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"This spirit of cooperation is essential because each will feed the actions of others", decrypts near the head of state.

France may be welcomed, in particular, have snatched important steps in China. Beijing has agreed that in black and white in the final communiqué on its promise to move "quickly" in foreign exchange markets towards greater flexibility. "More importantly, the Chinese have agreed to slow the rate of accumulation of foreign exchange reserves," says one in the entourage of Nicolas Sarkozy. This means, in effect, agree to boost domestic demand, so proceed with an appreciation of their currencies while contributing to global growth.

The French Presidency of the G20 had everything to make the summit in Cannes, which opens this Wednesday until Friday, a highlight of global governance. Six themes work perfectly marked by a succession of G20 Ministerial that took place in France during the year; invitation of associations and unions to give the meeting a decidedly social dimension, pre-opening of the summit this morning with a B20 (Business 20) until tomorrow which will bring together key business leaders of the 20 richest countries in the world.Everything was planned to anchor in Cannes, the top of the richest countries in the world as inevitable rather than making large annual global political and economic leaders.

Las! Mechanics perfectly oiled by the sherpas from the Elysee was seized by the deepening crisis of European sovereign debt in the summer, but especially by the surprise decision Monday by Greek Prime Minister George Papandreou to organize a referendum on the agreement reached last week between the 17 member countries of the euro.

At its partners – China and the U.S. in the lead – worried about the turn of the debt crisis in the euro area in recent weeks, Europe promised to get united to G20 saving account payday loan. That was the whole purpose of the agreement reached in the snatch last week in Brussels. This comprehensive agreement should set both the Greek crisis and ensure the recovery of activity in the medium term.Suffice to say that over the next three days, the G20 will live constantly under the eyes of financial markets worried about the future of the euro area.

"Coup de Trafalgar" in Athens

Reassure the markets, yet it was the main objective of the Elysee Palace before the coup de Trafalgar in Athens. "We need to show investors that the major economies have a long-term vision of global governance – through the regulation of finance or the transformation of the international monetary system – while having the will to resolve the crisis in the short term by displaying unfailing solidarity, "said tone in the entourage of Nicolas Sarkozy. Failing to display spectacular figures to revive activity in a sharp slowdown in many countries – budget crisis forces – the G20 assault unit will therefore reassuring.

Danièle Karniewicz chairs the board of the National Old Age Insurance (CNAV) for ten years. The CFE-CGC union, known for his outspokenness, will transfer his seat Friday to a representative of TF.

LE FIGARO. – How do you with a year follow-up the last pension reform?

Danièle Karniewicz. – It was inevitable to act on levers and short-term increase in the age of departure was the parameter most effective in lowering the stress deficits by 2018. And we are already seeing the impact on the accounts of the general scheme: CNAV should reduce its deficit in half by 2012 and the flow of retirements begin to slow this year to produce 8.7 billion euros in savings in 2020.

Fever in the last two sessions, the stock exchange operators have not hesitated this time to express frankly their relief on Thursday after the closure last night by the euro area the outline of an anti-crisis plan. After starting the session on a jump of almost 3%, the CAC 40 finished up sharply from 6.28% to 3368.62 points. Even euphoria elsewhere in Europe: if the London FTSE ends on a more modest advance of 2.89% to 5713.82 points, the German Dax closed on a strong increase of 5.09% to 6322.40 points.

After 10 hours of difficult negotiations, the leaders of the euro area were able to obtain private creditors of Greece they delete 50% of the Greek debt they hold. What cut of € 100 billion public debt of 350 billion the country and away from the prospect of a strong non-payment Greek.

RueDuCommerce will change hands. The founders of the online commerce site and the fund Apax, one of its major shareholders, have agreed to sell the company Altacom, a subsidiary of real estate Altarea-Cogedim, 28.64% of its capital.

