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	<title>Live News &#187; money</title>
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		<title>Ministers&#039; salaries will be reduced by 30%</title>
		<link>http://wtwoodsoncrew.org/ministers-salaries-will-be-reduced-by-30/</link>
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		<pubDate>Thu, 17 May 2012 22:04:09 +0000</pubDate>
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		<description><![CDATA[ 
 &#34;If I am elected, I do not gèlerai, but I stoop down the salary of the president and ministers of 30%.&#34; By November 2011, Francois Hollande had made the campaign promise very symbolic, while Nicolas Sarkozy marked the spirits in increase of 172% net salary (of 7,084 to 19,331 euros) on arrival at the [...]]]></description>
			<content:encoded><![CDATA[<p> 
<p> &quot;If I am elected, I do not gèlerai, but I stoop down the salary of the president and ministers of 30%.&quot; By November 2011, Francois Hollande had made the campaign promise very symbolic, while Nicolas Sarkozy marked the spirits in increase of 172% net salary (of 7,084 to 19,331 euros) on arrival at the Elysee. Invited on France 2 on Wednesday night, the new prime minister, Jean-Marc Ayrault, announced that this commitment would be the first of his government. Hardly installed at Matignon, he will propose a 30% drop in the wages of members of government from the first cabinet meeting on Thursday afternoon. &quot;This is exemplary,&quot; said he explained. This measure will be a decree, he said. </p>
<p> The gross monthly salary of Ministers will be up to 14,200 euros per month, to 9,940 euros. That of the Prime Minister will also be trimmed from 21,200 euros to 14,840 euros gross. Like, finally, the compensation of the President of the Republic. With a plane that has a surprising consequence. Ex-Ministers continue to earn more than their successors for another six months. Indeed, each team member Francois Fillon retain his salary during this period. A privilege granted to all former ministers, who lose their theory, however, other benefits. </p>
<p> Largest decline in Europe
<p> If they come later than in other European countries, this decline in compensation of government is by far the strongest. One of the first to take this measure, as he tried to impose on his country a vast austerity plan, was the Irish Prime Minister Brian Cowen. From 2009, he had reduced his salary and that of his ministers by 15%. In the process, in May 2010, Spain followed the movement by announcing a 15% reduction of salaries of its ministers. In the UK, the British prime minister, David Cameron, newly installed in power, his ministers imposed a 5% decrease in their pay. A dry diet made subsequently by Italy and Portugal, among others. </p>
<p> In Europe a constraint to fiscal Germany still appears a prosperous island. While the German economy grew by 2% annual rate in the first quarter, Angela Merkel and her ministers were granted for the first time in twelve years an increase of wages. The Cabinet decided on Wednesday to a 5.7% increase in three stages by August 2013, bringing the salary of Angela Merkel to about 17,016 euros gross per month and those of his ministers to about 13,795 euros.  </p>
<p> ALSO READ: </p>
<p> &quot;IN PICTURES &#8211; The salaries of our political leaders </p>
<p> &quot;Francois Hollande promises to&quot; lower the salary of the President &quot;</p>
<p> &quot;The benefits lost by outgoing ministers </p>
<p> &quot;Sarkozy will enjoy the privileges of former presidents </p>
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		<title>Even in New York, markets appear down</title>
		<link>http://wtwoodsoncrew.org/even-in-new-york-markets-appear-down/</link>
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		<pubDate>Tue, 24 Apr 2012 11:16:13 +0000</pubDate>
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		<description><![CDATA[Presidential in major cities Paris &#124; Leeds &#124; Lyons &#124; Toulouse &#124; Leeds &#124; Sheffield &#124; Liverpool &#124; Bordeaux &#124; Lille 
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			<content:encoded><![CDATA[<p>Presidential in major cities Paris | Leeds | Lyons | Toulouse | Leeds | Sheffield | Liverpool | Bordeaux | Lille </p>
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		<title>How to boost SMEs</title>
		<link>http://wtwoodsoncrew.org/how-to-boost-smes/</link>
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		<pubDate>Mon, 26 Mar 2012 05:04:43 +0000</pubDate>
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		<description><![CDATA[ 
