• For the younger

The entry into the often marks the sixth acquisition (oh expected) of the first portable. For years college required a secure package, just to protect parents against any surprises. 30 minutes to one hour per month may be sufficient communication, especially as it is to call or be called by the parents.Young people who are not yet dependent, can be satisfied with a range of sms after school (between 17 hours and 21 hours). There is no need to take Internet access at this stage.

The proposal of Figaro: SFR Square Blocked Special under 18 € 14 per month for 30 minutes of calls (one hour of calls to numbers two parents) SMS Unlimited 5:00 p.m. to 9:00 p.m.

The alternative: Package Mini Secure Universal Mobile14, € 90 per month for 40 minutes of calls (30 minutes to two issues parents) unlimited SMS to 4:00 p.m. to 9:00 p.m.

• For adolescents

The high school course involves changes in telephony. Your teen may retain a pass blocked, but more generous (1 hour or 1h30 call).It calls for unlimited SMS, including weekends, and not framed in a time slot.

The proposal of Figaro: Universal Mobile18, € 90 for 1 hour 24 h/24 appelsSMS unlimited to all opérateursSMS "apl me" unlimited to be reminded even when their credit is épuiséFull Music, Universal Music best hits of the moment Download free MP3

The alternative: Post Mobile19 € moisForfait Blocked by Loyalty 1 hour of calls sms

• For students

No more blocked packages, the grown children are now able to manage their own subscription.We spend 2 hours of calls, SMS (always) unlimited to the Internet and especially mobile music options.

The proposal of Figaro: SFR Square Connect Spotify heures34 € 2 per month, 2 hours of unlimited appelsappels 7 / 7 and 24 h/24 to three numbers to choose from all opérateursSMS illimitésInternet13 million shares of Spotify to listen to unlimited pay day loans.

The alternative: Origami Style heures36 2 € per month, 2 hours of appelsSMS, MMSWi-Fi Orange illimitésInternet and visual voicemail, e-mails (3G + speed, stuck at 500 Mb) unlimited shared with three of your friends calls, unlimited SMS between you all, a formula that provides access to premium music service Deezer

• For adults

Young adults entering the workforce want access to unlimited SMS but mobile internet and unlimited calls on evenings and weekends.

The proposal of Figaro: Bouygues Telecom Néo.4 heures34 2, € 90 per month for 2 hours of calls + unlimited calls in the evening from 9:00 p.m. to 8:00 to fixed and mobile operators all Web, e-mails, SMS and MMS unlimited 24 h/24 and 7 / 7

The alternative: Virgin Mobile Collector Divine 5 Package 2 free issues heures39, € 90 per month with 2 hours of unlimited communication moisSMS 24 h/24 and 7 / 7 to all e-mails and opérateursInternet unlimited 24 h/24 and 7 j/7L user also receives 5 numbers Unlimited calls to all operators with the Divine plan Collector

• For pro superactive

Superactive, between work and the demands of family life, it's time to move on to the iPhone to manage its e-mails, calls, locate themselves with GPS, download applications.It is best to have an iPhone plan.

The proposal of Figaro: Orange Origami Star for iPhone heures69 5 € per month for 5 hours of calls and unlimited calls from 8:00 p.m. to 8:00 and the whole weekend to all mobile and fixed numbers métropolitains3 unlimited calls to all operators 7 / 7 and 24 h/24 in calls and SMS (unlimited shared between the three of you if they are Orange customers) SMS and MMS to all opérateursInternet + e-mails (including BlackBerry) unlimited 24 h/24 and 7 j/720 unlimited TV channels (3G + speed limit in excess of 2 GB per month)

The alternative: SFR Square 5 hours € 65 Web Unlimited 20 hours to 8 hours and weekend calls to all operators or operators all five numbers and unlimited 24 h/24 and 7 j/7SMS MMSInternet, e-mails illimitéL'usage Internet and e-mail is included in the formula up to 2 GB, beyond the flow is reduced.

