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Unemployment is leveling off in the euro area. 10% in March 2010, the unemployment rate adjusted for seasonal variations remain in effect identical to that for the month of February. A year earlier the rate was however lower at 9.1%. The EU as a whole is a bit lower at 9.6% in March 2010, also unchanged from the same month a year earlier, Eurostat said on Friday.

So these are 15 million unemployed in the euro area accounts in March, 23 million for the EU-27. In one year, Germany is the only one EU country to have recorded a decline in unemployment, falling 7.4% to 7.3%. All other countries saw their unemployment rates increase because of the economic crisis.But are Latvia (the rate jumped to 14, 3% to 22.3%), Estonia (from 7.6% to 15.5% between the fourth quarters of 2008 and 2009) and Lithuania (from 8.1% to 15.8% between the fourth quarters of 2008 and 2009), which record the highest increases in the EU low fee pay day loans.

If it were up to now difficult to find a tandance about the evolution of unemployment figures, said Societe Generale's analysts now tend to think that the situation should improve in the second quarter.

It should be noted that the rate of female unemployment is still slightly higher than men (10.1% against 10%), but posted a much lower increase. The youth are always the most affected by unemployment, with a proportion of 19.9% in the euro area and 20.6% in the EU.Spain and Latvia beat on this sad record, with respective rates of 41.2% and 44.9%.

Nothing goes between two of the major shareholders of Eramet. Romain Zaleski, who holds 12.87% stake in the French mining group, calls for the dismissal of four directors, who are none other than representatives of the Duval family, which owns 37% of the company.

There is virtually no chance that when the General Assembly on 20 May, these resolutions are passed. The Duval will vote against. Their ally in a shareholders' agreement-in-Areva will probably follow suit. The intervention of Romain Zaleski, via his holding company Carlo Tassara in which are housed the Eramet shares, should be a sword in the water.

It is nevertheless part of the logical continuation of the lawsuit began in late 2009 by the businessman. Romain Zaleski wants to cancel the merger of Aubert & Duval and Eramet.Fusion, which dates from 1999 and is the origin of family involvement in the mining capital of the group. At the time, Romain Zaleski was not a shareholder. The reason for this action never stops raising questions about the real motivations of the financier. Crowding out of Duval himself would become a key player in negotiations on new developments in the capital of Eramet. But with what ulterior motives? "We will demonstrate in the coming weeks that the lawsuit Romain Zaleski has backfired," said one familiar with the matter.

Meanwhile, the plan to sell Areva stake in Eramet patina. The value of this participation is made more complicated by the attacks of Romain Zaleski.Even if they have little chance of success, it must be considered.

Securing access to rare metals

Communication Jean-Louis Borloo, Minister for Ecology, Energy, Sustainable Development and the Sea, in the Council of Ministers on Tuesday, does not simplify the situation. As noted in Le Monde, the Minister is considering the creation of a center that would combine the mining of uranium mines of Areva and those of manganese and nickel Eramet and should provide access to rare earths and some metals, essential for the industry. This event brings back another sea serpent: the dismantling of Eramet. Another issue, even result, in the end, the Duval family and Alloys division could leave the perimeter of Eramet."Such a subject is not even mentioned by Duval," says one close to the matter.

This hypothesis would at least end the procrastination of the management of Areva for its stake in Eramet, which "is either too much or not enough." At a time when access to mineral resources becomes a major issue, creating a "national champion" is not absurd.

But faced with competition from industry majors, weighing 200 billion dollars in each stock, the new French group, headed by the same Office of Geological and Mining Research (BRGM has also very little money), would in the featherweight class. However, the creation of a committee for strategic metals (Comes) is expected before the end of the first half and allow to "coordinate the various actions, including those of Ifremer and the BRGM and make them more effective" , says at the ministry.Such coordination "assuming no change". The private groups already agree with each other. Eramet and Bollore have joined in lithium (used for batteries) and overall prospect in South America.

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The National Assembly must decide on Tuesday on the bill to regulate the consumer credit. The text, which has already been approved by the Senate must pass the difficult balance between maintaining economic activity supported in part by the credit and the necessary protection of indebted households.