 While political leaders promises to multiply the SME, 300 business leaders gathered in Evian (Haute Savoie) for three days, from March 22 to 24, during the fourth Spring Campus organized by the association CroissancePlus. They reflected a very real way on how best to grow very small businesses and SMEs to become medium-sized companies [...]]]></description>
			<content:encoded><![CDATA[<p> 
<p> While political leaders promises to multiply the SME, 300 business leaders gathered in Evian (Haute Savoie) for three days, from March 22 to 24, during the fourth Spring Campus organized by the association CroissancePlus. They reflected a very real way on how best to grow very small businesses and SMEs to become medium-sized companies (ETI) employing between 250 and 5000 employees. &quot;Growth is the foundation of everything. We must grow faster than its competitors to beat them, &quot;testified Xavier Fontanet, former chairman of the board of Essilor, the world leader in the ophthalmic lens. </p>
<p> &quot;In Germany, large ETI achieving over 500 million euros in turnover increase. They took advantage of a phenomenon of concentration. Seven out of ten bought a small business or a merger between 1996 and 2006, &quot;noted Jacky Lintignat, CEO of KPMG. The French group Altrad, European leader of the scaffold (494 million euros of turnover), was embraced by making 45 acquisitions since 1985 in France and abroad. &quot;Our goal is to double our turnover in the next four years,&quot; said Mohed Altrad, president of the eponymous group which opened its capital to three banks CM-CIC Capital Finance, Arkea Private Equity, a subsidiary of Credit mutual Arkea, BNP Paribas and Development and the Strategic Investment Fund. </p>
<p> But entrepreneurs are divided on the interest of bringing investors to accelerate their growth <a href="http://payday-z.com">Low fee payday loans</a><!-- . -->. The start-up Showroomprivé, which sells brands on the Internet, hosted the U.S. fund Accel Partners to expand internationally. &quot;We must not fall into the hands of investment funds and the stock market go,&quot; he assured his side Maxime Holder, CEO Paul bakeries, one of three businesses Holder family group. A difficult experience with a fund in Britain, explains this desire for independence. &quot;There is not DNA but the DNA for a company to succeed,&quot; commented Olivier Duha, president of CroissancePlus. To allow contractors control their business while allowing them to find money to grow, Jean-Louis Beffa, honorary president of Compagnie Saint-Gobain, has proposed that SMEs can benefit from &quot;equity without right to vote. &quot; The often difficult relationship between large companies and SMEs were also discussed. &quot;Many SMEs do not dare connect to Danone. We must learn to work together, &quot;regretted Franck Riboud, Danone CEO. There is a way to go. SMEs are often reluctant to approach some large groups because they do not always respect the law, including the supervision of payment periods. </p>
<p> ALSO READ: </p>
<p> &quot;CroissancePlus challenges the candidates </p>
<p> &quot;The industrial denounce tax competition </p>
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		<title>Scavengers of Lyon continue strike</title>
		<link>http://wtwoodsoncrew.org/scavengers-of-lyon-continue-strike/</link>
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		<pubDate>Sat, 17 Mar 2012 12:52:06 +0000</pubDate>
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		<description><![CDATA[ 
 The protest of sanitation workers in Greater Lyon hardens. They decided on Saturday to extend their strike until Monday, which has lasted nearly a week. This decision was taken at a general meeting of the Inter-CGT-FO, CFDT, CFTC, UNSA-FAFPT this morning. Refuse collectors protest against &#34;privatization&#34; of garbage collection. Today, public ownership and private [...]]]></description>
			<content:encoded><![CDATA[<p> 
<p> The protest of sanitation workers in Greater Lyon hardens. They decided on Saturday to extend their strike until Monday, which has lasted nearly a week. This decision was taken at a general meeting of the Inter-CGT-FO, CFDT, CFTC, UNSA-FAFPT this morning. Refuse collectors protest against &quot;privatization&quot; of garbage collection. Today, public ownership and private companies share the task in 58 municipalities of Greater Lyon. However, the urban community has redefined the geographical starting in October 2012. Therefore, the Lyon and Villeurbanne centers will be entrusted to the private sector. Conversely, the control will get the garbage collection in the towns of the west and south of Lyon and Villeurbanne the periphery. </p>
