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The Netherlands, in crisis, vote rigor

From our special correspondent in Amsterdam

The letter from The Hague to Brussels is part-time. Jan Kees de Jager, the Minister of Finance of the Government resigned, succeeded in drafting an austerity plan before the deadline of April 30.

While rating agencies threatened to degrade the Netherlands, one of the last "AAA" in the euro area, it took only 48 hours to reach agreement on an austerity plan estimated at 13 billion euros. A feat that the government had failed to achieve in seven weeks of negotiations behind closed doors, causing the government fell on Monday.

A majority of members ultimately voted the austerity plan rejected by the extreme right. Rule of 3% budget deficit will be met in 2013, avoiding the humiliation the country model to a fine of Brussels 1.2 billion euros.

"The Netherlands can again show themselves on the international scene, Sylvester Eijffinger welcomes economist at the University of Tilburg and member of the Committee on monetary experts of the European Parliament. Negotiated reforms are not only saving measures, but real progress in four key flagship retirement, the health system, labor market and real estate. "

Areas where structural reforms are deemed necessary, but which were taboo in recent months. Geert Wilders, leader of the charismatic far-right party PVV, "had negotiated a veto for many economic issues, in exchange for his support for the government," says Eelke de Jong, an economist at the Radboud University Nijmegen.  

"Geert Wilders has transformed the star pupil of the eurozone in dunce!" Wrote Thursday the newspaper De Volkskrant. In fact, the Netherlands have already tarnished the image of a good student of the European class, in 2009, when the government had to rescue its banking sector, deepening debt. The country, which had a budget surplus of 0.5% in 2008, rose to a deficit of 5.6% in 2009. The fiscal consolidation is a government priority since 2010. Last September, the objective was to reduce the deficit to 2 cash advance no faxing.9% in 2012 and 2.5% in 2013. "Economic circumstances have changed significantly," reminiscent of the signatories of the austerity plan.

"Uncle Scrooge of Europe"

The country fell into recession in the second half of 2011. In March, the deficit forecast is reviewed formally at 4.6% of GDP in 2012 as in 2013. This is the beginning of the crisis, whose roots go back to last summer, when the two main drivers of the Dutch economy, consumption and exports, were seized at the same time.

While Germany exports to 40% in the eurozone, the Netherlands and 70% depend on orders from the rest of Europe, making them more vulnerable to the current crisis. Another significant difference with German: Dutch households are highly indebted for their mortgages. Private debt is more than 223% of GDP.

It did not take more to ensure that rating agencies are beginning to question the validity of the "AAA" rating enjoyed by the countries, like Luxembourg, Finland and Germany. "But the fundamentals remain very strong. For decades, the trade balance is in surplus, unlike Greece. The Netherlands is the Scrooge McDuck of Europe. Their net foreign debt does not exceed 36% of GDP, "says Ivo Arnold, a professor at the Erasmus School of Economics in Rotterdam.

The Netherlands does share one thing with Portugal, Ireland, Italy, Greece and Spain: their government fell due to lack of austerity in the short term. Its adoption in extremis, this week seems to end the political crisis. But the economic crisis continues. The Dutch will be asked to decide at the polls on September 12, during the early parliamentary elections.

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The CAC straightens the bar

Presidential in major cities Paris | Leeds | Lyons | Toulouse | Leeds | Sheffield | Liverpool | Bordeaux | Lille

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The boss of the departure of Costa Cruises

Three and a half months after the sinking of the Concordia, the CEO of Costa Crociere, Pier Luigi Foschi, leaves office. Wrongly or rightly, his departure, announced on 1 July, is inevitably interpreted as a direct consequence of the crisis in the company since the tragedy of the ship off the island of Giglio. However, the punishment or self-denial is totally avoided the institutional discourse of the group, to announce his departure, justifies a normal process and have a longstanding commitment to the estate of his "top management". "These changes are part of a succession plan in the long run, the application was scheduled from the 65th anniversary of Pier Luigi Foschi, in September 2011," press Costa Cruises.

