International News

Republicans and Democrats tear each other apart in Washington for several weeks to avoid economic and financial catastrophe. The draft plan expected Sunday night was supposed to at least prevent markets open Monday morning in Asia, the dollar collapses. Since mid-May, when the debt ceiling up to 14,300 Treasury billion was reached, investors have been remarkably patient. But tired of political impasse, however, they could start selling U.S. Treasury securities and cause a sudden rise in bond yields.

Beyond the immediate threat looming two major systemic risks. Chronologically, the first is that of a selective defect of the Treasury. The latter says that beyond the August 2, it will no longer have sufficient liquidity to pay all its bills.The only way to continue to pay both current expenses such as salaries of civil servants, pensions of the elderly, as well as interest and principal on its debt, is to issue new bonds. $ 87 billion of federal government bonds maturing on August 4. It can only do that by issuing new shares. For this, it must have the authority of Congress as the upper limit of 14,300 billion debt would be exceeded.

Risk of asphyxiation

Without authority to do so, the treasure is August 3 in a position to "selective default" is to say, forced to choose which to honor its debts. Even putting hundreds of thousands of civil servants laid off to focus on pensioners and holders of government bonds, the Treasury can hardly make time.Uncle Sam is, in fact, take roughly 42% of what it spends. If he can not borrow, it quickly asphyxiated. This asphyxiation born a global crisis of confidence, the stock market crashes and bond, a collapse in domestic demand in the U.S. and global recession. The enormity of the threat calls for a last-minute compromise, reducing public spending, paving the way for a poll under the ceiling of the debt.

The second danger is less serious, but the probability is much higher: it is the degradation of the AAA rating given to the debt of the United States. American paper would no longer be the instrument chosen by the risk-free banks and investors around the world to park their cash. The returns required by investors to hold bonds tarnished increase.An increase of one percent of these returns would result in $ 150 billion more than annual burden of debt for the Treasury.

The three major agencies have warned the White House and Congress: America does not deserve to keep the rating the best expense only if it engages in a credible plan to reduce the medium to long term its debt. It is therefore possible that next month, noting that the compromise that made it possible to raise the debt ceiling is accompanied only by inadequate measures of savings, one or more agencies degrade America.

The emerging markets are facing a "problem-rich" fight against the overheating of their economies – from 6 to 7% last year – when developed countries are seeking to boost their low growth. "Their macroeconomic management faces a dilemma: keep inflation that accompanies this growth through restrictive monetary and fiscal policies, knowing that increases in interest rates contribute to the massive influx of capital," says chief economist of Coface, Yves Zlotowski. Some countries are better equipped, such as Brazil, the driving force of the South American continent and one of the first to respond, noting early on interest rates and imposing taxes on capital inflows.

Dilma Rousseff, Lula's successor as president, also began to impose fiscal restraint.If the funds continue to flow, growth has slowed down somewhat in the first quarter to 4.2% against 7.5% previously. "Brazil is a highly diversified economy in its exports, with an internal market dynamics. Above all, the country has lead the last ten years important structural reforms, "adds the analyst.

"Institutional delay"

Conversely, the credit insurer is more concerned about the neighbor Argentina, faced with high inflation of 23%, where the industry is operating at full capacity, supported by consumption and fiscal and monetary policy very accommodative. Overheating is very important in part masked by a current account surplus driven by exports of soybeans in China. But the landing is likely to be brutal crash.

In Asia, the weakest link is located in Vietnam, with a very open economy model of development with Chinese characteristics, based on the investment, mainly Asian. Iran is benefiting from rising costs in China, resulting in even relocation. This generated a huge credit bubble, whose share in GDP increased in ten years from 30 to 120%. The difference is that it does not have the same cash reserves that China and he is obliged to regularly devalue its currency, the dong. "There is a real institutional delay, the risk is, in a skid, discourage investment, which finance the huge current account deficit," Yves Zlotowski analysis.

However, the restrictions put in place gradually in the large emerging economies – China, India, Turkey, Brazil – should provide a soft landing.The challenge is to develop real consumer markets that go through a reduction in inequalities and a growing middle class and to provide for future growth in developed countries.

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The Paris Bourse rebounded sharply Tuesday. At the close, the CAC 40 gained 2.04% to 3877.07 points. Markets are optimistic about the fact that the Greek Parliament will give this evening its confidence in the new government Papandreou for the implementation of its program of fiscal austerity. Greek Prime Minister called for a national agreement of political parties to adopt its austerity plan and get a new aid.