<p> For unions, this redistribution could lead to further privatization in the next round of bidding in 2017. &quot;There is no question of moving towards a full privatization, but to have a balanced 50/50 public-private&quot;, reiterated Thierry Philip, Vice President of Grand Lyon in charge of cleanliness on Friday at the Following a meeting with unions. An encounter that turned into a dialogue of the deaf. &quot;I do not see a crisis,&quot; lamented the representative of the urban community. The strike rate had risen to 40.7% from Friday&#39;s 400 garbage collectors. </p>
<p> Besides the fear of a &quot;grazing&quot; by the private sector, unions are now demanding &quot;every Saturday off.&quot; They have actually hardened Wednesday their original claim of a weekend on two of rest. In response, Thierry Philip, Vice President of Grand Lyon in charge of cleanliness, ruled Thursday that requirement &quot;impracticable&quot;, arguing that granting of rest every Saturday would force the city to &quot;make use of temporary agency or the private market, which would cost 2 <a href="http://instant-payday-loan-service.com">payday loan no faxing</a><!-- . -->.5 million a year. &quot; He recalled that the strikers had obtained, as of November 2, a weekend on two of rest. </p>
<p> &quot;We do not want to politicize the debate&quot;
<p> While negotiations are deadlocked, the Greater Lyon has sued several union officials for obstructing labor law. The strikers are convened in chambers Monday at 18 pm at Lyon Administrative Court. Shocked, the Inter, who denies having blocked deposits, in a statement requires &quot;respect the right to strike and stopping pressures&quot; through &quot;the use of private trucks and temporary&quot; to ensure the tours of the strikers . It also threatens &quot;to expand the movement beyond the collection&quot;, with the possible filing of a notice of strike action &quot;for all agents and all services for the Greater Lyon respect the right to strike, the improving working conditions and the protection of our public service. &quot; </p>
<p> They hope to go en masse to the Tribunal to support their colleagues Monday, strikers, however, assured that they would organize any event this Saturday on the sidelines of the visit of Nicolas Sarkozy in Lyon, a city whose streets are certain already littered with trash cans full. &quot;We do not want to politicize the debate,&quot; said Mohamed Messai, vice-chairman of the CFTC Fnact. &quot;The RG called me this morning, I&#39;m reassured.&quot; </p>
<p> (With agencies) </p>
<p> ALSO READ: </p>
<p> &quot;The garbage collectors of Lyon&quot; very angry &quot;</p>
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		<title>Boeing needed a plan B to save 787</title>
		<link>http://wtwoodsoncrew.org/boeing-needed-a-plan-b-to-save-787/</link>
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		<pubDate>Tue, 28 Feb 2012 09:20:07 +0000</pubDate>
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		<description><![CDATA[ 
 Too complicated and too expensive to manufacture. Boeing does not veil the face. The B787 Dreamliner, the first of which came with three years late to All Nippon Airways (ANA) in late September 2011, a program remains at risk and lost. 
 The device, which has passed through many vicissitudes since its launch, has [...]]]></description>
			<content:encoded><![CDATA[<p> 
<p> Too complicated and too expensive to manufacture. Boeing does not veil the face. The B787 Dreamliner, the first of which came with three years late to All Nippon Airways (ANA) in late September 2011, a program remains at risk and lost. </p>
<p> The device, which has passed through many vicissitudes since its launch, has new technical problems. A &quot;calibration problem between structural elements&quot; of the rear fuselage was discovered during tests carried out in factories in Seattle. Jim Albaugh, president of Boeing Commercial Airplanes (BCA), admitted that the first 55 Dreamliners already built might be affected by this defect. The Boeing launched an inspection campaign and hopes to address this problem in the &quot;ten to fifteen days.&quot; Meanwhile, industrial production ramp-up &quot;is difficult,&quot; notes one observer. Boeing has delivered five devices from late September to ANA. Under these conditions, managing to deliver fifteen more by the end of March, as the company hoped the Japanese, is an impossible mission. </p>
<p> Suddenly, the group announced last weekend a radical decision afresh at the industrialization of the B 787 and review its relations with its 50 partners from rank 1 to the successful ramp-up and exit the program losses . </p>
