Showing posts with label coalition. Show all posts
Showing posts with label coalition. Show all posts

Tuesday, February 19, 2013

NEWS,19.02.2013



Italy Elections 2013: Nearly A Third Of Population Undecided Or Will Not Vote, According To Final Poll


Five days before national elections almost a third of Italians have yet to decide who to vote for or are considering not voting at all, a survey showed on Tuesday, highlighting uncertainty over the outcome. The poll in Corriere della Sera daily showed the proportion of Italians undecided or tempted to abstain has declined from 51.5 percent in December but remains at a significant 27.7 percent less than a week before the vote on Sunday and Monday. Final polls on Feb. 8, before a legal black-out period set in, indicated that the centre-left Democratic Party would win a lower house majority but will need to form a coalition with outgoing Prime Minister Mario Monti's centrist grouping. Silvio Berlusconi's centre-right alliance was about 6 percentage points behind the frontrunners. But the hefty proportion of undecided voters means the outcome is still unpredictable and the final days of campaigning will be crucial. Publication of polls is illegal in the two weeks leading up to the Feb. 24-25 election but analysts are permitted to reveal data on likely participation rates. Most of the undecided are middle-aged housewives or pensioners with relatively low education levels, mainly living in the south of Italy, and with little interest in politics, pollster Renato Mannheimer of the ISPO institute said. "More than half of those who are currently undecided or potential abstainers say they can't place themselves on the right or the left," Mannheimer told the Milan daily. He added it was likely that many people who were yet to decide would probably not vote, based on past electoral trends. But historical participation rates suggest about 5 million people, or 10 percent of voters, will make up their minds in the last few days, swayed by last-minute promises from party leaders regardless of their place on the political spectrum, he said. Many polls over the last year have shown Italians disenchanted with a political class clinging to its privileges as the euro zone's third biggest but chronically uncompetitive economy descended deeper into crisis.


China Suspected Of Hacking Attacks Against The U.S.


A secretive Chinese military unit is believed to be behind a series of hacking attacks, a U.S. computer security company said, prompting a strong denial by China and accusations that it was in fact the victim of U.S. hacking. The company, Mandiant, identified the People's Liberation Army's Shanghai-based Unit 61398 as the most likely driving force behind the hacking. Mandiant said it believed the unit had carried out "sustained" attacks on a wide range of industries. "The nature of 'Unit 61398's' work is considered by China to be a state secret; however, we believe it engages in harmful 'Computer Network Operations'," Mandiant said in a report released in the United States on Monday. "It is time to acknowledge the threat is originating in China, and we wanted to do our part to arm and prepare security professionals to combat that threat effectively," it said. The Chinese Foreign Ministry said the government firmly opposed hacking, adding that it doubted the evidence provided in the report. "Hacking attacks are Trans national and anonymous. Determining their origins is extremely difficult. We don't know how the evidence in this so-called report can be tenable," spokesman Hong Lei told a daily news briefing."Arbitrary criticism based on rudimentary data is irresponsible, unprofessional and not helpful in resolving the issue."Hong cited a Chinese study which pointed to the United States as being behind hacking in China. "Of the above mentioned Internet hacking attacks, attacks originating from the United States rank first. "China's Defence Ministry did not immediately respond to faxed questions about the report. Unit 61398 is located in Shanghai's Pudong district, China's financial and banking hub, and is staffed by perhaps thousands of people proficient in English as well as computer programming and network operations, Mandiant said in its report.The unit had stolen "hundreds of terabytes of data from at least 141 organisations across a diverse set of industries beginning as early as 2006", it said.Most of the victims were located in the United States, with smaller numbers in Canada and Britain. The information stolen ranged from details on mergers and acquisitions to the emails of senior employees, the company said.The 12-storey building, which houses the unit, sits in an unassuming residential area and is surrounded by a wall adorned with military propaganda photos and slogans; outside the gate a sign warns members of the public they are in a restricted military area and should not take pictures. There were no obvious signs of extra security on Tuesday. "ECONOMIC CYBER ESPIONAGE" Some experts said they doubted Chinese government denials of military involvement in the hacking. "The PLA plays a key role in China's multi-faceted security strategy, so it makes sense that its resources would be used to facilitate economic cyber espionage that helps the Chinese economy," said Dmitri Alperovitch, chief technology officer and co-founder of CrowdStrike, one of Mandiant's competitors. Though privately held and little known to the general public, Mandiant is one of a handful of U.S. cyber-security companies that specialise in attempting to detect, prevent and trace the most advanced hacking attacks, instead of the garden-variety viruses and criminal intrusions that befoul corporate networks on a daily basis. But Mandiant does not promote its analysis in public and only rarely issues topical papers about changes in techniques or behaviours. It has never before given the apparent proper names of suspected hackers or directly tied them to a military branch of the Chinese government, giving the new report special resonance. The company published details of the attack programmes and dummy websites used to infiltrate U.S. companies, typically via deceptive emails. U.S. officials have complained in the past to China about sanctioned trade-secret theft, but have had a limited public record to point to. Mandiant said it knew the PLA would shift tactics and programmes in response to its report but concluded that the disclosure was worth it because of the scale of the harm and the ability of China to issue denials in the past and duck accountability.The company traced Unit 61398's presence on the Internet including registration data for a question-and-answer session with a Chinese professor and numeric Internet addresses within a block assigned to the PLA unit and concluded that it was a major contributor to operations against the U.S. companies. Members of Congress and intelligence authorities in the United States have publicised the same general conclusions: that economic espionage is an official mission of the PLA and other elements of the Chinese government, and that hacking is a primary method. In November 2011, the U.S. National Counterintelligence Executive publicly decried China in particular as the biggest known thief of U.S. trade secrets. The Mandiant report comes a week after U.S. President Barack Obama issued a long-awaited executive order aimed at getting the private owners of power plants and other critical infrastructure to share data on attacks with officials and to begin to follow consensus best practices on security.Both U.S. Democrats and Republicans have said more powerful legislation is needed, citing Chinese penetration not just of the largest companies but of operations essential to a functioning country, including those comprising the electric grid.