3.1 billion of revenue

After fifteen years at the head genoa, Pier Luigi Foschi, will nevertheless remain chairman of the board and CEO of Costa Crociere SpA And it will always be an active member of the board of directors of Carnival Corporation & PLC, the parent company to Miami. Specifically, it will continue to oversee and coordinate the relations with the Italian authorities and professional associations and the formalities involved in the accident Costa Concordia, "while overseeing numerous strategic projects of different brands of the Costa," said the company.

Far from the reproaches and accusations, Costa Cruises has instead praised the work of the CEO who, she says, has "hoisted on the top step of European", notably by launching an expansion program of its fleet of a value of about 11 billion euros. "During the tenure of Pier Luigi Foschi, the group's turnover rose from 572.4 to 3100 million euros in 2011 (+ 540%)", was she pleased.

Pier Luigi Foschi has confirmed that his "commitment among Costa Cruises will continue in the coming months." "I will continue supporting this excellent management team to address the recent difficulties and confirm Europe's leadership of this great enterprise, he said. I thank the shareholders for the confidence they have placed in me all these years and these difficult months. "

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Halve the number of checks by 2017

At the global revolution of means of payment (mobile, Internet, contactless transactions …), checks and cash keep a good place in French portfolios. They are references to daily transactions. 18.3% of payments (excluding cash) have been settled by checks in 2010, for an average of 555 euros. For Pauget and Emmanuel Constans, authors of a report on means of payment in France, published today, it is urgent to regulate these practices to guide the French to transfers and other electronic transactions, safer and cheaper.

"Payments in cash or by check induce high management costs and burden for banks and their ability to invest to prepare the means of payment for the future" said Pauget. If they do not invest heavily on construction sites or mobile contactless payment, institutions will be unable to meet competition from new players from non-bank, which begin for several months to market their products as wallets. But an imbalance banks weaken the French economy, dependent on their ability to lend.

Expenditure control

The former CEO of Credit Agricole and his co-author, mediator of the Ministries of Economy and Budget Advisory Committee and chairman of the Financial Sector (CCSF), advocating the establishment of a broad reflection of industry personal loans for people with bad credit. The project for 2016 could be launched next fall to "define and implement a national ambition", anticipating changes in the industry. This reflection should be built around two pillars, claimed by all stakeholders: convenience and security of payments.

To implement the new French scene of the payment, which will facilitate online transactions in all their forms and the non-contact, it is essential, according to the authors, to accelerate the reduction of the role of checks. The idea is to rely on the report by the CCSF, at the request of the Minister of Economy in March 2011. This study pointed out the reasons for the continuing use of checks: the role of psychological means of controlling spending, or its irreplaceable for certain expenses. Christine Lagarde then refused to schedule the end of the check. Pauget and Emmanuel Constans felt it was time to accelerate the movement: they advocate the setting for a 2017 interim target of halving the number of checks.

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Organize the vote costs 1 euro per voter

Zero hour has come to town hall in France, while just begun the first round of the presidential election. The first act of a series four major election days, organized under two months. For municipal governments, the bill for the organization of these exceptional weekend will be more or less salty. According to the Association of Mayors of France, you need a budget of around 15,000 euros per day to vote for an average city of 20,000 inhabitants. "This represents almost one euro per registered voter," said Philip Lawrence, vice president of the Association and Mayor of Sceaux (Hauts de Seine).

According to the latter, the bulk of this budget is absorbed by personnel costs unusually mobilized for the weekend of presidential and legislative elections. "Yesterday, the day before voting, employees have arranged the polling stations are often located in public buildings or classrooms. The number of offices on the number of registered voters, knowing that it takes no more than 1000 voters for an office. In a city like seals, so they are 14 offices that have been developed, "says the mayor of this town of Hauts-de-Seine. "Then the Sunday vote, you have two people permanently. That's two teams of two for a 12-hour day, with an additional support staff to ensure that everything goes well. " At Sceaux, there are 100 municipal employees who are on duty for each day of voting.

For them, the days are long lasting and beyond counting. But allow them to receive a specific payment. "This is the most expensive for the town hall. There are many volunteers in the office but their role is only to monitor, register voters, get them signed. Requires municipal employees on site, such certificates to those who do not have their voter registration card, "said Philip Lawrence.