Although the idea is not new, it has resurfaced thanks to the Greek crisis.On Wednesday, the political and business across the EU (including billionaire George Soros and Martti Ahtisaari, former Finnish Prime Minister) signed a platform calling the euro zone leaders to unite. Published by the Financial Times, the letter calls for the "establishment of a joint budget that would raise funds and to ensure fiscal discipline of the Member States." In this spirit, Jean-Claude Trichet, ECB president, has recently called Europe adopts "a federal Minister of Finance."

Judging "pragmatic" position of the two Nobel Jerome Creel, assistant director of studies at the OFCE and professor at the ESCP Europe also believes that this idea of ​​fiscal federalism is "a must". Clearly, the euro area is expected to have a real "federal budget" next national budget.This would better "regulate the activity" of the Union through a "permanent reciprocity 'in bilateral relations between the world's strongest and weakest, especially in times of economic shocks. "When people buy Mercedes, Greeks contribute to German growth, so it is normal to help him when needed," the economist is an example.

"The euro has to walk on two legs"

The Assistance Fund of the euro area (EFSF), which has helped Portugal and Ireland, is seen by Jerome Creel as a draft of a further fiscal federalism low fee pay day loans. According to him, it applies to the current debate on the issue of Eurobonds ("that could eventually finance a large common budget"), like that, embryonic and far from unanimous, the tax on financial transactions.

To be effective advocates Jérôme Creel, the introduction of the federal budget will not happen without the ECB. "The euro must be able to walk on two legs: a lever for its independent ECB monetary and fiscal policy coordination," he says. Yet the institution of Frankfurt has so far only goal against inflation (unlike the U.S. Federal Reserve). Result, coordination and relations between the ECB and the U.S. are regularly strained: the economist recalled that in June 2008, including Nicolas Sarkozy had won against the institution in Frankfurt, who had decided to increase its key rate Director of 4% to 4.25% after soaring commodity prices.The ECB "should ask the question of economic growth" and "not just for inflation," lambasted the head of state, fearing a rise of the euro against the dollar penalizes exports of the area euro. Six months later, contagion from the financial crisis of U.S. forces in the Old Continent, the ECB has revised its rates three times down, up 0.75% at end 2008.

Problem: the establishment of a true federal budget involves a "significant transfer of sovereignty to the European" art Alexandre Delaigue, an economist blogger Econoclaste. "For this to work, it would require that Brussels can closely monitor and control deficits anything related to the competitiveness of the members, he insists.With the budget, it directly affects people's lives. "Collage, he cites the" retirement age, the conditions for unemployment insurance, "which would then indirectly controlled by the lever via Brussels budget. In addition, he said the United States, "the union budget could be made after the Civil War …"

For several years, the trend is upward. Road Safety has noted, between 1999 and 2009, a 50% increase in the number of uninsured vehicles responsible for fatal accidents."This practice is approximately 78 million euros each year," said Francois Werner. "The burden falls on the insured who finance the fund with a contribution of 1.2% levied on insurance premiums, or about 2 euros per contract."

Device control incompletD'après the report, which aimed to establish a diagnosis on the degradation of Finance Guarantee Fund, 60% of the uninsured are between 18 and 35. Francois Werner are two categories of drivers are driving without insurance. The "sloppy" on the one hand, that knowingly or not missed steps to ensure their car. They have, for example, not paid their premiums or said buying a new vehicle. "The anti-social and dangerous" on the other hand, are those drivers who simply should not drive. These are people who have never had a license or whose license has been removed for serious and recurrent.In 40% of cases, the vehicles are not insured because of non-payment of premium, says the FGAO. Finally, two-wheelers are over-represented (5.1% of uninsured mopeds and motorcycles 3.1%).

"Very few drivers are aware of the risks they face while driving without insurance," says François Werner, pointing to "an almost non-existent awareness" and offers an auto insurance inadequate personal loans for people with bad credit. "Prices remain inaccessible to some audiences," especially young people. Finally, the Director General of FGAO believes that the repression of the phenomenon is "scattered and based on unreliable information." To overcome this weakness, the Guarantee Fund calls for the creation of a "central repository of files provided," he would manage.

This tool, already in place in several European countries, including Spain, Italy and the UK, would be powered by the file registrations (registration cards) and statements of insurance companies and brokers. A huge database which, in the overlapping information, detect uninsured vehicles without waiting for the fraud was discovered during a traffic stop or accident.

