canada. Net debt represents the Quebec government $ 16 336 for each citizen, including babies, against $ 13 320 on average in the Maritimes, $ 11 552 in Ontario and $ 1667 in the western provinces. In addition, each Quebec citizen must bear its share of federal debt is $ 15 469. These figures provide a good indication of the level of government debt, but do not tell everything. Thus, we have just seen that the per capita debt in Quebec is much higher than Ontario. However, Ontarians, even taking into account recent troubles in the automotive industry, are richer than Quebecers. So for every Ontarian, the burden of public debt is much lighter than it appears at first sight.
To better reflect this reality, the debt is expressed as a percentage of gross domestic product (GDP), that is to say the size of the economy. At the federal net public debt reached 515 billion, or 32% of GDP. For other regions, here's what happens: the western provinces, debt of 17 billion or 3%, Ontario 149 billion or 25%, Atlantic Canada, 31 billion or 32%, Quebec, 127 billion or 42%.
Here is another point of view, which gives chilling: Quebecers, who constitute 23% of Canada's population, account for 40% of the total debts of provincial governments. This imbalance is so important that it is high time to sound the alarm. Certainly, all things considered, the budget deficit of Quebec will be lower this year than in most other provinces. Slim consolation prize. Precisely because it is already much more heavily indebted than others, Quebec must do everything possible to avoid adding.
But how did this happen? It's an old story. Already in the early 90s, just before the outbreak of the crisis in public finances, Quebec was heavily indebted. In 1991, net debt of the Quebec government was 37.6 billion, against 38.4 billion for Ontario, but much richer and more populous.Subsequently, it was attacked with limited success in cancer deficit, although the finance ministers have often managed to achieve a zero deficit at the price of accounting tricks, also criticized by auditors General. However, except for a symbolic payment made in time by the Minister Pauline Marois, and the initiative of Minister Michel Audet create a fund of generations (which has been entrusted to the Caisse de depot, and then hit hard by the financial crisis), it has always failed to seriously address the debt. In this sense, the Parti Quebecois and the Liberal Party can hardly blame each other for the disaster. They are both responsible.
Blainville wants to tackle debt
The leader of Our Blainville, Florent Gravel, introduced two new candidates, Marcel Cottier's quarters Plan-Bouchard and Pierre Léveillé the district Chante-Bois, recalling his questioning on taxation and indebtedness of the City of Blainville.
The candidate's area of Plan-Bouchard, Marcel Cottier, to achieve solutions to the problem of odors around the company Stablex. "We began the spring approaches, the problem is still there from the beginning, over time. But it became constant for nearly two years. Councilor Frigon sent us a letter saying that the problem was resolved last Monday, but on Friday the air was stifling, "says he.
The quality of life of his neighborhood wants its primary concern, "it is no longer the quiet that I knew, the trucks are working all evening and all night and odors persist. The candidate knows his boss for several years and it gives her confidence. "I've known ringette is a person of integrity and encourages people to participate," says he.
Florent Gravel admits the difficulties of recruiting candidates willing to engage in municipal politics, "time and the reputation of politicians, people have other interests, but I hope to complete my team." Nominations will be closed from this Friday, October 2. Our Blainville However recruited, Pierre Léveillé to represent the district Chante-Bois, "it involved a person who wants to do its part in the community." Mr. Leveille was absent for his work during this presentation. The head of our tackling Blainville taxation, patronage and the increasing debt of the City of Blainville. "Debt is increasing, and tax bills have been a real increase, this is not the rebates that offset the projects are made on credit and not within our means, as the pool complex.
The candidate's area of Plan-Bouchard, Marcel Cottier, to achieve solutions to the problem of odors around the company Stablex. "We began the spring approaches, the problem is still there from the beginning, over time. But it became constant for nearly two years. Councilor Frigon sent us a letter saying that the problem was resolved last Monday, but on Friday the air was stifling, "says he.
The quality of life of his neighborhood wants its primary concern, "it is no longer the quiet that I knew, the trucks are working all evening and all night and odors persist. The candidate knows his boss for several years and it gives her confidence. "I've known ringette is a person of integrity and encourages people to participate," says he.
Florent Gravel admits the difficulties of recruiting candidates willing to engage in municipal politics, "time and the reputation of politicians, people have other interests, but I hope to complete my team." Nominations will be closed from this Friday, October 2. Our Blainville However recruited, Pierre Léveillé to represent the district Chante-Bois, "it involved a person who wants to do its part in the community." Mr. Leveille was absent for his work during this presentation. The head of our tackling Blainville taxation, patronage and the increasing debt of the City of Blainville. "Debt is increasing, and tax bills have been a real increase, this is not the rebates that offset the projects are made on credit and not within our means, as the pool complex.
USA - CIT offers to exchange its debt, bankruptcy does not eliminate
The U.S. specialist credit to small and medium enterprises has also asked its bondholders to approve a reorganization plan which would be voluntarily placed under the protection of Chapter 11 of bankruptcy law on failure plan to swap debt. CIT said Thursday that nearly one third of its bondholders have agreed to participate in the exchange or were cast in favor of the plan preparation bankruptcy. Under the terms of the exchange offer, holders of debt would receive new bonds in proportions corresponding to the volumes they currently hold. This exchange offer, which should enable it to reduce its debt by at least 5.7 billion dollars will expire October 29.
CMA CGM to launch forced the restructuring of its debt
The owner Marseille relies on a steering committee charged with finding solutions to the debt of 5 billion dollars. It refers to the first cancellations of orders for ships.
CMA CGM acknowledges financially desperate. One year after the start of the storm that hit the world's shipping, the shipowner in Marseille, the third operator in global container transport, said yesterday in a statement to have heard "on the establishment of a steering committee consisting of banks and financial institutions, French, European and international players including some Asian and South Korean major. The statement said: "This committee is responsible for proposing measures to ensure the financing needs of the group in the short and medium term, strengthen its financial structure and so ensure its sustainable development. Governments, who were informed of this initiative will be regularly kept abreast of developments in this work. In conclusion, he mentions that "the objective of CMA CGM is to reach a comprehensive agreement with the committee by mid-November.