The presidential ballots be borne by the State

These are not purchasing urns or damaged booths that make invoice salt. These are purchased from private companies such as Form XL, the leading provider of French municipalities. Meuse in this business, it takes 94 to 327 euros for a traditional ballot box and 213 to 425 euros for one to three polling booths in places. "These expenditures, investment in the budget of the city, are negligible and are amortized from one election to another," says Philip Lawrence.

So what is the state to relieve the town halls? The latter is involved in all these costs up to 2,500 euros, according to AMF. Prefectures establish "cost of assembly, composed of a fixed amount per polling station and an amount based on the number of voters," says one to the Ministry of Interior. The envelope stuffing and mailing of election propaganda (posters, leaflets, creed and ballots) to voters is the responsibility of prefectures which in turn mobilize staff or rely on outside providers.

The State shall also be responsible for printing and mailing of ballots for the presidential town halls, according to the memo sent to candidates by the Ministries of Interior and Foreign Affairs. For legislative candidates and print their ballots may be reimbursed for these expenses if they obtain at least 5% of the votes cast in the first round. But the rules are strict: the paper used must contain at least 50% recycled or benefit "of an international certification for sustainable forest management." According to the Senate, the total estimated cost of the presidential election for the state and is estimated at 217.3 million euros. That of the general elections is estimated at 122.3 million euros this year.

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Holland wants to use the savings for the French debt

Francois Hollande said today he hoped the French savings could be more "mobilized" to fund a portion of the debt, provided that the loan terms are more favorable for the country.

"I have an idea that the savings of French, which is very high (17% of our revenues are spared), can be mobilized for industry, housing and also for debt" , he said, asked about this during the "Grand Journal" on Canal +. His speech was recorded earlier in the day, due to the evening meeting in Bordeaux. "So that, the more you borrow from the French, the less you borrow from the markets," he said.

Run government bonds

When asked, "will launch on government bonds to individuals?", He replied: "I think about it. It already exists. What was formerly called T-bills, large bonds. The more we borrow in our own markets with the savings of French, it is less dependent on investment funds. "" You will do it more consistently? "He replied," More systematic, yes. "….. …

Asked about the fact whether he had decided, he said: "Yes, actually. Then you have to see the conditions. It has to be a rate that is not greater than the market. Not worth paying a debt even more expensive if purchased by the French. "

In June 2009, President Nicolas Sarkozy had wanted to launch a new loan with the French. There were abandoned because the cost of a public offering would have been much higher than going market. The initiative of Nicolas Sarkozy was the first such operation in France since the famous "borrowing Balladur" in 1993.

At the end of 2011, 65.4% of negotiable government debt (in the form of securities) were held by non-residents, and 34.6% of French residents, according to data from the Agency France Trésor, which manages the French debt.

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A new fund for start-up digital

Start-ups specializing in digital will be able to go to a new investor. The National Fund boot, set up as part of future investments and managed by CDC Entreprises, a subsidiary of Caisse des Depots, Alcatel-Lucent, Orange, SEB and Soitec, launched the fund with two Technocom 32 million euros. The National Fund invests seed alone 18.7 million.

The objective is to finance young companies from the public or private research working on applications of digital technologies in fields as diverse as energy, smart home or health. "This is the first time a fund combines many complementary industrial. The four groups have expertise in different areas, "said Denis Champenois, Innovacom CEO of Management, the management company Technocom 2. Alcatel-Lucent and Orange bring their expertise in telecommunications. SEB in appliances. Soitec in semiconductors. Technocom 2 will invest between a few hundred thousand and 5 million in start-ups wishing to industrialize a product launch or internationally. "We are doing 15 investments over four years," says Denis Champenois freecreditscore.

Building on the complementarity between public and private sectors, the fund Technocom 2 has a strategy committee comprising representatives of industry, CDC Entreprises, the research center of Paris-Sorbonne City and the Director of Telecom Paris Tech.

The National Fund of initiation, which has 400 million euros, has already participated in early in a first operation involving public and private money. He has made 15 million euros to Inserm Transfert Initiative, a subsidiary of Inserm specialized in financing young companies specializing in health. His contributions were supplemented by CDC Entreprises and Inserm for 5 million euros each. Several pharmaceutical companies and the insurer Sham Lyon also participated in 8.5 million euros. If all goes as planned, the National Fund will invest in seed from 15 to 20 seed funds that invest in turn in innovative start-ups.