Altacom table the bid for a project of the principal balance at 9 euros per share. "As part of this transaction, Apax Partners will sell its entire stake in RueDuCommerce, having supported the company for over 10 years since its inception in 1999," says a press RueDuCommerce. The transaction values ​​the company around 100 million euros.

Specializing in shopping centers, Altarea-Cogedim faces increasing competition from e-commerce sites and seeks to develop a model of "multichannel"."While the practice of shopping in the store remains fundamental and indispensable to consumers, they now complement their efforts to purchase with the Internet," the company said in a statement. "In this context, the market for e-commerce should continue to grow strongly in coming years, thus representing a significant share of commerce as a whole," says the company Same day payday loans.

A virtual gallery opened in 2007

Replicating the physical design of shopping centers, RueDuCommerce created in 2007 an online shopping mall, which attracts professional dealers. The commissions paid back by these dealers represented 7.4% of revenues for the year 2010-2011 (ending March 31, 2011) of the company, which stood at 380 million euros, and are the main growth driver of the site.In June, the president of RueDuCommerce, Gauthier Picquart, had announced that the mall is expected "within three to four years beyond the historical activity of the company" to sell high-tech products. The company ended its fiscal year with a net profit tripled, from 1.2 million euros.

Last year, another heavyweight of online business French, PriceMinister, was sold by its founders for 200 million euros, an industry expert this time, the Japanese Rakuten. Before him, Pixmania was bought in 2006 by the British retailer Dixons Retail.

The fight against tax evasion is paying off. She has twenty countries struggling against leakage to tax havens in two years to recover 14 billion euros in revenue, according to the OECD. The organization, which held today and tomorrow's fourth Global Forum on transparency and exchange of information for tax purposes, also believes that states will receive money even more important in the future.

"The G20 in London in April 2009 has revived the fight against tax havens. Countries have taken a number of measures, which we see today that they have been effective. 14 billion, it is not nothing. 100,000 taxpayers have been in good standing or have been exposed, "says François d'Aubert, general delegate to the fight against the courts and uncooperative jurisdictions in tax matters.

Indeed, the 14 billion euros were achieved by different means: signatures of information exchange agreements that have chipped banking secrecy, but also tax amnesty or political event of regularization.

Thus, the $ 1.2 billion put forward in the case of France by the OECD is the money raised by the cell regulation. Active from April to December 2009, it allowed for taxpayers with money hidden abroad to get in good standing with the IRS. Taxpayers who paid the tax due but were receiving discounts on penalties.

New type of agreement

Italy has it recovered 5.6 billion in two years through tax amnesties (the taxpayer does not pay the tax due but only one fixed penalty lower)."The UK has found 160 million through the file recovery Liechtenstein and 100 million more conventional" said Francois d'Aubert. The revenue collected amounted to $ 1.8 billion for Germany and 1.4 billion for the United States.

This review is timely, as some countries have water in their wine in the fight against tax evasion. Germany and the UK are in fact signing a new agreement with Switzerland.

The principle is: Helvetic banks levy charges on accounts held by the Germans and the British home. Then they pay back the money to the treasury and German. Advantage: States recover money. Disadvantage: banking secrecy is preserved.

"That's why we oppose this type of agreement. We fight for the exchange of information, "says François d'Aubert.Still, the formula is tempting. France the study, although Bercy appears reluctant for now.

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Source of concern on the part of its European partners, because of its debt of 1.9 trillion euros and risks of contagion from the crisis in Greece, Italy has to respond well. After the European Summit held yesterday, the Italian head of government Silvio Berlusconi, announced the organization of an extraordinary cabinet meeting on Monday. "I like to take this situation to see if we can advance measures that I have not been able to implement so far due to differences in the majority," argued the head of government, which hopes measures "especially on pensions."Silvio Berlusconi and should encourage parliamentarians to raise the age of retirement at age 67, against a possible start now between 58 and 65, by sex and status of Italian workers.