Faced with plummeting volumes and freight rates, that is to say prices charged to customers, the owner is of course not been idle to adapt to new circumstances. Last April, he announced in 2009 and a plan to save 600 million dollars (the currency of reference in the sea), including 400 million from the reduction of the fleet which he does not own. In fact, September 28, CMA CGM were no longer than 361 vessels including 270 leased and 91 owned, against 393 ships by 1 January with 295 charter and 98 owned.
But these measures do not suffice. Like most of its major competitors, CMA CGM, which is advised by JP Morgan can not escape a financial restructuring. How much? Protected by the structure entirely deprived of its shareholders and not issuing accounts once a year, the group chaired by Jacques Saade refuses to show publicly especially its losses since January 1 (probably several hundred million dollars), the state of its cash or its main milestones to come. A source familiar with the matter, however, suggests a debt of 5 billion dollars, largely due to the 51 vessels on order to enter the fleet by 2012.
According to one observer, these ships are ordered the major problem group, because this is very heavy commitments to pay when revenues vanish. Moreover, for the first time yesterday, CMA CGM has admitted in his statement that he was considering cancellations of shipments of ships ordered in addition to negotiations on conventional reports of dates of delivery. This file is going to be particularly difficult because it involves dozens of financial institutions - some people consider 50 to 70 - of many nationalities, including a branch of Korean export credit reputation for rigidity in negotiations.
But other measures are also needed. In the Summer of MEDEF, Jacques Saade had admitted the possibility of disposing of non-strategic assets (real estate, active port). One can also imagine the default of debt. And ultimately arise the question of the capital increase from fatally, if decided by the opening of the capital of CMA CGM, since its owner can not subscribe to only having the best years in reinvested his money in the development of the company. What type of Jacques Saade shareholders will he be ready to share power? This is one of the major challenges of the coming period.
CMA CGM acknowledges financially desperate. One year after the start of the storm that hit the world's shipping, the shipowner in Marseille, the third operator in global container transport, said yesterday in a statement to have heard "on the establishment of a steering committee consisting of banks and financial institutions, French, European and international players including some Asian and South Korean major. The statement said: "This committee is responsible for proposing measures to ensure the financing needs of the group in the short and medium term, strengthen its financial structure and so ensure its sustainable development. Governments, who were informed of this initiative will be regularly kept abreast of developments in this work. In conclusion, he mentions that "the objective of CMA CGM is to reach a comprehensive agreement with the committee by mid-November.
Faced with plummeting volumes and freight rates, that is to say prices charged to customers, the owner is of course not been idle to adapt to new circumstances. Last April, he announced in 2009 and a plan to save 600 million dollars (the currency of reference in the sea), including 400 million from the reduction of the fleet which he does not own. In fact, September 28, CMA CGM were no longer than 361 vessels including 270 leased and 91 owned, against 393 ships by 1 January with 295 charter and 98 owned.
But these measures do not suffice. Like most of its major competitors, CMA CGM, which is advised by JP Morgan can not escape a financial restructuring. How much? Protected by the structure entirely deprived of its shareholders and not issuing accounts once a year, the group chaired by Jacques Saade refuses to show publicly especially its losses since January 1 (probably several hundred million dollars), the state of its cash or its main milestones to come. A source familiar with the matter, however, suggests a debt of 5 billion dollars, largely due to the 51 vessels on order to enter the fleet by 2012.
According to one observer, these ships are ordered the major problem group, because this is very heavy commitments to pay when revenues vanish. Moreover, for the first time yesterday, CMA CGM has admitted in his statement that he was considering cancellations of shipments of ships ordered in addition to negotiations on conventional reports of dates of delivery. This file is going to be particularly difficult because it involves dozens of financial institutions - some people consider 50 to 70 - of many nationalities, including a branch of Korean export credit reputation for rigidity in negotiations.
But other measures are also needed. In the Summer of MEDEF, Jacques Saade had admitted the possibility of disposing of non-strategic assets (real estate, active port). One can also imagine the default of debt. And ultimately arise the question of the capital increase from fatally, if decided by the opening of the capital of CMA CGM, since its owner can not subscribe to only having the best years in reinvested his money in the development of the company. What type of Jacques Saade shareholders will he be ready to share power? This is one of the major challenges of the coming period.
Bercy sees the debt burden increased from 4 billion per year
The French government believes that the burden of debt, which represents the amount of interest the debt will increase by about four billion euros annually in the coming years, "said Budget Minister Eric Woerth. The debt burden is estimated at 42.5 billion euros in the draft 2010 budget presented Wednesday to a national debt that will reach 1.654 billion or 84% of GDP. The government expects public debt will reach then 88% of GDP in 2011, 90% in 2012 and 91% in 2013, compared to an estimated ratio to 77.1% in 2009. "We believe that in the coming years, the interest burden of debt will grow to nearly four billion per year, so he'll have to do face," Eric Woerth said on France Inter.
Despite the increase in debt in 2009 was reserved in his "good surprises" regarding the debt burden because of low inflation and interest rates low. "We believe that when the recovery comes, interest rates budge (...) It was anticipated more inflation in the 2010 budget in 2009 so it plays on the weight of debt," he said . He argued however that the debt of France was now lower than the average for countries of the Organization for Economic Cooperation and Development (OECD) and countries of the European Union. Eric Woerth also reiterated his opposition to higher taxes in France to reduce the deficit abyss of public accounts. "The solution of France does not always raise taxes, but also to reform our country, more activities, more growth, to have more revenue," he said.