<p> Permutation of managers
<p> &quot;There is no magic formula to improve productivity on these planes. That will come from simplification of production, employment under companions and a review of the supply chain, partner by partner, &quot;said Pat Shanahan, general manager of the development of BCA <a href="http://us-paydayloans.com">paydayloan</a><!-- . -->. Boeing is a savings of $ 1 billion. It has not been more forthcoming about how to allocate effort productivity, nor on the calendar.  </p>
<p> He specified, however, that the boss of the program changed. Scott Fancher, who arrived in 2008 to replace the B787 on track, gives way to Larry Loftis, the boss of Boeing 777 it replaces. The switch should allow Boeing to better prepare its &quot;organization for the challenges ahead,&quot; said Jim Albaugh. Larry Loftis brings experience in production (lean manufacturing) tested on a mature program, and Scott Fencher, its achievements in the management of a new generation aircraft with Boeing which has made several breaks. </p>
<p> Technology first with the massive use of composite materials (50% against 1% for the B 747). Then outsourcing industry with 70% of manufacturing with major partners in the U.S., Europe and Japan against 21% for the B 777 and 16% for the B 767. Taken to extremes, this model inspired by the automobile industry has shown its limits for a subject as complex as an airplane. Boeing has had to overcome the difficulties encountered by these partners. </p>
<p> For months, the group is considering the future of the Boeing 777 entered service in 1995. His successor, or a modernized 777 B that would heavily loaded with composites have much to learn from failures and successes of the B 787. </p>
<p>
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		<link>http://wtwoodsoncrew.org/373/</link>
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		<pubDate>Wed, 16 Nov 2011 17:36:13 +0000</pubDate>
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		<description><![CDATA[ Nathalie Kosciusko-Morizet unveils the contents of the interim report released today on Nuclear Safety. 
 The FIGARO. &#8211; The agreement between the PS and the Greens provides the closing of 24 nuclear reactors by 2025 if elected president Francois Hollande. What do you think? 
 Nathalie Kosciusko-Morizet. &#8211; Is the culmination of an absurd [...]]]></description>
			<content:encoded><![CDATA[<p> Nathalie Kosciusko-Morizet unveils the contents of the interim report released today on Nuclear Safety. </p>
<p> The FIGARO. &#8211; The agreement between the PS and the Greens provides the closing of 24 nuclear reactors by 2025 if elected president Francois Hollande. What do you think? </p>
<p> Nathalie Kosciusko-Morizet. &#8211; Is the culmination of an absurd kind of negotiation, &quot;a reactor against a constituency.&quot; Conventional wisdom says that does not mix the cabbage and carrots. Contrary to their denials, that&#39;s exactly what the Greens and the PS. This is not serious about the nuclear issue but it is a fundamental problem for all subjects, a method that has been seen at work in 1997-2002. The program of the Socialist Party does not contain anything about the environment, it subcontracts these questions to the Greens who, themselves, pursue political goals <a href="http://easy-quick-payday-loans.com">payday loans with no fax</a><!-- . -->.While a tsunami can occur at Fessenheim in Alsace, imagine how to react in a situation of utter devastation, whatever the causes, natural or human, as a result of a terrorist attack, for example. IRSN proposes to determine the list of essential safety equipment of a reactor which must be &quot;overprotected.&quot; An example: sand filters, which, in case of accidents, prevent the spread of radioactive cesium in the environment, could be consolidated. These measures will likely assume additional investment. Again, the economy should not limit the collateral. </p>
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		<title>Legal action after the failure of the BlackBerry</title>
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		<pubDate>Thu, 27 Oct 2011 17:32:11 +0000</pubDate>
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		<description><![CDATA[ Applications and offered an apology video co-president of the company have not stifled the wrath of BlackBerry users. Wednesday, two complaints were filed against Research In Motion by U.S. and Canadian consumers the smartphone, including email and Internet access were disrupted by a global failure for nearly four days in mid-October. 