A tool "win-win"

This project could still face the fears of motorists on their privacy. The Director General of FGAO therefore emphasizes the fact that this mega-file does not include "any personal data" and would not be "marketable". It is hoped that consultation with stakeholders – insurers, consumer groups and governments – will start soon in order to establish the terms of this file.If this proposal were adopted, it would take about three years to implement.

For François Werner, the device is a win-win. "A 50% decrease in the number of uninsured vehicles could eventually provide the Fund a saving of 40 million euros. Above all, this central repository would be a valuable tool to prevent tragedies road, it would identify some reckless drivers and put them out of harm's way.. "

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• 240 billion in tax relief

The flagship device this bill is based on the extension of exemptions from employer and employee. It represents $ 240 billion, more than half of the plan.

Thus, 175 billion will be dedicated to the continuation in 2012 of halving the employee contributions, or $ 1,500 less taxes for an average household.The reduction in employer contributions will represent it at a cost of $ 65 billion.

• 67 billion recruitment incentives

Moreover, the maintenance of unemployment benefits for part-time employees, trainees and entrepreneurs will cost $ 49 billion. Tax credits of $ 4,000 to encourage employers hiring long-term unemployed account for it, $ 8 billion. A fund to finance initiatives for the return to work in the direction of the unskilled and disadvantaged, will have 5 billion.

• 140 billion in major projects

In parallel, the President launched a policy of public works, again to stimulate employment. The White House and plans to "get employees to work while rebuilding and modernizing America" ​​via an envelope of 85 billion.And the objective is to focus on the Public: $ 35 billion will freeze up to 280,000 job cuts for teachers and maintain the jobs of police and firefighters.

In addition, 50 billion will be dedicated to the modernization of transport infrastructure and 30 billion to the improvement of at least 35,000 public schools. Other projects, the head of the White House wants to create a National Infrastructure Bank has $ 10 billion and 15 billion will be used for public projects or renovation of housing reinvestment and local business vacancies.Finally, the expansion of wireless internet broadband will have zero cost as offset by the sale of concessions to private.

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Investors can not really come to their senses after the blow of yesterday who did fall by 4.73%, under 3000 points.The problems of sovereign debt, which resulted in all European markets falling and are still strongly back the Asian markets this morning, are at the heart of investor concerns.

Greece again centralizes all fears since the country's authorities and inspectors of the European Union, the International Monetary Fund and the European Central Bank, have suspended talks to ten days. The two parties disagree on the reasons and extent of delays by Athens in reducing its budget deficit. This situation endangers the second rescue plan concocted by the European Union. Some analysts believe even now that the plan was stillborn."Greece has already slipped over new deficit targets," said Bruno Cavalier, as well, an economist at Oddo Securities.

Nervousness is also high, whereas the German Constitutional Court will make its decision Wednesday on the highly anticipated aid granted by Greece to Berlin and the establishment of a European emergency fund. Germany is the main creditor of Greece in the eurozone.

"It's a stampede"

Also in the issue of debt in the euro zone, Italy is suffering from a new crisis of confidence while accumulating doubts on its ability to curb its deficit despite the adoption of an austerity plan this summer.Finally, union sources said yesterday that the Spanish Prime Minister Jose Luis Rodriguez Zapatero had recognized mid-August, the markets in crisis, that Spain was close to a "rescue" needed.

"It's the stampede, the free fall. Trust is the innermost and nobody does anything to reassure, "commented Xavier Villepion, sales of shares in Global Equities. "Investors have no reason now to invest in the equity markets," he says. "We are in a dynamic market similar to that of the fall of 2008, when prevailing psychosis triggered by the subprime crisis," said Patrick Jacq, bond strategist at BNP Paribas."Everybody goes in the same direction and fled to the German long-term bonds," he said.

"No recession in the U.S."

These problems of sovereign debt in addition to fears of a global recession while the health of U.S. economic worries. In this regard, World Bank President Robert Zoellick said on Tuesday that the United States was not threatened by a return to recession. "I do not think the United States and the world will fall into recession," he said.