Despite the increase in debt in 2009 was reserved in his "good surprises" regarding the debt burden because of low inflation and interest rates low. "We believe that when the recovery comes, interest rates budge (...) It was anticipated more inflation in the 2010 budget in 2009 so it plays on the weight of debt," he said . He argued however that the debt of France was now lower than the average for countries of the Organization for Economic Cooperation and Development (OECD) and countries of the European Union. Eric Woerth also reiterated his opposition to higher taxes in France to reduce the deficit abyss of public accounts. "The solution of France does not always raise taxes, but also to reform our country, more activities, more growth, to have more revenue," he said.
Friday, October 2, 2009
Istat, salt in the 2nd quarter of the debt AP
The Istat today rings the Income Statement quarterly government (AP) for the second quarter of 2009. Analyzing the income statement of the government for the second quarter of 2009 show that net borrowing of AP2 in relation to GDP amounted to 3.3 per cent (1.3 per cent in the corresponding quarter of 2008). Overall, in the first half of 2009 saw a net debt of 6.3 percent of GDP compared with 3.5 in the first half of 2008.
In the second quarter 2009 total revenues have declined in trend terms by 2.4 percent compared to less than 0.5 for the same period the previous year (Table 2), in this period the total revenue relative to GDP accounted for 45.8 percent compared to 45.0 percent in the second quarter of 2008. During the period, total revenue fell by 2.7 per cent (plus 1.5 in the corresponding half last year).
The only current income was a decline trend of 5.4 percent due to the combined effect of a reduction in direct taxes (minus 7.0 percent), indirect taxes (less than 8.6 per cent), social contributions (minus 3.4 percent) and growth of other revenue streams (plus 8.9 percent). Significant growth in revenue were instead on the capital and in particular the capital taxes in which they accounted for one-off tax payments replacing some tributi3 that affected some sectors of the economy, especially banking. In the second quarter 2009, total output rose in trend terms, 1, 8 percent more than the 8.2 per cent in the corresponding period last year (Table 2). Their value in relation to GDP (Figure 2 and Table 1) amounted to 49.1 per cent (46.3 per cent in the corresponding quarter of 2008). For the six months they have increased by 3.2 percent versus 6.2 percent in the corresponding semester of 2008. Outputs on current trends in the quarter, an increase of 1, 5 per cent. This increase is the combined effect of a decrease in compensation of employees (less than 3.5 per cent) of interest expense (minus 12.7 percent), an increase in intermediate consumption (plus 12.0 percent), social benefits in cash (plus 4.8 percent), other current output (plus 4.2 percent). The capital expenditure increased in trend terms by 5.8 per cent, in particular, gross fixed capital formation increased by 4.6 percent and other capital expenditure by 7.7 percent.
In the second quarter 2009 total revenues have declined in trend terms by 2.4 percent compared to less than 0.5 for the same period the previous year (Table 2), in this period the total revenue relative to GDP accounted for 45.8 percent compared to 45.0 percent in the second quarter of 2008. During the period, total revenue fell by 2.7 per cent (plus 1.5 in the corresponding half last year).
The only current income was a decline trend of 5.4 percent due to the combined effect of a reduction in direct taxes (minus 7.0 percent), indirect taxes (less than 8.6 per cent), social contributions (minus 3.4 percent) and growth of other revenue streams (plus 8.9 percent). Significant growth in revenue were instead on the capital and in particular the capital taxes in which they accounted for one-off tax payments replacing some tributi3 that affected some sectors of the economy, especially banking. In the second quarter 2009, total output rose in trend terms, 1, 8 percent more than the 8.2 per cent in the corresponding period last year (Table 2). Their value in relation to GDP (Figure 2 and Table 1) amounted to 49.1 per cent (46.3 per cent in the corresponding quarter of 2008). For the six months they have increased by 3.2 percent versus 6.2 percent in the corresponding semester of 2008. Outputs on current trends in the quarter, an increase of 1, 5 per cent. This increase is the combined effect of a decrease in compensation of employees (less than 3.5 per cent) of interest expense (minus 12.7 percent), an increase in intermediate consumption (plus 12.0 percent), social benefits in cash (plus 4.8 percent), other current output (plus 4.2 percent). The capital expenditure increased in trend terms by 5.8 per cent, in particular, gross fixed capital formation increased by 4.6 percent and other capital expenditure by 7.7 percent.
STAB Pakistani DEBT: HOW TO 3 ARRESTS
Robbery and Aggravated injury. Disputed the charges three young Pakistanis to collect an alleged debt last night would have stabbed a fellow countryman and were then arrested by the flying squad of Varese. A 113 call a friend, also in Pakistan, the wounded man. The brutal episode in Ortello street, not far from the railway station north. On site staff and an ambulance arrived by 118. Having received the description and address of the alleged assailants, the police reached bursting Racecourse Avenue in the apartment of three who, according to reports at police headquarters were simulated to be already 'a bed to sleep. In the search, were not found his wallet and the knife robbed but are equally statte handcuffs. In compliance with residence permits, as well as assaulted residing in Varese, are now in jail at the 'Miogni' pending interrogation warranty. Underlying dell'accoltellamento think there is a debt of about 20 thousand euros that the wounded would have gained by refusing to pay the last installment. According to police the stabbing was inflicted as a 'warning' and not with the will 'murderer so that the prognosis and' ten days.
France, yeast debt
Yeast public debt in France. In the second quarter, the debt has reached a value of 1428 billion, rising to 73.9% in relation to GDP. He notes the INSEE, the French statistical office. The quarter preceding the debt was calculated to be 70.4%. The State's net debt was growing at 66%.
Team Bee debt to 38.37 mln at end-August
The group presents the Bee Team Aug. 31 a net financial debt of 38.376 millions of tourists and euro compared with 37.031 the previous month. In late August, the parent has a net financial debt of 57.95 million euros compared to 57.05 million euros in the previous month.
