If their speech this issue does not directly to the commission

The important is not the amount of the loan, but that of investment. "This antiphon pounded for days by François Fillon, several members of the Government and yet yesterday by Alain Juppé ("we are not proposing to borrow but to invest") will be a concrete translation today with delivery to Nicolas Sarkozy in the report on the large borrowing and investment for the future.

The France up to infinity new debt issue next year, the commission chaired by the two former Prime Ministers Alain Juppe and Michel Rocard officiated for a public effort reasonable, located at 35 billion euros. The 1993 Balladur loan had reached slightly more than 16 billion. This public funding, targeted at higher education and research, innovation and growth green ("Les Echos" from November 12), should result in overall investments much higher, estimated at 60 billion by the commission. "And yet, we have been conservative on leverage expected," says a member. "We hope that private funds come from playing State funds", said Alain Juppe, yesterday, on RTL. These operations could be through public-private partnerships, repayable advances, etc. Projects may also be supplemented by local communities or the European Union.

This approach should reconcile, in the majority, the proponents of a minimum of budgetary discipline and those behind Henri Guaino, Special Adviser to Nicolas Sarkozy, calling in a loan of 50-100 billion euros. With a public effort limited to 35 billion, the call to markets would be sustainable year next to the France. The Government has already indicated should be exempt from this amount 13 billion repaid by the banks.

The debts of 2010, until then set at 175 billion program would therefore increased just over $ 20 billion. In addition, the Agency France treasure absorbing currently in advance debts coming due the year next (to $ 10 billion), the funding of the France program would remain lower than that of Germany in 2010 (195 billion). A symbolic threshold for rating agencies. Moody's believes that the great loan will "weaken at the margin" the France AAA rating without the threatening.

"Many circus".

On the terms of the loan, Alain Juppé and Michel Rocard believe that it would be unreasonable, because much more expensive, allowing individuals to subscribe. If their speech, this issue does not directly to the commission. The economy Minister, Christine Lagarde, nevertheless clearly agreed in their sense yesterday in defending an exclusive remedy to the markets: "It is a good decision on the financial plan", she said on France Info. The last word on this point as on the projects selected will return in fine to Nicolas Sarkozy, the beginning of December, at the end of a Flash with the social partners consultation. For the first Secretary of the PS, Martine Aubry, the principle of an exclusive remedy to markets shows that "the announcement of the President of the Republic at Versailles in June was a major media operation." It spent a few months to many circus, all this to do what all countries and that the France daily, i.e. borrow on financial markets.