It is going to 50 billion says one member

This makes no sense to encrypt the great loan today, it is the small quarrel. "The economy Minister yesterday sought to put an end to the dissonance in the majority on the extent of the amount to be lifted by the State. Everything in cautioning those pushing the wheel: "If it is something too big because there want to make large, there is a risk of degrading the signing of the France", said Christine Lagarde. A spade to the attention of Henri Guaino, who had indicated: "the grand loan is a political choice, one cannot say scientifically, technically, that such and such choice is unrealistic or realistic.The Special Adviser to Nicolas Sarkozy is suspected of having incited 63 deputies to co-sign a forum seeking a loan of 50-100 billion. "Do not ask questions in polemical as terms he Henri Guaino the fact", yet found Christine Lagarde, who the important issue lies in the choice of future expenditures.

New Minister

The proponents of a "reasonable" loan (Lagarde, Woerth, Fillon) worry about international context again inciting expenditure: fearing a soft recovery, the Germany announced 24 billion euros of tax cuts and the US could decide new stimulus measures. The willingness of Henri Guaino, and some deputies, to bring the debate on the political field also embarrasses Bercy, where it is not that the success of the project be measured primarily in terms of the size of the loan. Meeting yesterday in plenary meeting, the members of the commission on the great loan, chaired by the ex-Premiers Ministers Alain Juppe and Michel Rocard, are, according to our information, remained on the line of a "reasonable" for the financial loan, located between 30 and 40 billion euros. "It is going to 50 billion", says one member. The Government, should not forget that this public input must have a leverage effect on private funding, leading ultimately to greater investment. The commission, who spent yesterday these investments in the sieve of the criterion of profitability, should finalize its report next week. Infrastructure spending should be excluded.

Behind this battle of figures, there are different policy approaches, but also a real concern about the debt financing. As Jean-Pierre Fourcade UMP Senator noted in his budget report on the financial commitments of the State, "the markets will be attentive to the ability of the France to contain its reliance on debt and to maintain the level of the volume of emissions in relation to that of the Germany".Since 1997, the France has always issued less than the Germany, and for the time being, in 2010, budget 175 billion emission against 195 German. Which leaves room for a loan of 20 billion, or 30 if the State continues to depreciate so early debt this year. Much further borrowing would require several slices. But yesterday, Eric Woerth has reaffirmed to Michel Rocard and Alain Juppe his preference for a single slice, at a meeting deemed "cordial." In fact, the commission is partisan of a loan at a time.

Nicolas Sarkozy expected the findings of the Board before launching a new consultation with social partners. He should announce its choice the beginning of December. To operate the site, the head of State could appoint a Minister responsible for the large loan, as the Department of the stimulus.