The company points out that it is being implemented in the operation of a capital increase by issuing a maximum of 56,207,203 new ordinary shares to be offered as an option to shareholders in proportion to the number of shares owned by them and at a price per unit at 0 , 53 euros for each ordinary share, of which 0.43 euros a share premium, for a total value equal to 29,789,817.59 euro. The results of the Capital at the end of the offer period under option (August 3, 2009 - September 11, 2009). Furthermore, on September 25, 2009 ended the auction in unexercised stock rights, held during the period 21 to 25 September 2009 under Article. 2441 third paragraph of the Civil Code. The final results of the Capital under option will be announced by the Company to market in accordance with and within the time allowed by the applicable law.
31 August 2009, the Group B.E.E. TEAM presents trade payables over 30 days past due with suppliers, collected at the settlement date of the relevant Taxes, for about Euro 4.1 million. Debit positions are not past due other (financial, tax and social security) and any response actions of creditors.Sanpaolo IMI Group, 2007 Date Holding Ltd., TIP Tamburi Investment Partners, NR and Consulgest Horizons Ltd appear to be related parties of the Group BEE TEAM Spa on 31 August 2009. The balances in respect of the Intesa Sanpaolo Group refers to relationships of a commercial nature
The company points out that it is being implemented in the operation of a capital increase by issuing a maximum of 56,207,203 new ordinary shares to be offered as an option to shareholders in proportion to the number of shares owned by them and at a price per unit at 0 , 53 euros for each ordinary share, of which 0.43 euros a share premium, for a total value equal to 29,789,817.59 euro. The results of the Capital at the end of the offer period under option (August 3, 2009 - September 11, 2009). Furthermore, on September 25, 2009 ended the auction in unexercised stock rights, held during the period 21 to 25 September 2009 under Article. 2441 third paragraph of the Civil Code. The final results of the Capital under option will be announced by the Company to market in accordance with and within the time allowed by the applicable law.
31 August 2009, the Group B.E.E. TEAM presents trade payables over 30 days past due with suppliers, collected at the settlement date of the relevant Taxes, for about Euro 4.1 million. Debit positions are not past due other (financial, tax and social security) and any response actions of creditors.Sanpaolo IMI Group, 2007 Date Holding Ltd., TIP Tamburi Investment Partners, NR and Consulgest Horizons Ltd appear to be related parties of the Group BEE TEAM Spa on 31 August 2009. The balances in respect of the Intesa Sanpaolo Group refers to relationships of a commercial nature
Thursday, October 1, 2009
External Debt, Economic recovery post-crisis - After the USA, the London Club cancels 268 billion FCFA
The Bretton Woods institutions and financial partners are determined to make a major effort to Côte d'Ivoire to facilitate the implementation of its economic and financial program agreed with those institutions. 268 billion CFA francs, or 408 million euros. It's the gesture that capital partners in London come to consent vis-à-vis the Côte d'Ivoire, regarding the reduction of private debt, representing 20% of the stock of debt owed to London Club. The agreement signed in Paris by Charles Koffi Diby, Ivorian Minister of Economy and Finance Thierry Desjardins, President of the Coordinating Committee of the London Club, Monday, September 28, 2009 in Paris, also provides relief of 80% remaining debt over 23 years with 6 years of deferred payments and lean over the period of implementation of economic and financial program supported by the PRGF. However, the period of implementation of this program, Côte d'Ivoire will have to pay 55.4 billion CFA francs against 277 billion FCFA it owes to private creditors. The advantage for Côte d'Ivoire to get this agreement is timely is that it will help the country to ensure successful implementation of its economic and financial program agreed with the World Bank and the Fund International Monetary Fund (IMF). On Thursday, September 24, 2009, the United States were canceled for 208.7 million dollars (98.403 billion CFA francs) external debt of Côte d'Ivoire under a bilateral agreement signed between the two countries. This agreement is expected to clear around 123.23 billion CFA francs (188 million euros) of debt stock over the period April 2009 to March 2012. The London Club of private creditors constituted "cancel 268 billion CFA francs of debt on a total stock valued at 1380 billion (EUR 2.1 billion) at December 31, 2008," said the source.
"Who will pay the debt crisis?"
Marc Adivèze, general secretary of the Workers' Force Union county of Aude communicate in this way: Some people are beginning to talk of crisis, such as bankers and financiers that await: like repeat forward as if nothing had happened, somehow. Hence the need to regulate all financial and banking, which is very far from the case. But we also feel that the discourse on the refrain: "it starts to get better" show all those who, for example, found unacceptable the explosion of deficits
public and social call already to tighten the screws. This is not tolerable! The increase of public debt is the result of the crisis and massive subsidies granted to bankers. There is no reason that people lose out. Especially those who tell us that recovery is that there have been speeches in 2008 and did not see it coming. Do not see the crisis does not get a glimpse asset to its release! As for the increase of "deficits" social, it is due to lower revenue because of the crisis.
It is also due to 1.5 billion euros already paid by Social Security to buy masks and vaccines in preparation for influenza A.
In these circumstances, want to pay for drugs, increase the hospital package, pushing the retirement age as many projects are unacceptable and provocative.
public and social call already to tighten the screws. This is not tolerable! The increase of public debt is the result of the crisis and massive subsidies granted to bankers. There is no reason that people lose out. Especially those who tell us that recovery is that there have been speeches in 2008 and did not see it coming. Do not see the crisis does not get a glimpse asset to its release! As for the increase of "deficits" social, it is due to lower revenue because of the crisis.
It is also due to 1.5 billion euros already paid by Social Security to buy masks and vaccines in preparation for influenza A.
In these circumstances, want to pay for drugs, increase the hospital package, pushing the retirement age as many projects are unacceptable and provocative.
A world clock for measuring the public debt
Just over 35 000 billion, equivalent to 70% of global wealth generated during a year. This is the mountain of debt accumulated by the states of the world according to The Economist. Better still, the British weekly publishes on its website a clock on the public debt (The Global Public Debt Clock): it is counting every second, globally and by country. "The worst economic storm since the 1930s may be starting to clear, but another cloud appeared on the horizon financial: a massive public debt," says learnedly our colleague.