Looking for the solution to the debt crisis in the euro zone, France and Germany have asked Italy to do more to stimulate growth and reduce its huge deficit. "We have made it clear to Berlusconi that Italy must do everything to be up to its responsibilities," said German Chancellor Angela Merkel. The President of the European Union, Herman Van Rompuy, warned in turn that "some" European leaders must "convince by their colleagues Wednesday that their countries fully implement the measures promised" to put their public finances.Otherwise, they could not qualify for any assistance from their European partners. French President Nicolas Sarkozy has stressed that "there is no question of appealing to the solidarity of the partners if it is not necessary efforts."

The top of Sunday would also have to reconcile the views of France and Germany on how to strengthen the clout of the European Stability Fund (EFSF), a financial instrument indispensable to stop the contagion of debt. The twenty-seven, which are scheduled to meet on Wednesday, then promise to present a plan in response to the global debt crisis.

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Creditor banks in Greece will have to accept losses "substantial" in the new bailout of the country, warned Saturday the European Ministers of Finance. At a meeting Friday evening, the central bankers of the euro zone have "agreed to say that we had to have a substantial increase in the contribution of the banks' rescue of Greece, as a depreciation their claims, said the leader of European finance ministers, Jean-Claude Juncker.

According to diplomatic sources, the ministers agreed to effectively negotiate with the banks at a discount of "at least 50%" 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.

A "discount" 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.

"It is also an effort by the private sector"

In any event, the second bailout in late July, just after the first amounting to 110 billion euros agreed in spring 2010, will have to be redesigned no faxing 1 hour payday loans. "It's pretty clear that we need a substantial discount on Greek debt," also said Saturday the Swedish Finance Minister Anders Borg on his arrival in Brussels for a meeting with colleagues from across the EU."We will now work on a new plan in Greek and this new plan is true that there is a substantial effort to Greece again, there is an effort by European countries and will also require an effort of the private sector" said his Belgian counterpart Didier Reynders.

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 said "messy" serious consequences. "It's a negotiation s'entame," said Didier Reynders. These discussions, held in Brussels with representatives of the Institute of International Finance (IIF), the banking lobby, "still, there is no agreement yet," said a source told AFP familiar with the matter.Les Echos reported last night that the private creditors of Greece would accept a discount of between 50% and 55% of the country's sovereign debt.

In return for the effort required on the Greek claims, it is intended to recapitalize European banks to the tune of nearly 100 billion euros. The subject was Saturday in the agenda of the ministerial meeting, before a meeting in the evening between French President Nicolas Sarkozy and German Chancellor Angela Merkel and the EU summit on Sunday.

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After the big blow to morale in the summer, business leaders have tempered their pessimism in October. The business climate index, which declined by 9 percentage points between July and September, has lost only one point in October, according to INSEE. "It is now 95 points and remains at a level below its long-term average (100)," says the National Institute of Statistics.

In services, the economy remained stable, according to the managers interviewed, the INSEE index was 94 points, against 95 in September. Patrons surveyed find that the activity has declined in recent weeks, but they anticipate a recovery in the coming months. However, "they believe that operating income deteriorated sharply over the recent period, and anticipate a further slowdown in the coming months," says INSEE.Job creation increased slightly recently, but should slow down.

In industry, the economy has deteriorated somewhat, the index lost 2 points, to 97 in October, following a decline of 6 points between July and September pay day loans. Entrepreneurs consider their past activity declined. Their order books are stabilizing their long-term level, but foreign demand continues to decline, reaching a level well below the long-term average.

The captains of industry are pessimistic about future levels of activity, their opinion on the matter is now "at a very low level," says INSEE. Exception to this gloomy atmosphere, the automobile. Particularly high in September, past activity fell sharply, returning to its long-term average.Business leaders in the sector find that their overall order books to replenish and prospects of production recovers sharply by 29 points.

In this context, growth is expected to be almost zero in the third quarter, according to the forecast of the Bank of France. INSEE for his part lowered its growth for 2011 to 1.7% against 2.1% previously, taking into account the deteriorating business climate violent in the summer.