In addition, the Japanese Minister of Finance, Yoshihiko Noda, promised Tuesday that his country would continue to buy bonds from the European Financial Stability (EFSF), to help the euro area to overcome the debt crisis of some of its members. Sign of the relief the markets, the euro recovers.At the end, it was 1.4396 dollars against 1.4301 late Monday.

The markets also learn that sales of existing homes in the U.S. fell in May from 3.8% to 4.81 million units annual rate, according to figures released Tuesday by the National Association of Realtors ( NAR), slightly less than analysts had feared.

In London, the FTSE-100 index gaining 1.44 of the main values% over the closing Monday at 5,775.31 points. For its part, featuring Dax index of the Frankfurt Stock Exchange on Tuesday pressed a bar 7200 points ending up 1.89% to 7285.51 euros, against 7150.21 points the day before closing.

Maurel & Prom, Areva and derive the rating Nexans

Maurel & Prom (5.01% to 17.20 euros) sold in Canada Caroil Tuscany for $ 120 million and 29% in capital.The group posted the best performance from the coast on Tuesday.

Areva (2.06% to 26.05 euros).The Committee of European Group (CGE) Areva said Monday that Oursel Luke, the future chief executive of the specialist public of nuclear, was expected to set out his strategy for the company.

The French manufacturer Nexans cables (3.60% to 64.78 euros) announced Tuesday that it would strengthen its presence in China by acquiring 75% of the energy cable business of the Chinese Shandong Yanggu Cable, valued around 140 million (including debt).

Valeo (5% to 44.12 euros) is carried the words of its Director General Jacques Aschenbroich who welcomed the "very good first half of 2011" in an interview Monday in Paris. "Valeo increased by three to four points faster than the market "on which it operates, and the order books of Valeo exceed 12 billion euros, he said.

The IPO postponed Verallia

Saint-Gobain (2.80% to 42.58 euros) on Monday announced the postponement of the IPO of its subsidiary Verallia, a failure that symbolizes the current weakness of capital markets on fund nervousness of financial markets the Greek crisis.

Carrefour (1.68% to 27.30 euros) held a general meeting of importance on Tuesday. The slump experienced by the Carrefour share in recent days has led the meeting. The shareholders approved Tuesday in a stormy atmosphere complete the demerger of Dia, the company's French distributor discount, denounced by the unions who cry "dismantling" of the group's strategy also worried some small shareholders.

Alstom (1.20% to 42.47 euros) is developing a new model for high-speed train, the AGV II, which could run at a maximum speed of 380 to 400 km / h, according Les Echos."After the failure of the Eurostar, Alstom aims to expand its range of high-speed train for international tenders, while the competition has never been higher," said the daily.

The automaker Renault (2.92% to 38.07 euros) does not market new high-end vehicles before the end of 2014, announced the group's commercial director, Jerome Stoll.

While 200 planes were sold yesterday at the Paris Air Show, European governments are on the frontlines in defense of public aid granted to Airbus (EADS: 2.33% to 21.75 euros), challenged by Boeing and the WTO.Ministers to UK companies found that surgery was beneficial to taxpayers, at a meeting at Paris Air Show.

In addition, Eurocopter, a subsidiary of EADS, is expected to have discussions in the fall with the Ministry of Defence, who want to save money on the result of the Tiger and NH90 programs, The Tribune reported Tuesday.

The CAC 40, only Danone (-0.25% to 52.15 euros) and Pernod Ricard (-0.36% to 66.89 euros) decline.

SNCF would she yielded to the temptation of quotas? A belief in Le Parisien, Aujourd'hui en France, SNCF controllers have actually quantified targets to be achieved. A confidential memo was sent in April to all employees of a commercial Train (ECT) in Paris to show them to achieve "four cases per day, with 41% of the amount of PV cashed directly for a minimum of 50 euros per day, the newspaper said.

A bonus system also encourages officers to be zealous by directly targeting travelers who can pay right away, writes the daily. On each transaction, the agents receive a percentage of the total amount, the newspaper said, noting that this system is much more advantageous for controllers if passengers pay on the spot.And that can pay big dividends: The Parisian-Today in France indicates that controllers can receive monthly bonus of up to 700 euros, depending on the zeal and grade. But often, these bonuses, paid from the thirtieth euros harvested, have little impact on total compensation for officers, the newspaper said.