This is undoubtedly a legitimate concern and all means are good for awareness. This is not the first time that the Economist pushes economic information. His Big Mac Index, launched twelve years ago, is to compare the prices of internationally McDonald's sandwiches, universal and uniform product if any. A wonderful invention: a single number tells us the cost of living of any city in the world.
The idea of a counter snapshot of debt is less original. This is becoming a fashion as to produce real-time statistics. Since 2006, INED, the Institute of Population Studies, instantly figure the world's population. On ined.fr, we see the digital counter skip two or three units each second (the increase is actually 2.5 persons, of which approximately two or three). This representation is based on a theoretical model, which does not take into account the "hazards", pandemics or natural disasters, says it at INED. On December 26, 2004, tsunami that devastated Asia, killing 230 000 people in one day, would have completely invalidated the counter. Which did not exist at this time!
Another clock that is built on concrete and not on the Web, rises since June 2009 Full New York near Penn Station. On twenty meters long, it shows the global emissions of CO2, which is 1 000 tonnes per second, and each time the total since the start of the day. Deutsche Bank is sponsoring the project - she is very involved with investments in "low carbon" - is justified thus: "Since you can see them (carbon emissions), it is easy to forget that are there. "Charles Baudelaire did not say another thing there are a hundred and fifty years:" Clock! god sinister, scary, impassive, whose finger is threatening us and said "Remember!". "
That is the purpose of these clocks, which arise on the Internet or wandering the streets to raise awareness of the evils that threaten us. In New York, already in 1989, a wealthy real estate developer Seymour Dust, worried about soaring deficits of Reagan and Bush, had built an enormous digital screen showing the indebtedness of the federal government. It was then 2 700 billion. What is very small compared to the 11 700 billion currently displayed. The funny thing is that the installation of Dust Seymour had been dismantled. Under the second term of the Clinton Administration, public debt began to fall back because of budget surpluses: the initial software was not intended that the figures can go back. And besides, "a clock can, by definition, go back in time, we remind Gilles Pison, researcher at INED. For this reason, he prefers to describe his device "counter demographic (population may decrease, as in Japan).
The Economist, with its Global Public Debt Clock (sic), would it be pessimistic as to not even consider the possibility of reflux? In the medium term, it seems impossible. The International Monetary Fund has published alarmist predictions that take into account the staggering budget deficits associated with recovery plans in 2009. According to the IMF, the debt of all "developed countries" (United States, Europe, Japan) will rise from 75% of GDP in 2008 to 115% in 2014. Every citizen of the "rich world" (strange term) bear then a separate debt of $ 50 000. The overall situation will be much better in emerging economies. The weight of public debt in 2014 would represent only 23.1% of GDP in China, when it would reach 95.5% in France, 112% in the U.S. and 239.2% in Japan.
The challenge is without historical precedent, stress Carlo Cottarelli and Jose Vinals. The IMF experts consider the four possible solutions: drastic reduction of expenditures, higher taxes, inflation and economic growth accelerated. Italy and Japan, who lived for two decades with ratios above 100%, showed poor growth, without anyone knowing who is the chicken and what is the egg. The fact that so many countries have simultaneously insane debt ratio will "affect the world economy, especially on real interest rates, which remain unknown," the IMF warned. An inflation risk premium is to be feared. "In France, an additional point of interest is an additional annual cost of 10 billion euros for the state," says Thomas Brand, Head of Mission at the Center for Strategic Analysis. To be silent, 'Clock World debt "will be no less frightening as a tic-tac.
This is undoubtedly a legitimate concern and all means are good for awareness. This is not the first time that the Economist pushes economic information. His Big Mac Index, launched twelve years ago, is to compare the prices of internationally McDonald's sandwiches, universal and uniform product if any. A wonderful invention: a single number tells us the cost of living of any city in the world.
The idea of a counter snapshot of debt is less original. This is becoming a fashion as to produce real-time statistics. Since 2006, INED, the Institute of Population Studies, instantly figure the world's population. On ined.fr, we see the digital counter skip two or three units each second (the increase is actually 2.5 persons, of which approximately two or three). This representation is based on a theoretical model, which does not take into account the "hazards", pandemics or natural disasters, says it at INED. On December 26, 2004, tsunami that devastated Asia, killing 230 000 people in one day, would have completely invalidated the counter. Which did not exist at this time!
Another clock that is built on concrete and not on the Web, rises since June 2009 Full New York near Penn Station. On twenty meters long, it shows the global emissions of CO2, which is 1 000 tonnes per second, and each time the total since the start of the day. Deutsche Bank is sponsoring the project - she is very involved with investments in "low carbon" - is justified thus: "Since you can see them (carbon emissions), it is easy to forget that are there. "Charles Baudelaire did not say another thing there are a hundred and fifty years:" Clock! god sinister, scary, impassive, whose finger is threatening us and said "Remember!". "
That is the purpose of these clocks, which arise on the Internet or wandering the streets to raise awareness of the evils that threaten us. In New York, already in 1989, a wealthy real estate developer Seymour Dust, worried about soaring deficits of Reagan and Bush, had built an enormous digital screen showing the indebtedness of the federal government. It was then 2 700 billion. What is very small compared to the 11 700 billion currently displayed. The funny thing is that the installation of Dust Seymour had been dismantled. Under the second term of the Clinton Administration, public debt began to fall back because of budget surpluses: the initial software was not intended that the figures can go back. And besides, "a clock can, by definition, go back in time, we remind Gilles Pison, researcher at INED. For this reason, he prefers to describe his device "counter demographic (population may decrease, as in Japan).