The ISM "non-manufacturing" rose for the first time since May, 0.6 percentage points from July, reaching 53.3%, while the median forecast of analysts gave the down at 51.0%.

The European currency the euro was trying to rebound against the dollar on Tuesday, however briefly climbed back above the $ 1 cash advance loan.42 threshold.Eurostat also confirmed its first estimate of GDP growth in the euro area. It increased by only 0.2% from April to June after 0.8% in the first quarter.

The famous German ten-year Bund collects all the favor of investors and its yield, which moves in the opposite direction from price, fell to below 2%, unheard of.

Values ​​to follow

The bank still in the red

Bank stocks remained misguided in Paris and did not benefit from the rebound. BNP Paribas lost 0.91% to 31.02 euros, Crédit Agricole 1.83% to 5.74 euros, Natixis 0.51% to 2.55 euros and Societe Generale 0.64% to 20.12 euros.Some values ​​are more dependent on market conditions, however, fell under the head, the image of ArcelorMittal, which gained 1.84% in mid-session at 13.32 euros.

Audika: + 5.86% to 16.99 euros

The group released a net profit up 17.2% to 4.8 million in the first half, Audika has benefited from financial instruments, whose contribution represents about 400,000 euros.

Medica: + 4.51% to 12.74 euros

Medica said it had seven times its first-half profits to 20.7 million euros and raised its annual growth target of the activity of 15% to 17%.

NYSE Euronext: + 2.54% to 18.57 euros

The group announced a return to continuous trading, as of Thursday, September 8, a series of indicators of the Paris Bourse, the SBF 120, which was suspended on August 8 for technical reasons.

Casino: 0.51% to 55.56 euros

The retailer Almacenes Exito Colombia, 54.8% owned by the French group, has launched a capital increase of $ 1.4 billion (one billion) unveiled in late June.

Paris airport: + 0.52% to 55.79 euros

A consortium that includes ADP is one of the groups pre-qualified to take over the airports of Madrid and Barcelona, ​​said Monday the Spanish airport authority AENA.

Lagardère: + 2.25% to 19.73 euros

Arnaud Lagardere said the media group is considering a share buyback or payment of a dividend with the proceeds of the sale of the international magazine division.In an interview published Tuesday by the newspaper Les Echos, he also said that the withdrawal of the group of EADS will not happen until the release of the Airbus A350, the future long-haul European aircraft manufacturers.

Air France – KLM: + 3.31% to 6.14 euros

The group wants to save 700 to 800 million euros in additional savings and will also scale back its flight schedule.

GDF Suez: + 1.50% to 20.35 euros

The newspaper Les Echos, there will be no increase in gas rates for individuals on 1 October, the Regulatory Commission (CRE) does not provide a complete analysis of the tariff before the end of September.

Dry environment: -5.03% to 44.62 euros

The company said it was reviewing its goal of decreasing operating income (ROC) for 2011, it now expected around the level reached in 2010 after falling 2.7% in the first half.

During the day Tuesday, Sanofi will meet its strategy. Boiron Transgene and must publish their results for the second quarter.

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LE FIGARO. – The bidding on licenses 4G is attacked. Will you give up?

Eric Besson. – The State Council will vote Wednesday. Expect. But thanks to this call for nominations, France will be part of the forefront of the mobile broadband Internet. The government is selling rare frequency of the highest quality, which all countries say they are strategic. We do this with the twin goals of coverage and stimulating competition, the benefit of consumers. Traders feared that a monopoly or duopoly is not recreated.But this call for applications is the first to include criteria as pro-competitive: the creation of four lots so that all current operators can expect to find their place, creating a criterion favoring offers to host virtual operators. We have gone as far as possible to encourage competition. But we also need strong operators, able to achieve very significant investment for years to come, both for the deployment of mobile broadband as that of the optical fiber.

How will you deal with interference of DTT by 4G?

As has always been the case in all countries of the world, a trader who buys frequencies is liable for any interference that they can generate. We assess that risk to less than 2% of households.To facilitate the processing of any such interference, the government will establish a single telephone number, with a small call center, so that individuals can report any such interference on their TV and get the linkage with operator responsible. This device will be funded by all operators at a rate of 2 million euros per year for five years.