"It will help you be muted

Better performance would also facilitate subsequent ascension of hierarchical controllers. "Everyone knows that if you're a good little soldier, you will have more incentive and it will help you be transferred to the TGV, where you will be better paid," says Sebastian Tarbes, Controller and activist South Rail at Paris- Today in France. Conversely, agents that do not quite verbalize would be punished, according to the newspaper, which cites the case of three officers who received a layoff of five days.They would not have achieved their objectives.

In an interview with Le Parisien, Aujourd'hui en France, Patricia Lacoste, director of operations at the station, says "there is no political figure but a political fight against fraud." The ruling added that "the objectives are defined in terms of rate control and non-regularization. "The number of adjustments made by a skipper is measured and observed by the average of its capital," says Patricia Lacoste. It also states that "controllers have four objectives: safety, security and backup service."

"Contrary to company policy"

Contacted by lefigaro.fr, CFDT Railwaymen also stresses that "controllers are primarily responsible for sales agents Security and welcoming travelers.In addition, the organization said they had not been aware of the note and "if such guidelines were handed down to us, we would have intervened with management," said a spokesman. The union added that this type of instructions is "contrary to company policy which is not in a logic of repression but rather in a desire to preserve revenue. As for the Advancement of supervisors, the union says they are based on passing examinations, seniority and rating agents.

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Finance ministers of the euro area hoping to keep their meeting Friday night at the Chateau de Senningen, Luxembourg, secret. Not a chance. It was stale, in real time by the website of the magazine Der Spiegel, the most famous of Germany, who found a little faster, there was talk of an "exit" of Greece to the euro area. A new contradicted on all sides, which was enough to plunge the euro of 1.30%, to $ 1.43 on Friday night.

If the output of the euro was a rumor "completely fanciful" in the words of Bercy, the financial position of Greece was indeed part of the discussions in the Grand Duchy.A situation so explosive, with a debt of 350 billion euros in early 2011 (150% of GDP), that this appointment did not appear on any official agenda …

Were present in Luxembourg: Jean-Claude Juncker, head of the Eurogroup, which took the initiative of the meeting, Christine Lagarde, Wolfgang Schäuble, Julio Tremonti of Italy, the Greek Finance Minister George Papaconstantinou; Minister Spanish Solgado Elena, the ECB president, Jean-Claude Trichet and European Commissioner for Economic Affairs, Olli Rehn.

"We did not discuss output Greece to the euro! It's a stupid idea! We do not want the euro area explodes! "Insisted Jean-Claude Juncker after the meeting, visibly annoyed. "We also exclude the option of restructuring the heavily cited by the markets," he added."Greece needs a further adjustment program," he insists.

Rejected by France, the ECB, the European Commission and the boss of the Eurogroup, who fear the contagion effect in the euro area (see below), the assumption of a debt restructuring Greek has nevertheless been mentioned, as "mild" a debt rescheduling. But it was not accepted as a reasonable assumption, including the Germans. "This is not the agenda," says Will we in Berlin, even though the Liberals in the coalition are pushing for banks to charge, and, failing to leave Greece in the euro area …

A hole estimated at 30 billion

Leaving aside these two extreme options, there is only one solution: a new financial extension beyond the 110 billion euros of loans already granted by the EU and the IMF to Greece.This amount is insufficient today to cover the financing needs of Greece to June 2013, when the rescue plan will expire today.

To fill a hole estimated at 30 billion euros, before the coming into force the European mechanism of stabilization (TSS), a new form of rescue was considered, in Luxembourg.

According to the Greek finance minister, he would "use the recent European Council decision authorizing the Fund to redeem the debt Greek." This is not Greece which would directly lesmarchés in 2012, as agreed at the first save, but the Fiscal Stabilization Fund (EFSF), which would acquire the newly issued debt by Athens at the height of 25-30000000000 euros. The EFSF, sovereign rated 'AAA' markets, has 440 billion euros of lending capacity.