The Economist, with its Global Public Debt Clock (sic), would it be pessimistic as to not even consider the possibility of reflux? In the medium term, it seems impossible. The International Monetary Fund has published alarmist predictions that take into account the staggering budget deficits associated with recovery plans in 2009. According to the IMF, the debt of all "developed countries" (United States, Europe, Japan) will rise from 75% of GDP in 2008 to 115% in 2014. Every citizen of the "rich world" (strange term) bear then a separate debt of $ 50 000. The overall situation will be much better in emerging economies. The weight of public debt in 2014 would represent only 23.1% of GDP in China, when it would reach 95.5% in France, 112% in the U.S. and 239.2% in Japan.
The challenge is without historical precedent, stress Carlo Cottarelli and Jose Vinals. The IMF experts consider the four possible solutions: drastic reduction of expenditures, higher taxes, inflation and economic growth accelerated. Italy and Japan, who lived for two decades with ratios above 100%, showed poor growth, without anyone knowing who is the chicken and what is the egg. The fact that so many countries have simultaneously insane debt ratio will "affect the world economy, especially on real interest rates, which remain unknown," the IMF warned. An inflation risk premium is to be feared. "In France, an additional point of interest is an additional annual cost of 10 billion euros for the state," says Thomas Brand, Head of Mission at the Center for Strategic Analysis. To be silent, 'Clock World debt "will be no less frightening as a tic-tac.
The public debt will reach 77.1% of GDP in 2009 and up to 90% in 2012
According to the draft 2010 budget law introduced on Wednesday by the council of ministers Christine Lagarde (Economics) and Eric Woerth (Budget), public debt should spend 67.4% of GDP in 2008 to 77.1% in 2009. The 2010 budget provides that public debt will reach 84% next year and continue to move up to 90% in 2012, announced Ms. Lagarde and Mr. Woerth at a press conference at Bercy. AP
The public debt of France is it sustainable?
The debt of France weighed 1.428 billion euros in late June, according to figures provided Wednesday by the INSEE. It has therefore increased over 61 billion euiros in three months, and now represents "approximately" 73.9% of GDP, says the National Institute of Statistics. The deficit is expected to reach 77.9% in late 2009, according to forecasts used by the government to form the basis of the draft budget presented Wednesday. He expects a deficit of 84% in late 2010.
This increase in debt seems inevitable, given the implementation of recovery plans needed to support economic activity in the crisis. Economists are however divided on the sustainability of this level of debt. Some, including Marc Fiorentino, president of Euroland Finance, consider that the threshold is already reached. Others, like Eric Heyer, deputy director of the department Analysis and Forecast of the OFCE, believe that France will not be crippled by debt as investors maintain their confidence in the French Treasury
This increase in debt seems inevitable, given the implementation of recovery plans needed to support economic activity in the crisis. Economists are however divided on the sustainability of this level of debt. Some, including Marc Fiorentino, president of Euroland Finance, consider that the threshold is already reached. Others, like Eric Heyer, deputy director of the department Analysis and Forecast of the OFCE, believe that France will not be crippled by debt as investors maintain their confidence in the French Treasury
Wednesday, September 30, 2009
The debt priority area for the future CEO of EDF Reuters
future CEO of EDF has a priori a clear but complex task to perform: to reduce debt, put the group at the heart of energy policy directly controlled by the Elysée and negotiate sensitively future rate increases.
Except surprise, the state should offer Sunday night during a board of directors to replace the current president Pierre Gadonneix by Henri Proglio, now president of the utilities group Veolia.
Henri Proglio, which is already on the board of EDF, a group still controlled almost 85% state, however, should officially take office until after the term of his predecessor, November 22 next .
"The main problem is the financial situation. The debt is increasing significantly," he told Reuters in an industry source familiar with the matter, who requested anonymity.
"The history of EDF shows that the company is never dead, but decisions must be taken to contain it."
The group's net debt increased from around 19.7 billion euros to the arrival of Pierre Gadonneix in 2004 to 36.8 billion euros in late June (cons 24.5 billion end 2008), this in particular because of Redemption for 12.5 billion pounds (15.8 billion euros) in the UK nuclear operator British Energy. According to Reuters Estimates Thomson I / B / E / S, produced from a forecast of 16 analysts, net debt could reach 44.8 billion end 2009 and 47 billion in late 2010.
The electrician public in late December also reached an agreement to acquire 49.99% stake in the U.S. Constellation Energy Nuclear Group, for 4.5 billion dollars (3.1 billion euros).
ACCELERATING THE ASSIGNMENT PLAN?
The French group is also faced with significant investments to upgrade the distribution network and maintain the fleet of nuclear plants. To reduce debt, the current chairman of EDF, Pierre Gadonneix, has announced a five billion euros of asset sales by 2010. Nothing, however, said that his successor will stick there and it will not decide a larger program, left to take drastic measures.
According to an administrator of the group representing the employees interviewed by Reuters, the change of direction could allow EDF to waive Constellation, ready to spend hundreds of millions of euros in penalties to settle the adventure. The new president could also yield a new tranche of capital of British Energy, which has already sold 20% to Centrica Plc for 2.5 billion euros, a discount of 6% over the purchase price.
"An easing of the interest in British Energy would be appreciated by the UK and Europe since offer wider access to nuclear generation," stressed Julien Benhamou and Stéphane Lacaze, analysts at Oddo Securities, in our recent EDF. "Sometimes it costs to do a little housekeeping," also emphasizes the industrial source.
The group could also give the partial distribution of electricity UK - representing almost 80% of the results of EDF Energy - or part of RTE, the transmission network of French electricity. This last option, however, raise an outcry union, even though Henri Proglio has a bias in favor of social dialogue.. But my feeling is that the state is not favorable. This is an issue which has dragged on for several months and does not, "observes one source of .