 The American [...]]]></description>
			<content:encoded><![CDATA[<p> Applications and offered an apology video co-president of the company have not stifled the wrath of BlackBerry users. Wednesday, two complaints were filed against Research In Motion by U.S. and Canadian consumers the smartphone, including email and Internet access were disrupted by a global failure for nearly four days in mid-October. </p>
<p> The American action in partnership, supported by a California resident, filed Wednesday in federal court in Santa Ana, California. Research In Motion is accused of breach of contract, negligence and unjust enrichment.The complaint, filed on behalf of 2.4 million BlackBerry users in the state, requires financial compensation. </p>
<p> The other complaint, filed in the Superior Court of Quebec, on the lands of RIM, is from the &quot;Group of consumer law&quot;, a firm specializing in class actions. She asks RIM to &quot;take measures to offset direct or indirect users of BlackBerry,&quot; and &quot;arranging&quot; for operators reimburse their customers. </p>
<p> A drop in share price
<p> Following the cut massive services reached between 11 and 14 October, the group of Waterloo, Ontario, decided to offer its customers for $ 100 of free applications for compensation and a free month technical maintenance for businesses.&quot;We are committed to ensuring a high level of reliability now and in the future,&quot; had secured one of two owners of RIM, Mike Lazaridis. </p>
<p> These two class actions against Research In Motion have been filed when the company through this week a new crisis of confidence, stock market this time. On Wednesday, the share price was unscrewed from 7.48% after the announcement of the postponement until February of the second generation of the PlayBook. This tablet, which would compete with the iPad, has so far garnered very disappointing results. Since 2011, the title of Research In Motion has lost almost two thirds of its value. </p>
<p> ALSO READ: </p>
<p> &quot;The failure BlackBerry sobering SMEs Safety </p>
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		<title>Safely: anti-fraud measures in the heart of the budget debate</title>
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		<pubDate>Wed, 26 Oct 2011 01:56:08 +0000</pubDate>
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		<description><![CDATA[ The draft budget for Social Security in 2012 began his career tonight in the Chamber of the Assembly. The text provides € 17.6 billion deficit of the general system (Old Age Solidarity Fund included), after 22 billion this year and 28 billion in 2010. 
 The examination of the text in the Committee gave [...]]]></description>
			<content:encoded><![CDATA[<p> The draft budget for Social Security in 2012 began his career tonight in the Chamber of the Assembly. The text provides € 17.6 billion deficit of the general system (Old Age Solidarity Fund included), after 22 billion this year and 28 billion in 2010. </p>
<p> The examination of the text in the Committee gave an idea of ​​the issues that should be hotly debated in the majority, and amendments likely. The major themes: the subjugation of parental leave benefits (CLCA) to the CSG, the reduction in benefits for loss of work and the fight against fraud. </p>
<p> On this point, several amendments of the UMP Dominique Tian were approved by the Committee on Social Affairs. &quot;I support and I ask the group to vote, says the boss of UMP deputies, Christian Jacob.They stem from the report of the assessment mission and control of social security (MECSS), adopted unanimously, &quot;left and right confused. </p>
<p> The first is to redefine the concept of &quot;single person&quot;, which comes into play in the payment of benefits as the single parent allowance (API, now part of RSA). &quot;That is to reverse the burden of proof. Anyone applying for the allocation should show that it is only to take on household expenses: rent, electricity, etc.. &quot; </p>
<p> Another measure supported by Christian Jacob, the suspension of all benefits in the event of obtaining a number Safely from forged identity documents.&quot;Credit unions did not have that opportunity, which of course added to criminal sanctions,&quot; said the president of the UMP group. </p>
<p> Recalculation of benefits sick
<p> Former Minister for Family, Christian Jacob is also aligned with the Committee on Social Affairs to refuse to submit to the 6 <a href="http://paydayintime.com">payday loans</a><!-- . -->.2% CSG few hundred euros a month if paid parental leave. The measure, sought by the government, must report 140 million per year. </p>
<p> Another controversial issue up within the majority: the new method of calculating sick leave benefits, which reduces the amount of about 6% to a gain of 220 million.The issue will be discussed at today&#39;s meeting of the UMP group. </p>
<p> Additional tools to fight against fraud they relate enough to give these provisions without widening the deficit? Yves Bur questioned, at least in the short term, these tools put the time to bear fruit. </p>
<p> &quot;The fraud MECSS evaluates the single parent allowance in the range from 160 to 300 million euros a year, and those arising from forgery to 1.3 billion, said Christian Jacob. By definition, quantify the extent of fraud is difficult and estimates are wide.But it is important symbolically, when efforts are required from all the French, to hit hard on fraud. &quot; </p>