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The team goes into overdrive in the race to develop digital. In January, Marie-Odile Amaury, CEO of the eponymous media group, reiterated his desire to develop the sports daily on digital media, web, mobile tablets, after clearing up advertising revenue in 2010. "The Team Leader Sports Information on digital. Our website attracts over 5 million unique visitors per month, consuming more than 700 million page views, which places him among the top three websites in France, across all categories. Our mobile traffic has surpassed 100 million monthly page views. All our media are also available on shelf ", says the CEO of L'Équipe, which is also considering" creating a product designed exclusively for Team shelves that prepares for early 2012. "

In 2011, one of the group's priorities is to approximate the print and Web newsrooms, which total more than 350 journalists and must "work more consistently. These essays have lived ten years in parallel with strong stories, "says Francis Morinière, who named Fabrice Jouhaud head of editorial at the end of last year. The latter has seen his responsibilities extended to the Web, in addition to newspaper and magazine. "This is one of the most brilliant journalists of his generation, I think this project will lead with intelligence."

A free channel available on an HD channel

Another variation of the group, the Team TV channel on cable (numeric), satellite (CanalSat) and ADSL (SFR), carries an audience share of 0.2%, according to Mediametrie. What is the future of TV? "The thematic development of pay channels is complicated to run.That's why, if the CSA confirmed its intentions, The Team will be a candidate for the award of a frequency HD digital free sports information, "says Francis Morinière, echoing the call for APF applications "should be announced for late 2011. Until now available on carriers paying Team TV would become a free channel, directly accessible on a HD channel. "This is a major project for the Amaury group. That's why this decision was taken in full agreement with Philippe Carli, CEO of the group. Two years ago, the president had said during the Estates General of the press that "The State should ensure that the press has the conditions for its development." Our development on television follows this logic.The future of media groups through their ability to project itself into a multimedia based on strong brands and recognized, "said Francois Morinière.

If he gets the green light from the CSA, the proposed free HD channel on DTT would require an investment of "more than 30 million euros cash advance now. Many people are concerned about upsetting the economic balance of the PAF. But it will not be challenged because we are targeting around 1% market share of advertising revenues in television [estimated at 3.4 million net in 2010, according Irep]. When comparing the profitability of media groups and media groups, there is no danger in delay. For us, it can be very beneficial to the contrary ", says the CEO of the group.What would the editorial content of this new channel for free? "The sport is missing from the landscape of free channels, then it is a focal point for 25 million French. The public expectation is high, and the legitimacy of the team is obvious. Our project is ambitious and is a part of Team DNA. It was Charles Bietry, editorial director of TV crew and one of the inventors of the sport on television, which designs the project. "

8.4 million consumers

If he was born, this project would compete with that of Alain Weill, RMC Sport, which would also aim to invest TNT HD. "We'll see. Team TV has been around almost 13 years, but the draft RMC. Our editorial guidelines are different, our projects will be too.RMC is very focused on football and relies on consultants vedettes.Notre project will discuss all sports in all their meanings, and based on an essay of 350 journalists sport experts, present on all land sports the world. Sport is essential in the TNT. The team of 70 can speak the French sports, "argues Francis Morinière.

In 2010, France paid for the dissemination of L'Équipe, almost stable at -0.3%, amounted to 302,158 copies, according to OJD. Sporting events of 2011 do they offer such good prospects? "We are pleased with these figures. This is the first time that the daily broadcast is stabilized since 2006, knowing that France was now in the final of the FIFA World Cup, "said Francois Morinière.In addition, Team consolidates its leading position in national newspaper with 2,347,000 readers daily on average, up 1.6%, according to the latest audience research EPIQ. A hearing "up 6% on assets and AB +, as the Group Chief Executive. Finally, the mark "Team" is the first media brand in France with 8.4 million consumers weekly, daily between the Web and magazine. Nevertheless, 2011 will inevitably a little quieter for us. Sporting events are less promising and have the disadvantage of being in negative time difference, "he concedes.

Returned to profit, the group Team weighs "250 million" in sales in 2010. "Just over 50% of its revenues" are generated by the newspaper, whose 'relative share is fairly stable, "said its director general.

Nintendo 3DS landed Friday in the French shops. This portable game console that lets you play in relief, without needing to wear special glasses, is a boon for video game publishers. They swung their great success in 3D. It's a way to recycle old titles and launch new ones. Prices are driven up. The games will be sold between 45 and 50 euros. 5 to 10 euros more than the price of those of the previous generation.