You advocate for changing the standard of TNT. Chains bonus going to be frozen, and consumers will they have to buy a TV?

I am not campaigning for anything, and there will be no change in standard of TNT in the coming years. The French continue to receive 19 free channels and 10 pay channels of TNT, with no changes.What we're talking about is the next step, and new services to be launched in the coming years: new TV channels, personal mobile TV, 3D TV … The question is whether these new services will use the older DVB-T or the new DVB-T2 which allows to get 70% extra services. Chains on bonus, not the government that calls into question, but the European Commission, which initiated proceedings bad credit payday advance. It would be irresponsible to issue permits for them to be canceled two years later, and that the state is then ordered to pay $ 800 million to 1 billion euros in compensation.Let the president of the CSA put its proposal and the prime minister officiate.

Packages Unlimited Internet at home are at risk?

The unlimited plans are at the heart of the development of the digital economy and are not threatened, quite the contrary. New unlimited call plans appear almost every week. Some operators have started to consider to better segment their offer, which does by no means the end of the unlimited. With the development of very high speed, there will be even more unlimited in the months and years to come.

How do you protect consumers?

We have set up with the social tariff Frédéric Lefebvre mobile phone, which allows 40 minutes to communicate and send 40 SMS for less than 10 euros per month.We will implement in the coming days the social tariff of the Internet, or 20 euros per month for telephone and broadband Internet, plus 3 euros per month for a box. We will sign an initial agreement on September 13. The order that I issued on August 26 also includes important measures as the establishment of an impartial mediator to each operator, the requirement to obtain consent from consumers for the automatic sending of commercial messages or for the establishment of witnesses navigation.

What are the issues you organize inter-ministerial seminar on October 21?

This is progress in the implementation of the declaration of Deauville.Networks (both funding and security), protection of personal data and the fight against the digital divide will be on the agenda.

What do you think of socialist proposals on digital?

The project of the PS is archaic. It is based on a tax Internet access, known as "socially progressive". Internet access will be paid based on their income! The PS also wants to abolish Hadopi and create a global license. This proposal has been accepted anywhere in the world. This would be the end of copyright in the land of the cultural exception! The PS also provides for the creation of a single public operator for the deployment of high-speed fixed and mobile. He still has not understood that the introduction of competition was the key factor in broadband deployment and growth of the digital economy.

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Oil may be back soon in Libya. The country should rehabilitate wells "in the coming days," announced the new oil minister, Ali Tarhouni, at a press conference in Tripoli. "The situation will not return immediately to normal, but almost," he added.

In Geneva, the World Food Programme (WFP) has launched a tender to supply 250,000 tons of gasoline provisional Libyan authorities to deal with the most urgent needs of the population after six months of civil war .

• Libya buys French wheat with frozen assets

The interim government in power in Libya has signed two contracts for the purchase of French wheat with assets released this month by France, according to sources close to the negotiations.The French Ministry of Foreign Affairs French announced in early August its intention to release $ 259 million to make available to the National Transition Council to rebuild the country after six months of civil war.

Each contract weighs at least 22 million to about 60,000 tonnes of wheat, a senior leader of the French grain trader Bellows, who signed one of the two contracts.

• A four-day ultimatum issued to supporters of Gaddafi

The rebel leader Libyan Tuesday sent an ultimatum expires Saturday supporters of Muammar Gaddafi in the last strongholds of the regime that they surrender, otherwise they would face military operations my credit score.

The head of the National Transitional Council (CNT), Abdeljalil Moustapha said that negotiations were underway with officials of those cities to try to secure their surrender without a fight. "This window of opportunity will expire at the end of the Eid al-Fitr. From Saturday, if a peaceful outcome is still not to the field, we can make a difference militarily, "said Abdeljalil. The launch of the final battle in Libya is "imminent", said the military spokesman of the rebellion Bani Omar Ahmed Benghazi in the east.

• Quiet on the front of Sirte, NATO continues its mission

The situation was calm on Tuesday morning on the front east of Sirte, Gaddafi's stronghold in central Libya. The rebels have increased by about ten kilometers and are line was about 40 km west of Ben Jawad beyond the hamlet of UMR Gandil.