REVITALIZE THE ENERGY CHAIN
The change of CEO at the head of EDF is also in the context of the reorganization of the French energy sector, which is one of the priorities of industrial policy of Nicolas Sarkozy. "For this, we must increase cooperation between all actors of the French sector, EDF, GDF Suez, Areva or Total," says one. A consortium of GDF Suez, Total and Areva, which EDF would agree to build new generating plants EPR UAE illustrates this approach.
To this list, Henri Proglio seems to add Veolia, which would, according to Les Echos, transform governance to retain the chairmanship of the supervisory board. Also according to the newspaper, EDF could mount a capital of Veolia under mounting around the joint subsidiary of Dalkia energy services. .
The future president of EDF will also have a narrow scope to negotiate higher tariffs for electricity, an unpopular topic among consumers / voters French. Pierre Gadonneix, which said that the departure is not totally foreign to his recent statements about rate increases, it is broken teeth.
"President of EDF, this is not really a job alone," spear-t-on the same source.
Except surprise, the state should offer Sunday night during a board of directors to replace the current president Pierre Gadonneix by Henri Proglio, now president of the utilities group Veolia.
Henri Proglio, which is already on the board of EDF, a group still controlled almost 85% state, however, should officially take office until after the term of his predecessor, November 22 next .
"The main problem is the financial situation. The debt is increasing significantly," he told Reuters in an industry source familiar with the matter, who requested anonymity.
"The history of EDF shows that the company is never dead, but decisions must be taken to contain it."
The group's net debt increased from around 19.7 billion euros to the arrival of Pierre Gadonneix in 2004 to 36.8 billion euros in late June (cons 24.5 billion end 2008), this in particular because of Redemption for 12.5 billion pounds (15.8 billion euros) in the UK nuclear operator British Energy. According to Reuters Estimates Thomson I / B / E / S, produced from a forecast of 16 analysts, net debt could reach 44.8 billion end 2009 and 47 billion in late 2010.
The electrician public in late December also reached an agreement to acquire 49.99% stake in the U.S. Constellation Energy Nuclear Group, for 4.5 billion dollars (3.1 billion euros).
ACCELERATING THE ASSIGNMENT PLAN?
The French group is also faced with significant investments to upgrade the distribution network and maintain the fleet of nuclear plants. To reduce debt, the current chairman of EDF, Pierre Gadonneix, has announced a five billion euros of asset sales by 2010. Nothing, however, said that his successor will stick there and it will not decide a larger program, left to take drastic measures.
According to an administrator of the group representing the employees interviewed by Reuters, the change of direction could allow EDF to waive Constellation, ready to spend hundreds of millions of euros in penalties to settle the adventure. The new president could also yield a new tranche of capital of British Energy, which has already sold 20% to Centrica Plc for 2.5 billion euros, a discount of 6% over the purchase price.
"An easing of the interest in British Energy would be appreciated by the UK and Europe since offer wider access to nuclear generation," stressed Julien Benhamou and Stéphane Lacaze, analysts at Oddo Securities, in our recent EDF. "Sometimes it costs to do a little housekeeping," also emphasizes the industrial source.
The group could also give the partial distribution of electricity UK - representing almost 80% of the results of EDF Energy - or part of RTE, the transmission network of French electricity. This last option, however, raise an outcry union, even though Henri Proglio has a bias in favor of social dialogue.. But my feeling is that the state is not favorable. This is an issue which has dragged on for several months and does not, "observes one source of .
REVITALIZE THE ENERGY CHAIN
The change of CEO at the head of EDF is also in the context of the reorganization of the French energy sector, which is one of the priorities of industrial policy of Nicolas Sarkozy. "For this, we must increase cooperation between all actors of the French sector, EDF, GDF Suez, Areva or Total," says one. A consortium of GDF Suez, Total and Areva, which EDF would agree to build new generating plants EPR UAE illustrates this approach.
To this list, Henri Proglio seems to add Veolia, which would, according to Les Echos, transform governance to retain the chairmanship of the supervisory board. Also according to the newspaper, EDF could mount a capital of Veolia under mounting around the joint subsidiary of Dalkia energy services. .
The future president of EDF will also have a narrow scope to negotiate higher tariffs for electricity, an unpopular topic among consumers / voters French. Pierre Gadonneix, which said that the departure is not totally foreign to his recent statements about rate increases, it is broken teeth.
"President of EDF, this is not really a job alone," spear-t-on the same source.
Switzerland reduced its debt by 13 billion francs to 117 billion between 2005 and 2009
Switzerland has managed to reduce its debt despite the economic downturn. In late 2009, it has decreased by 13 billion francs compared to 2005, to rise to 117 bn, said the Finance Department on Tuesday. For comparison, the debt ratio in industrialized countries of the G20 represents approximately 2.5 times that of Switzerland. It is approximately 100% of GDP, against 40% in Switzerland. This positive development is linked to the budgetary discipline of the debt brake at the federal level, and the decline of the debt of the cantons and communes.
The public debt of France flies
The public debt of France has increased from 61.1 billion euros in the second quarter 2009 to reach a new record of 1 428 billion, or 73.9% of gross domestic product (GDP), according to data released Wednesday by the 'INSEE.
The public debt of France has increased from 61.1 billion euros in the second quarter 2009 to reach a new record of 1 428 billion.
Record government debt of France flies
Facts A budget recovery marked by deficits
Lighting Local taxes: the French will pay for the effects of the crisis
Infographic Tax Rate: large regional disparities
The government made the front wall of the deficit
In "milk strike", the French dairy farmers gathered throughout France for spreading operations of milk in the fields.
Zoom Milk producers maintain the pressure, despite advances
While the 2009 harvest is plentiful, the fall in exports of French wines uneasy occupation.
Facts To sell their stocks, winemakers are calling for sites selling online
Chronicle "Breakingviews" Good news, oil exploration is back
Decryption Gold regains its status as a safe haven
This percentage represents an increase of 3.5 percentage points from the end of the first quarter, when gross debt under the Maastricht amounted to 1 366.9 billion or 70.5% of GDP. Reflecting the widening deficit budgetary and fiscal stimulus, the state debt has increased from 54.6 billion euros in the second quarter to $ 1 135.4 billion, said the INSEE a statement.