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SMIC: Holland promises a "boost"

Francois Hollande give a boost to minimum wage. RTL guest this Tuesday morning, the Socialist candidate for president confirmed his intention, if elected, to upgrade the minimum wage beyond the price evolution. "He did not receive a boost from at least three years," he said.

The current minimum wage is automatically adjusted according to inflation. The increase occurs every January 1 and during the year when the price rises more than 2%.

The government can certainly give it a "push" additional, but such revaluation has not been practiced since the beginning of the mandate of Nicolas Sarkozy. Last January, the minimum wage rose to EUR 9.22 gross per hour or 1,398.37 euros a month, after rising 2.4% year on year.  

A minimum wage "growth related"

Francois Hollande said the upgrading of the minimum wage he advocates will be decided in consultation with social partners. "This is a good method on all social issues of school, including the boost in the minimum wage which must take place in June."

In the longer term, the Socialist candidate intends to adopt a more generous method of calculating the annual increase in the minimum wage. As he had already stated during the show "Capital" on M6, he wants the minimum wage is not only indexed to inflation, but also linked to growth. "Every time there is more growth, there will be a boost to minimum wage," he confirmed on RTL. The Socialist gave an example of what could be the new indexing. "Whenever growth is a point, well, the increase in the minimum wage would be half of 0.5."

VAT raised on luxury goods

A candidate who has not taken over the promise made in 2007 by Ségolène Royal to bring the minimum wage of 1,500 euros, a fortiori mark his distance from the proposal of the Left Front candidate, Jean-Luc Melenchon, of the bring to Euro 1700: "I must not promise what I can not stand. I am not in compulsory figures. "Jean-Luc Melenchon said recently that" when we left and we came to power, it increases the minimum wage, it's part of compulsory figures. "

Finally, when asked by a listener on RTL suggesting an increase in VAT on luxury goods at 33%, as between 1970 and 1982, Francois Hollande promised to think about it, despite the difficulties of implementing the measure has " This proposal has already been sent to me by several economists (…). I will study whether the European level we can do. I keep you in mind but I do not want to do here advertisement. "

As part of the austerity plan, the government noted exceptions, the reduced VAT rate of 5.5% to 7% since 1 January. Social VAT, passed by Parliament last February and which came into force is planned for October, is for its part in raising the standard rate of VAT from 19.6% to 21.2% in return for a reduction in contributions.

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The candidates' proposals on the economy and social

Francois Hollande • • • Nicolas Sarkozy • Jean-Luc Melenchon Bayrou • Marine Le Pen

Francois Hollande (PS)

Francois Hollande, April 15 at Vincennes business card design. Photo credits: THOMAS SAMSON / AFP

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"Switzerland, prices have doubled in ten years"

Le Figaro Magazine – Real estate has specific rules in Switzerland. Who can buy?

Gregory Marchand, John Taylor, director of Switzerland – You can not buy a property in Switzerland if it is not Swiss or resident for tax purposes in the country. And to be resident, you have to work in Switzerland or have a special tax status. There are two exceptions: foreigners can buy commercial real estate and may purchase second homes in tourist areas. An example is the case in Verbier, Gstaad or Villars. In some of these stations, 80% of assets owned by foreigners. Legislation has also been tightened, limiting a vote in early March to 20% the percentage of second homes in new construction. These rules protect the market against a price spike.

For a foreign expatriate, it is precisely the size, location, recovery of principal residence in Switzerland, which determines the tax.

The principle of lump sum taxation is to tax the people who benefit by their standard of living. The main residence is an element used to enjoy.

Prices are comparable to those in France?

The market is not speculative. The Swiss Life to buy, they sell less than the French example. Partly because, to buy, they must have a personal contribution that represents at least 20% of the amount of the acquisition. In Geneva, for example, only 17% are homeowners against 30% nationally. In Switzerland, prices have doubled in ten years is a large increase but less impressive than in Paris. Last year property prices have increased an average of 5 to 10%. Today, they are stable. It takes between 12,000 and 16,000 € / m2 for purchase in the old town of Geneva. In the canton of Vaud, a quality apartment sells for between 1.2 and 1.5 million euros and a house, 2 to 5 million.

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