The number of cases filed with the commission of indebtedness that is constantly increasing. A phenomenon considered especially worrisome by the Bank of France that the population affected by the debt overhang is not the same. When creating the indebtedness committee with the law Neiertz 1989, he was helping people who had not managed their budgets: the syndrome of fever buyer where people were abusing the loan to purchase a 4X4 or high-tech products.But since the late 1990s, a new category of people are facing the problem of indebtedness, with the emergence of "new poor", that is to say who, though having a job, fail longer pay the bills of electricity or gas. And the crisis has accentuated the trend by multiplying the number of "accidents of life, including the number of households affected by unemployment, low rates payday advance. Since 2008, the Bank of France notes an increase in cases of indebtedness of approximately 16% per year.

The latest statistics released by the agency confirm this movement. 19,380 cases have been filed with the commission in February 2010. 20.5% higher than the previous month.

The Bank, however states that one should not jump to conclusions, due to some seasonality.The first months of the year are in fact traditionally the stigma of Christmas. A phenomenon in which the new text may perhaps act. It provides for a doubling of the period of withdrawal of clients (14 days instead of 7), the obligation of loyalty card stores offered an option "cash" or a limitation of revolving credit and advertising. The banks and specialized agencies should then put more emphasis on the commitment that is a credit on the ease of obtaining money.

Should he do so without saying? The government raises the question about raising the legal age of retirement. Introduced in 1983, the possibility of a pension at age 60 is an "acquired" intangible to the unions – will undoubtedly touch inflate the number of events already planned. But the past work of the Board of Retirement Guidance (NRC) also show that this solution would be financially much more efficient in the short and medium term of a longer contribution period, this second option had significant effects that 'from 2020 at best.

Therefore, the temptation is great to work around the problem: give everyone the opportunity to leave at 60 if he wishes, but to dissuade the maximum. For this, the pension of a person choosing to leave "early" (before 62 or 63 years, for example) could be amputated, even if it has "all quarters."The track appeared there more than a month in the NRC documents, referring to examples of U.S., Japanese and German. It went almost unnoticed, except in the eyes of government officials who are working on pensions.

"The executive Ponder on it," admits one of the main actors of the file. "It's part of the range of possibilities," says a corporate source, emphasizing that nothing is decided. "I was cooking around that idea," says a union leader. Who speaks the same orders of magnitude, "a discount of 1.25% per quarter or 2.5% below the target age.In other words, for the same number of quarters validated, the person who would liquidate his pension at age 60 would incur a penalty of 10% to 20% compared to that which would prolong his career until age 62 – if the government set the example age objective payday loans.

A more complicated

The assumption is even less absurd than 22% maximum discount is already applied in France, supplementary pensions (Agirc-Arrco) for private sector employees who retire before age 65. The retiree does not realize, because a fund compensates this difference.

But the existence of this fund, called AGFF, is up to the renewal of a regular union-management agreement.The agreement expires at the end of this year and will be renegotiated just after the reform of pensions.

Advantage of the option: it offers hope of union protests limited, maintaining the symbolic age 60 years. Disadvantage: it would make a bit more complicated than a pension system that is already fairly. And above all, "everyone knows that it is the workers rather than managers, who tend to stop working when they have the right, a government source analysis. The risk is they leave with even lower pensions. The government plans to publish a first draft of its reform from mid-May

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Soaring interest rates Greeks did not leave the choice to Athens. Greece today called the release a device with the European Union and the International Monetary Fund (IMF) said the Greek Prime Minister George Papandreou. A solution to which it had previously refused, but reimbursement by the May 18 deadline for a $ 8.5 billion was forced to act.

It is now "a national need," said George Papandreou on live television."Our partners will take steps to offer a safe haven for help to put our ship afloat (…) and send the message to the markets if the Union does not play and it protects the euro."

The joint assistance of Europeans and the IMF consists of a loan of around 45 billion euros at a rate of about 5%, including 30 billion for member countries of the European Union and about 15 billion of IMF.

The area countries are taking their laws to release the funds. France has indicated Wednesday it was ready to grant 3.9 billion euros. In Germany, the situation is much more complicated. The government of Angela Merkel faces a strong challenge to the public.

Three events have accelerated the decision of the Greek government in recent days.Since the beginning of the week, interest rates on debt Greek continue to break records, preventing use of the Athens market in the near future. On Thursday, the European Institute of Statistics, Eurostat, has revised upward the Greek budget deficit for 2009 and reiterated his doubts about the national statistics. Finally, in the process, the rating agency Moody's downgraded the rating of Greece.