<p> Yves Bur adds other proposals to generate more savings: lower third of the threshold for taxation of benefits breach of contract work (out of court for dismissal &#8230;) to 72,700 euros, or launch tenders for the supply of generic drugs and drive down the price as well. He hopes to gain large enough to give up the measure on sick leave &#8230; while fearing that the government, looking for additional savings, retains all final. </p>
<p> ALSO READ: </p>
<p> &quot;Safely: the deficit reduced to 14 billion euros in 2012 </p>
<p> &quot;Fraud Allowance: 90% of recovered industrial </p>
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		<title>Euro crisis: the French pessimistic</title>
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		<pubDate>Mon, 24 Oct 2011 11:48:29 +0000</pubDate>
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		<description><![CDATA[ The debt crisis that shook the euro area, the French deep mine. This is for 79% of them, the crisis &#34;the worst&#34; in recent years, according to a poll Ifop for the Journal du Dimanche. Faced with the economic and social situation of France, 53% of respondents said they were &#34;rebels,&#34; while 29% are [...]]]></description>
			<content:encoded><![CDATA[<p> The debt crisis that shook the euro area, the French deep mine. This is for 79% of them, the crisis &quot;the worst&quot; in recent years, according to a poll Ifop for the Journal du Dimanche. Faced with the economic and social situation of France, 53% of respondents said they were &quot;rebels,&quot; while 29% are &quot;resigned.&quot; A resignation which probably explains why the movement of &quot;outraged&quot; that began in Spain last spring and has spread across Europe and to the United States, failed to France. </p>
<p> The French are indeed very pessimistic. Only 4% of them believe in a crisis within the next six months. Nearly a majority (46%), however, do not expect improvement until 2014. &quot;This survey highlights the malaise of the French,&quot; said Frederic Dabi, director of the division of opinion Ifop.&quot;For them, this is a serious crisis which they do not see the exit and on which policies can not be weighed.&quot; However, they are preparing for 57% of the &quot;painful and difficult measures.&quot; They are also willing to make sacrifices, including cutting costs in their &quot;comfort&quot; and in their holiday budget, the study said. </p>
<p> When asked about the causes of the crisis, 52% of French people point the finger at the role of financial markets. Far behind, the government (26%), banks (15%), EU (10%), the French as a whole (6%), emerging (5%) and businesses (1%) are also considered partially responsible for the current crisis. &quot;Paradoxically, while their commitment to the EU is often tenuous, the French for more Europe,&quot; Frederic Dabi analysis.As proof, they say they support the creation of a European Ministry of Economy. </p>
<p> Theme of the presidential election
<p> As European leaders gather in Brussels on Sunday for a coordinated response to the crisis, the French have already an idea of ​​what the state could do 63% of them believe the government should take an interest in banks, either by becoming the majority shareholder of the establishment or nationalization. Despite their concern, 23% of respondents would prefer the state to intervene simply abstain. Maybe they think that the French economy can only suffer, as the government prepares to revise downwards its growth forecast for 2012 still set at 1.75%.&quot;Part of the public continues to believe that when dealing with Greece, it does not deal with French,&quot; says Pierre Giacometti, advisor opinion of the President of the Republic, in the columns of world. </p>
<p> Yet a few months before the presidential election, the crisis in the euro area will be the theme of the campaign. Nicolas Sarkozy will speak on the subject on television next Thursday, the day after the second EU summit is to say, once firm decisions have been taken. A key event with the French, while the popularity of the president is at half mast. &quot;Even if the credits of some courage, nothing will be counted as long as there is a lack of visibility on the crisis,&quot; Pierre Giacometti analysis in Le Monde.</p>
<p> ALSO READ: </p>
<p> &quot;The&quot; outraged &quot;French struggle to mobilize </p>
<p> &quot;Crisis summit in Brussels to save the euro </p>
<p> &quot;GRAPHICS &#8211; The crisis of the euro, or the history of contagion </p>
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		<title>The EU is considering 108 billion to bail out banks</title>
		<link>http://wtwoodsoncrew.org/the-eu-is-considering-108-billion-to-bail-out-banks/</link>
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		<pubDate>Sat, 22 Oct 2011 21:04:10 +0000</pubDate>
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		<description><![CDATA[ Creditor banks in Greece will have to accept losses &#34;substantial&#34; in the new bailout of the country, warned Saturday that the European Ministers of Finance. Last night, the central bankers of the euro zone had &#34;agreed to say that we had to have a substantial increase in the contribution of banks&#34; in the form [...]]]></description>