Sirte Sunday has been caught between rebel forces, backed by NATO air strikes. The Atlantic alliance has reiterated its support Tuesday morning the insurgents, saying that his mission would continue "as long as the threat persists."

This increase serves as a good sign for U.S. growth in the third quarter. What mood enhancing buyer investors, who already showed optimism prior to publication. At the opening of the session on Monday in New York, the indices showed the green, and have strengthened their gains throughout the day.At the final bell, the Dow Jones advance of 2.26% at 11,539 points, the Nasdaq and Standard & Poor's 500 rising 3.32% respectively in 2562 and 2.83% points to 1210 points, the latter going over the bar of 1200 points, a first for two weeks.

The indices remained in the green while the IMF has revised down sharply its growth forecast for the U.S. this year and next, said Monday the Italian news agency Ansa, quoting a draft of the new economic forecasts Fund. According to the Italian agency, the IMF table than on a 1.6% growth this year in the United States, against a previous forecast of 2.5% published in June, and 2% next year against two , 7%.

Also, note that the promises of home sales fell 1.3% in July compared with June, as the market expected, according to figures released by the National Association of Realtors.They increased by 2.4% in June Over one year are up 14.4%.

The final impact less severe than expected from Hurricane Irene passed over New York yesterday, also contributes to investor optimism. Similarly, after being confused by the speech of Ben Bernanke, the Fed chairman, on Friday, market participants regain hope in a possible intervention by the Fed.

The Dow Jones above 11,000 points

According to analysts at Aurel BGC in fact, the announcement by Ben Bernanke, a two-day meeting in September to study in detail the possible deployment of new monetary tools, reassured. "Either the recovery of economic activity is growing, or the central bank will implement new support measures, they summarize.Under these conditions, the U.S. indices rebounded sharply after Bernanke's speech. "

In fact, dropped below the 11,000 points while the Fed chairman began to speak, the Dow finished at 11 284.5, up 1.2% on Friday night. A final increase, which encouraged European stock markets bounce back on Monday morning, except in London, closed due to holiday.

Another indicator which will be followed on Monday, the promises of home sales for July are expected down 0.1% from a consensus of analysts, against 2.4% rise previously.

The bank remained in the spotlight

No major publication is out of business side.

For security, the three New York airports – JFK, La Guardia and Newark – will be closed Saturday for aircraft arriving at noon (18 hours Paris time). The flights from these airports, however, may take off until further notice. This is an extraordinary disruption to an area that typically concentrates the air flow one of the densest in the world: each year, as many as 100 million passengers pass through this metropolis.This weekend, nearly 8,000 flights should be canceled.

Like most of his counterparts, Air France announced Friday the cancellation of all flights to New York JFK on Saturday and Sunday, while disturbances are waiting on those provided to and from other cities the coast, like Washington, Philadelphia or Boston. The resumption of service, from Monday, could also be laborious and cause further disruption, have also warned the airlines.

Transport suspended

Measure more tangible for the people, public transport will be suspended in the Big Apple this Saturday from noon until probably Monday rush hour guaranteed online payday loans. The subway, buses and railways do not circulate. Motorists have also been asked to leave their cars at home until the alert is lifted.If winds exceed this weekend 96 km / hour, the authorities of the State of New York have also warned they would close the main roads towards the city, and some bridges.

Given the restriction of transportation and possible damage caused by the passing of Irene, the inhabitants were ordered to stockpile water and food in preparation for the weekend. "Water is our product that sells best," noted the retailer Wal-Mart on Friday. Many are those who are armed with power generators in case of power failure.

To address these potential damages, the cost could rise to nearly $ 12 billion according to consulting firm Kinetic Analysis, U.S. authorities are preparing to deploy in new ways.900 National Guardsmen and 2,500 workers in the electricity sector include ready to intervene in case of power failure. All these measures aim to avoid at all costs repeating a scenario to Katrina, the hurricane that was painfully struck New Orleans in 2005.