The markets reacted positively, the Athens Stock Exchange (Athex) was up by midday Friday, gaining 3.77%. By late morning, London gained 0.93%, Paris and Frankfurt 0.82% 1.25%.

More to come …

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End of a difficult episode. The Ministry of Industry announced Tuesday evening that a premium extra-legal EUR 22,000 was given by the direction of Sodimatex for each employee.

Minister, Christian Estrosi, "finds that the return of social dialogue (…) has achieved a significant improvement with the support of employees, including funding of up to 51,000 euros for each employee Depending on seniority, with 22,000 euros in addition to compensation provided by law, "the ministry said in a statement.

Moreover, "? 700 000 for the training of employees have been made available under the National Employment Fund and Forthac, the collector organization credits the training in the textile industry, is committed to support training efforts developed by the state and the company, "the statement added.

A well kept secret

The 92 employees of the plant – which produces automotive carpet – demanded a premium extra-statutory redundancy 21com "> fast cash.000 euros.

The decision was taken on Tuesday afternoon. But no details were made public until Tuesday night. The secret had been kept to "shield the News", according to unions, which wanted the agreement does not fall into the water.

Employees Sodimatex Crepy-en-Valois, who had threatened earlier this month to blow up their factory to demand better severance pay, signed an agreement with management approach the weekend of April 3.

The unions committed themselves to "defuse" the gas tank they threatened to burn down and destroy them in exchange for "guarantees" on the smooth progress of negotiations with management, including premium extra-legal starting they demand.

Porthmouth bankrupt, condemned Manchester United to assume debt of 826 million euros of its owner Malcolm Glazer … The elite of English football suffered the brunt of financial crisis. And it is not finished. According to the British press, Tom Hicks and George Gillett, owner of Liverpool Football Club, has mandated Barclays Capital, the investment banking subsidiary of Barclays to sell the club. "This is not a surprise when we know their philosophy on Liverpool, says Vincent warmShe, head of sport Ineum Consulting.They clearly did not want to invest any book in the club they use as a "cash cow".

Under the pressure put by the creditors of the club – Royal Bank of Scotland claiming payment of 100 million pounds (113 million euros) – and the rise of a club like Manchester City who could play spoilsport at within the 'Big Four' (Chelsea, Manchester United, Arsenal, Liverpool), Liverpool has no other choice but to respond. "If Liverpool wants to keep pace with competitors sporting their English, Spanish and German, they must have a stadium of over 50,000 seats," said Vincent warmShe.If the project was suspended due to financial crisis, Liverpool have received permission to build a new 60,000-capacity stadium in Stanley Park to Anfield to replace that with a capacity of 42,000 seats.

The owners want to EUR 565 million

Since their arrival in Liverpool, the two investors are highly contested by both the Reds fans as the club's creditors. In addition to sports scores means, they mostly blew the debt of the club, which currently reaches 237 million pounds (268 million euros) No fax pay day loans. "Like Manchester United, Liverpool is a club that generate healthy lot of money. But that money only serves to cover the debts of their owners. What constitutes a serious handicap for their sports investments."Says Vincent warmShe.

Sixth in the Premier League – the equivalent of League 1 in England – and therefore not qualified for the next Champions League, Liverpool disappoint again this season. "Liverpool is facing a triple handicap: an owner who does not invest a stage too small and sports results disappointing. If the club continues in this path, he will find himself in big trouble. The end of the season is in this sense a real turning point. They must finish in the top four, "says Vincent warmShe.

The two owners of the club then realized it was time to make a substantial capital gain. They hope to gain from the sale of Liverpool, they bought 217 million pounds (245 million euros) in 2007, 500 million pounds (566 million euros). However, in three years, the value of the pound has fallen sharply: in 2007, a pound was worth just under EUR 1.50.Today, ell worth just over 1, 13 euro.

The case is far from being tied up: Tom Hicks and George Gillett have received an offer for now 118 million pounds (133 million euros) to buy 40% stake, valuing the club at least 300 million pounds (339 million euros).