Besides government debt, public debt under the Maastricht Treaty takes account of the social security funds (41.7 billion), local governments (141.1 billion) and government bodies Central (ODAC 109.8 billion). The debt of social security funds has widened to 7.7 billion euros while the government has declined to 1.7 billion, a movement comparable to that observed in the second quarter of previous years, said INSEE .
The debt figures of Maastricht in the first quarter were revised down sharply due to the reclassification of the Company to finance the French economy previously classified in a variety of agency headquarters and now outside the scope of government following a decision by Eurostat published July 15.
The public debt of France has increased from 61.1 billion euros in the second quarter 2009 to reach a new record of 1 428 billion.
Record government debt of France flies
Facts A budget recovery marked by deficits
Lighting Local taxes: the French will pay for the effects of the crisis
Infographic Tax Rate: large regional disparities
The government made the front wall of the deficit
In "milk strike", the French dairy farmers gathered throughout France for spreading operations of milk in the fields.
Zoom Milk producers maintain the pressure, despite advances
While the 2009 harvest is plentiful, the fall in exports of French wines uneasy occupation.
Facts To sell their stocks, winemakers are calling for sites selling online
Chronicle "Breakingviews" Good news, oil exploration is back
Decryption Gold regains its status as a safe haven
This percentage represents an increase of 3.5 percentage points from the end of the first quarter, when gross debt under the Maastricht amounted to 1 366.9 billion or 70.5% of GDP. Reflecting the widening deficit budgetary and fiscal stimulus, the state debt has increased from 54.6 billion euros in the second quarter to $ 1 135.4 billion, said the INSEE a statement.
Besides government debt, public debt under the Maastricht Treaty takes account of the social security funds (41.7 billion), local governments (141.1 billion) and government bodies Central (ODAC 109.8 billion). The debt of social security funds has widened to 7.7 billion euros while the government has declined to 1.7 billion, a movement comparable to that observed in the second quarter of previous years, said INSEE .
The debt figures of Maastricht in the first quarter were revised down sharply due to the reclassification of the Company to finance the French economy previously classified in a variety of agency headquarters and now outside the scope of government following a decision by Eurostat published July 15.
The debt will reach 84% of GDP in 2010
If the deficit is expected to soar this year to 8.2% of GDP, remaining at that level throughout 2010, the debt of France, she is estimated to grow wiser. The latest government forecast, which could appear in the "guidance document public finances" presented Wednesday with the draft budget for 2010 assume a debt of 77.1% of GDP in 2009 and 84% in 2010. This increase will put the debt of France to record levels, but it is not very far from the previous government forecast which projected 77% and 83% in 2009 and 2010 respectively. One explanation for this relative resistance is the low level of interest rates which borrows the France market, only slightly higher than Germany, which limits the weight of interest, also called "debt burden . But financial markets could end up worrying about this situation: on the basis of a GDP of around 2,000 billion euros in debt 84% equivalent to some 1,700 billion euro ...
The unbearable burden of debt
Quebec lives on the line of credit. This gives the illusion of some wealth, but Taking is never far away. Looks like someone bipolar after a frenzy of spending out of control, he invariably finds himself in a depressive state where he must find as quickly as possible the billions who will balance its budget.
Between 2003-2004 and 2009-2010 budgets, the government Increased its spending program (services to the population) from 45 billion to 60 billion dollars. We are talking about a 33% increase in expenditure is four times the growth of the economy. This pace is unsustainable, especially as only 18.8 billion dollars were withdrawn from the current government to find directly on the debt. The 42 billion dollars in Quebec plans to spend 2013-2014 to boost the economy will also Widen its debt, Which we must add about $ 4 billion deficit by year accumulate by then. The debt then represent half of the Quebec economy, an alarming level.
The fiscal position is also near a precipice. In 2013-2014, the government will spend $ 8 billion more for its expenditure program this year and the debt service will reach 9.4 billion dollars, 3.3 billion more. Make your accounts: this is additional expenditure of almost $ 12 billion. In his last budget, the government has submitted a very cheerful view of the situation. The fight in the black, the increase of costs of government services and the increase in QST in 2011 should fill $ 8 billion. Even in this version euphoric, missing 4 billion.
The reality is that we need additional revenues of 12 billion or decreases in comparable cost within four years. This command spectacular in a society where the state is seen as benevolent, omnipotent and untouchable. Quebecers will have to bear in mind that debt is a cruel trap that destroys all their ambitions and Undermine all their energies.
Between 2003-2004 and 2009-2010 budgets, the government Increased its spending program (services to the population) from 45 billion to 60 billion dollars. We are talking about a 33% increase in expenditure is four times the growth of the economy. This pace is unsustainable, especially as only 18.8 billion dollars were withdrawn from the current government to find directly on the debt. The 42 billion dollars in Quebec plans to spend 2013-2014 to boost the economy will also Widen its debt, Which we must add about $ 4 billion deficit by year accumulate by then. The debt then represent half of the Quebec economy, an alarming level.
The fiscal position is also near a precipice. In 2013-2014, the government will spend $ 8 billion more for its expenditure program this year and the debt service will reach 9.4 billion dollars, 3.3 billion more. Make your accounts: this is additional expenditure of almost $ 12 billion. In his last budget, the government has submitted a very cheerful view of the situation. The fight in the black, the increase of costs of government services and the increase in QST in 2011 should fill $ 8 billion. Even in this version euphoric, missing 4 billion.
The reality is that we need additional revenues of 12 billion or decreases in comparable cost within four years. This command spectacular in a society where the state is seen as benevolent, omnipotent and untouchable. Quebecers will have to bear in mind that debt is a cruel trap that destroys all their ambitions and Undermine all their energies.
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