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Rating agencies cultivate secrecy around these appointments called "rating committees." The heart of their power: analysts will decide the fate of nations by voting financial, away from the public on the future of the country note. No list of participants has not been released. However, the assessment can set the tone to the market.Law and internal regulations require many investors to buy or sell some of their shares according to the decisions of the trio of major Anglo-Saxon agencies Standard & Poor's, Moody's and Fitch.

The theory and practice

At the beginning of the procedure leading to the convening of a committee must be an event that could have an impact on the rating of a country, a new government or the publication of statistics. That's the theory. In practice, agencies are not locked in their ivory towers. "The noise of the markets or the hype, the phenomena of modes outside the agency also cause internal discussions that may cause the reopening of cases," says a former senior analyst at Moody's.

To prepare for a summit meeting, the analyst in charge of the target country meets members of the tax administration.Once or twice a year in general, often in a crisis. He did not have access to more information than large investors also regularly received by the authorities. Following a strict methodology and specific to each agency, he wrote a memo and draft a proposal for the "conf call." On the day, it will have to convince between 4 and 20 of his colleagues, a figure which varies depending on the size of the country but also … each holiday, a former gliding.

One man, one vote

One man, one vote: in principle, democratic rule prevails in rating committees. In practice, less glorious. Clan wars and other struggles for influence can disrupt the debate. As in any large company. "It can heat from analysts," says Pierre Cailleteau, ex-head of sovereign ratings at Moody's, now adviser at Lazard.For example, he says, "we were very divided about Greece last year. We had some very important debates internally. "Moody's, which was the first to lower the rating of Athens in 2009, then sharply deteriorated four notches, out of season.

In case of disagreement, how to find a majority? Standard & Poor's has found the solution: the committees are always in odd numbers. Then the strict methodology of the agency under discussion. And, theoretically, the great leader is there to calm things down. "In some cases, the director may have a strong grip on the committee," says Norbert Gaillard, specialist rating agencies *. Analysts may come under pressure, admits to spell Pierre Cailleteau: "We arrived during the session to ask an analyst to reconsider its vote, given the dominant position on the committee."Moody's, the bylaws stipulates, however, to limit the pressure, the lowest in the hierarchy and a vote in the first analyst to appeal a decision.

Subjective criteria

Still, the year-end bonus are set by the Area Manager, at Moody's in particular. The criteria are multiple, subjective: the variable compensation of an analyst depends on the work of presenting and representing the firm on the outside, the frequency of updating of countries covered, or the level of the analyst. "There are good and less good," says Pierre Cailleteau, which concluded: "It is I who stood out on bonuses." Moody's says

The former analyst, who left his practice in 2008, said: "The reports became confrontational, the atmosphere would grow over the independence of opinion. This is one reason I left. "And asks: "Given the importance given to them, is it not problematic that the agencies do not communicate about the independence of their analysts?"

In the end, the committee's decision is published, with an argument, in a press release. But no mention of voting results, the agencies do not want to reveal internal divisions. We do not know if the note of the United States has been lowered with a broad consensus. Or with a voice apart.

Agencies to staff shortages

"Agencies do not have the resources corresponding to the importance of financial regulations and investors give them-and they give themselves," lamented a former Moody's. Standard & Poor's, the largest agency in the world, the Wall Street Journal has only 70 to 80 analysts, juniors and seniors, covering 126 countries.Result, "every senior analyst is responsible for an average of 6 to 10 countries, shows the former analyst. When I was at the International Monetary Fund, an economist focused exclusively on one country. "

Same thing during visits to the Ministries of Finance of the State. Former Moody's drives the point home: "At the IMF, the missions are conducted on site by five and last 15 days. Moody's, we were two, and the visit lasted two to three days. "In Fitch's rating committees collect a minimum of four analysts. At most, 20 people participated, but it is very rare. Contacted by lefigaro.fr, Moody's would not say how many senior analysts it employs.

Rating agencies could afford to recruit: profitability is very high. Moody's expects a gross margin between 38 and 40% in 2011.The past year, Fitch was more than half of revenues (58%) and the Standard & Poor's to 43% on the only first three months of 2011.

* Norbert Gaillard is the author of "The rating agencies", Éditions La Découverte, 2010

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