During the presentation of the console, Satoru Iwata, Nintendo's CEO, indicated that a large number of publishers have decided to design specific titles for this console that render stereoscopic images. It is clear that the omen of the CEO is found.Alongside Nintendo (with three games Nintendogs), publishers Capcom (Street Fighter IV), Electronic Arts (Sims 3), Namco Bandai (Ridge Racer), Konami (PES 3D), LucasArts (Lego Star Wars III, The Clone Wars ), Sega (Super Monkey), Tecmo Koei (Samurai Warriors) and Ubisoft offering specific titles.

Among these actors, the French publisher is betting on a successful series of the 3DS. "The public, already extended by Nintendo with the DS, is expected to increase. The boot should be two times faster than the DS in the early years, "said Yves Guillemot, CEO of Ubisoft. Today, the French publisher will offer four of the fifteen titles available at launch for the handheld. Three of the four games have been developed at Ubisoft's fourth and its sister company, Gameloft, specializing in adaptations of games for smartphones and internet tablets.It was she who designed the race cars Asphalt 3D.

The French had also focused on the adaptations of Tom Clancy's universe, which has exclusive rights, with the stealth game Splinter Cell 3D and especially the strategy game Ghost Recon Shadow Wars, developed specifically for 3DS in studio Ubisoft Montreal.

A stronger anti-piracy

These songs contain small videos to stunning 3D graphics effects. In addition, the Rayman character, developed by the team of French Michel Ancel, gains in depth, with its version in relief. During the second phase of launch, which could happen in June, Ubisoft will also be the most prolific alongside Nintendo, especially with The Raving Rabbids.

This commitment to his backhand. A quarter of Ubisoft's revenue in 2008 was linked to games for the DS, the ancestor of 3DS, sold 130 million units worldwide.When sales fell because of piracy, the French publisher has suffered severely. With 3DS, "the anti-piracy mechanism was strengthened," says an editor who will not be more specific. The manufacturer is no more eloquent.

Anyway, the 3DS contains new communication features (challenges, blindly, in the street) or augmented reality games (using the camera to generate images in relief).

After opening down, Wall Street back into positive territory on Friday. The Dow Jones gained 0.16% to 12,003 points, the S & P 500 ahead 0.50% to 1302 points and the Nasdaq rose 0.33% to 2710 points. Caution remains appropriate. Investors fear the consequences of the earthquake that hit Japan last night. Bad news that comes on top of disappointing indicators released Thursday and the tensions that persist in Libya.

Oil continues to unwind

These concerns, however, help to relax the price of oil which opened Friday down $ 3.05, passing below the 100 dollars to 99.65 dollars exactly.

On the macroeconomic front, retail sales in the U.S. rose 1.0% in February from January, as analysts anticipated, according to figures released Friday in Washington by the Department of Commerce.

U.S. consumer confidence fell in March, according to an index released Friday by the University of Michigan, which was 68.2 against 77.5 the previous month.

Restocking of manufacturing firms and corporations increased 0.9% compared to December in the U.S., according to figures released Friday by the Washington Department of Trade and rather good news for the U.S. GDP.This increase is slightly greater than the median forecast of analysts who gave 0.8%.

AIG: -0.49% to 36.30 dollars

The insurer American International Group said on Thursday to buy back $ 15.7 billion in cash (11.4 billion) of mortgage assets that the U.S. government had recovered during the financial crisis through the bailout group.

National Semiconductor: 3.88% to 14.71 dollars

National Semiconductor has published an annual turnover less than expected for the third quarter of fiscal year due to destocking at its distributors, but its forecast of sales growth for the current quarter is in line with expectations .

Clearwire: -1.74% to 5.65 dollars

The Clearwire CEO Bill Morrow has resigned as part of a wider reshuffle at the head of the wireless network operator, amid difficulties to finance its investments and dispute between the group and its majority shareholder Sprint Nextel.

Chevron: 0.64% to 99.71 dollars

Chevron announced the sale of its refinery in Pembroke, Great Britain, for 730 million dollars U.S. refiner Valero. The latter said in a separate release that the acquisition would be accretive to its earnings immediately, adding that the transaction should be finalized in the third quarter.

Apple: +0.41% to 348.09 dollars

Apple launches this Friday the marketing of the new version of its iPad tablet.