			<content:encoded><![CDATA[<p> Creditor banks in Greece will have to accept losses &quot;substantial&quot; in the new bailout of the country, warned Saturday that the European Ministers of Finance. Last night, the central bankers of the euro zone had &quot;agreed to say that we had to have a substantial increase in the contribution of banks&quot; in the form of a depreciation of their claims, said the leader of European finance ministers, Jean-Claude Juncker. </p>
<p> • Discount of up to 60% of the Greek debt
<p> According to diplomatic sources, the ministers agreed to effectively negotiate with the banks at a discount of &quot;at least 50%&quot; against a target of 21% decided on July 21 with the banking sector. They thus de facto endorsed the conclusions of an expert report which was presented by the troika of donor funds in Greece (EU, ECB and IMF).The paper believes that a discount of 50 or 60% hope to stabilize Greece without having to increase in the amount of gigantic international loans that have already been promised. </p>
<p> A &quot;discount&quot; is the term used in relation to the financial depreciation of the value of loans taken by creditors in this case private banks and investment funds that hold government debt. A discount of 50% borne by the private sector, the second program of financial support pledged July 21 to Greece, however, should be slightly revised upwards with government loans (Europe and IMF) to 114 billion euros, against 109 billion euros.To maintain the envelope of 109 billion euros unchanged, it would bring the discount to 60%, according to calculations by experts. </p>
<p> • Recapitalization of banks to the tune of 108 billion euros
<p> The question is whether the banks that have so far dragged its feet to give the pot, will accept a negotiated settlement does not pass through a default of Greece. In return for the effort required on the Greek claims, there are plans to recapitalize banks in Europe. Following a meeting of EU finance ministers, this Saturday, in preparation for the summit Sunday, no agreement had been finalized on this point, due to the persistence of disputes.</p>
<p> &quot;We have made some progress on the banks&quot; and &quot;we have laid the groundwork for an agreement&quot; which will still be subject to &quot;discussions between heads of state&quot; and called for European governments to meet in summit Sunday said Swedish Finance Minister Anders Borg. Countries of the European Union are considering a recapitalization of its banks to the tune of 107 or 108 billion euros to help them cope with the crisis, has also said a source familiar with the matter. </p>
<p> But according to European diplomats, &quot;there is no agreement on the recapitalization, it gets stuck a little.&quot; According to one of these diplomatic sources, &quot;Spain insists on having a comprehensive, not only on the recapitalization of banks but also on strengthening the European Financial Stability Fund (EFSF).&quot; On the other hand, &quot;the ministers are trying to agree on the minimum capital.&quot;The European Banking Authority (EBA) has proposed that banks reach a level of capital of 9% by mid-2012. A diplomat acknowledged that some countries in the viewfinder of the markets, like Italy, Spain or Portugal, feared that the recapitalization will further undermine public finances. </p>
<p> • The Fund will not support a bank
<p> Moreover, the French proposal to grant a banking license to the Fund support the euro area (EFSF) so he can refinance with the European Central Bank &quot;is no longer on the table,&quot; said Minister Dutch Finance Jan Kees de Jager. Only two options are being discussed to increase the firepower of the device, he told reporters Saturday.These two tracks on the agenda now that the mechanism acts as a partial insurance of the public debt of countries in difficulty or higher participation of the IMF to the device, according to a German government source. But there is &quot;significant differences between countries&quot; on the issue, said Jan Kees de Jager. </p>
<p> How to leverage the capacity of the EFSF was the main sticking point between Berlin and Paris at the approach of the EU summit. France, worried about its budget deficit and are &quot;triple AAA&quot; prefer tap into the existing European funds, starting with the ECB. Germany, also sensitive to the separation of powers as inflation risks, refuses anything resembling a crisis by printing money in Europe.France was not only to advocate the involvement of the ECB, arguing that this system worked very well in the United States or Great Britain. She was supported by Spain, Italy or Belgium. </p>
<p> The European Relief Fund currently has a lending capacity of 440 billion euros, part of which is already committed for Ireland and Portugal. This envelope is considered insufficient to prevent contagion of the debt crisis in countries as large as Italy and Spain, increasingly in the firing line of credit rating agencies.European countries negotiate so hard for weeks on the best way, via a &quot;leverage&quot; to multiply by up to five response capacity of the Fund&#39;s financial debt of fragile countries. </p>
<p> (With agencies) </p>
<p> ALSO READ: </p>
<p> &quot;GRAPHICS &#8211; The crisis of the euro, or the history of contagion </p>
<p> &quot;SPECIAL &#8211; Banks in turmoil </p>
<p> &quot;Paris and Berlin are seeking a solution for banks </p>
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