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It took two peaks and a half-dozen ministerial appointments, but the sixteen countries of the euro are finally able to determine in detail the safety net for Greece. The European system, officially operational since Sunday, includes up to 30 billion euros in bilateral loans to an interest rate target of about 5M for a term of three years.

"Until now, the Sixteen had taken decisions in principle, we now show that there is money behind," said Jean-Claude Juncker after a video conference involving Ministers Euro zone finance. "All the tools are in place and operational immediately," said Olli Rehn, European Commissioner for Economic and Monetary Affairs.

Athens has not yet decided to use this financial plan. But it was time to measure reliability.Greece, seriously diminished his credit, is to resume tomorrow's Calvary borrower, raising 1.2 billion of Treasury bills at six and twelve months. Repeatedly announced but never detailed the mechanism difficult to convince the markets for two months. The litmus test is committed immediately. By late May, Athens faces more than 10 billion euros maturity on a debt estimated at 300 billion. It must still find 32 billion before the end of the year. The figures broken down on Sunday in Brussels, more generous than expected, seem a priori to the scale of the challenge.

For 30 billion that could unlock the Sixteen would be added the joint contribution of the IMF. If we follow the rule laid down by 2/3-1/3 the last EU summit, Greece could therefore be based if necessary on a cushion of more than 40 billion euros in loans this year.No estimate has yet been advanced for years.

Mechanism triple expansion

With an interest of around 5% on loans for three years, the Sixteen still follow the principles laid March 25. As a last resort, Greece could be financed at a lower price than it does now on the market (more than 7%). But she would not receive any subsidy-provided imperiously posed by Germany, nor any advantage over other heavily indebted countries like Portugal, Ireland, Spain or Italy. If the ETF would be implemented, "Greece would be encouraged to return quickly to the market" to finance themselves forward Jean-Claude Juncker.A hypothesis that will be realized when Athens will be able to raise money at rates lower than the European plan.

Faced with deadlines looming, the Greek prime minister, George Papandreou, had struck these days on all doors so that Europe finally joins the action to the word. To impress the financial, "we must put a loaded revolver on the table," he said Sunday at the Greek newspaper "To Vima". "The question, he added, is whether the device will persuade the markets (…) Otherwise, it could well be used …"

At the announcement of decisions taken by the Sixteen, the Greek Minister of Finance was confident.George Papaconstantinou welcomed an agreement "very important", confirming that he had not requested the activation of the mechanism: "We believe we can continue to borrow freely on the markets."

It was at Athens that he would take the initiative, confirmed Sunday the Commissioner Rehn. But the mechanism is at least triple expansion. The European Commission, the ECB and the IMF all have their say or their conditions to ask. Finally, the loans would only be released only by unanimous consent of the Sixteen, which gives a veto to Germany. George Papandreou today has a net credible.But it has not finished with the tightrope.

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Neither seen nor known. For five years, just ahead of their quarterly publications, 18 major banks like Goldman Sachs, Morgan Stanley, JP Morgan Chase or Citigroup, have simply replaced the box for "debt", a figure from another, much smaller, according New York Fed. On average 42%, according to figures from the institution, reports the website of The Wall Street Journal (WSJ).

Why? Because they fear being punished by the stock market investors, who watch carefully the amounts of debts and, thus, the risk levels of a bank. And also because they fear that the ratings agencies are reviewing their notes down No teletrack payday loans. What would frighten investors Exchange.

In fact, between two publications, the debts are upgraded in the accounts.In the end, nothing illegal, writes the WSJ Online, which emphasizes that while some complained of the banks confirmed this tinkering, representatives of Goldman Sachs, Morgan Stanley, JP Morgan Chase and Citigroup, have made no comment.

The spokesman for Bank of America has however stressed that "efforts made to manage our balance sheet size are suitable, and these strategies are compatible with the rules and accounting standards.

The tax shield prevents it really the tax exile? In 2008, when the tax shield has been lowered to 50% of revenues, 821 liable to the ISF have left France, according to figures from the Ministry of the Budget that the Figaro was purchased.

In 2007 when the shield was however 60% – only 719 taxpayers had left France and EWB! Nevertheless, the flow of exiles was more important before the introduction of the shield. Thus in 2006, 846 liable to the ISF were exiled.

In addition, 312 are expatriates tax revenues in France in 2008. It's better than 2007 when they were 246.