The European debts go back under the yoke of rating agencies. Moody's has announced this Thursday morning having degraded by one notch the debt rating of Spain, who is now at "Aa2." The note could be further downgraded in the future, since the rating agency maintains a negative outlook on Spain. Moody's explained its decision by his doubts about the ability of Madrid to redress public finances, given the weak growth outlook for the country. Furthermore, measures to clean up the Spanish banking sector would cost more than expected and would increase the country's debt, according to the rating agency.

The Spanish economy minister has expressed his "differences" with the Moody's analysis on the cost of restructuring the banking sector.But Elena Salgado's statements should not prevent a new outbreak of foot on interest rates from Spain to climb again on Thursday, after reaching new levels yesterday, while those in Italy beyond the 5 %, the first since November and that the Portuguese rate stood at a level considered critical by analysts. On Wednesday, the interest rates paid by Lisbon ten years has exceeded 7.5%. And two-year bond were issued at an interest rate of nearly 6%, where the country was paying 4.09% in September, for the same maturity. Economists estimate that the refinancing conditions become difficult to bear for the country free instant credit score. Yet Portugal should emit at least 20 billion debt this year to finance its expenditures.Experts estimate that the country would be about to seek aid from Europe to solve its budget problems, despite repeated denials by the authorities.

A highly anticipated Eurogroup

"Portugal is in the financial and economic emergency," said last night the Portuguese President Anibal Cavaco Silva, in his inaugural speech. "The state funding continues to be abnormally high, which affects the functioning of the Portuguese financial system and our economy."

The Heads of State and Government of the eurozone, which meets tomorrow, should examine the situation in Portugal, says Reuters. The summit of the Eurogroup will focus on "economic policy measures that Portugal is to address its financial difficulties," said the Elysee.

The seventeen heads of state and government should also "discuss strengthening the coordination of national economic policies in the euro area." But many doubt that the summit came to an agreement.

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The heritage of the French is the center of attention early this year. Earlier this week, Budget Minister Baroin opened the working sessions of parliament to tax reform. Tuesday, Jérôme Chartier, UMP to study the harmonization of taxation French and German, submitted its report in favor of a reduction of the solidarity tax on wealth (ISF) and taxing the sale of principal residence . The Treasury Department has also provided some of the parliamentary majority, a study identifying the true heritage of the French in 2009.

Taxing capital income

Friday in Les Echos, that Alain Minc, a close advisor of President of the Republic, to take part to a suppression of the ISF. "Total control of the ISF is necessary because it is a bad tax.Its development would not cause qu'insatisfaction and frustration, "he says. In return, he called for taxing capital income equivalent to that of labor income, "Capital income should be taxed at the same level as Labour (…) Personally, I find it abnormal that dividends paid to me by my consulting company are taxed at 31% and not 41% (tax rate on income which must be added the CSG, Ed), as is an employee. " He also expressed support for a levy on capital gains realized upon the sale of a principal residence. "Yes, we need all the gains of individual securities and property are concerned."

Risk of blocking the property market

Business on BFM guest this Friday, the boss Guy Nafilyan promoter Kaufman & Broad, is totally opposed to this new tax which he calls "economic nonsense". "We can not tax the housing at the entrance and exit. Today we pay a fee when buying ". He explained that the capital gains when selling a home are not comparable to stock market gains, "when you sell it to buy a new home." An argument widely distilled by all professionals.

Guy Nafilyan also evokes another risk, that of a price increase. "Sellers will incorporate the costs of this tax in the selling price," he says. According to him, a deadlock could Schoolmistress the creation of this tax."If we tax the main homes for resale, people will no longer sell and we will block the second buyers market, which already lacks fluidity." We will find ourselves in a situation where the person who sells his housing may not repurchase the same because it will not have the means, "he concludes.

Alain Minc said that to be sustainable, the creation of this tax on the sale of a principal residence "means (…) correct the effect of inflation", particularly the soaring property prices. " Argument does not by Guy Nafilyan. The owner of Kaufman & Broad in effect rejects the price surge.

While he admits that they have significantly increased in Paris, he believes that the statistics released by estate agents are not significant.In the ninth, and the provinces, "we can not talk of an outbreak," he said adding that the prices of goods offered by kaufman "rose only 2% in 2010, and rising will be similar in 2011. An analysis that differs from that presented in the Treasury report that the richness of the French would have doubled in ten years because of housing prices that would have increased by 111% between 1999 and 2009.

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