Chavez returns to Venezuela from Cuba

 

President Hugo Chavez returned to Venezuela early Monday after more than two months of treatment in Cuba following cancer surgery, his government said, triggering street celebrations by supporters who welcomed him home while he remained out of sight at Caracas' military hospital. Chavez's return was announced in a series of messages on his Twitter account, the first of them reading: "We've arrived once again in our Venezuelan homeland. Thank you, my God!! Thank you, beloved nation!! We will continue our treatmen there. "They were the first messages to appear on Chavez's Twitter account since Nov.1."I'm clinging to Christ and trusting in my doctors and nurses," another tweet on Chavez's account said. "Onward toward victor always!! "Vice President Nicolas Maduro said Chavez arrived at 2:30 a.m. and was taken to the Dr.Carlos Arvelo Military Hospital in Caracas. Chavez's return came fewer than three days after the government released the first photos of the president in more than two months, showing him looking bloated and smiling alongside his daughters. The government didn't release any additional images of Chavez upon his arrival in Caracas, and unanswered questions remain about where he stands in a difficult and prolonged struggle with an undisclosed type of pelvic cancer. Chavez was re-elected to a new six-year term in October, and his inauguration, originally scheduled for Jan. 10, was indefinitely postponed by lawmakers in a decision that the Supreme Court upheld despite complaints by the opposition. Some speculated that with Chavez back, he could finally be swornin. Hundreds of Chavez supporters celebrated his return in downtown Caracas, chanting his name and holding photos of the president in Bolivar Plaza. Supporters also gathered outside the hospital. "I want to see my president," said Alicia Morrow, a seamstress who stood outside the hospital on the verge of tears. "I've missed him a lot because Chavez is the spirit of the poor. "Chavez's precise condition and the sort of cancer treatments he is undergoing remain a mystery, and speculation has grown recently that he may not be able to stay on as president. The Venezuelan Constitution says that if a president dies or steps down, a new vote must be called and held within 30days. The 58-year-old president hasn't spoken publicly since he left for Cuba on Dec. 10. He underwent his fourth cancer-related surgery on Dec. 11, and the government says that he is now breathing through a tracheal tube that makes talking difficult.

Israeli leader brings dovish rival into coalition

Israeli Prime Minister Benjamin Netanyahu on Tuesday added his first coalition partner as he works to build a new government, agreeing to bring in a dovish rival to oversee contacts with the Palestinians in what could signal a new approach to peacemaking by the hard line leader. Under the deal, former Foreign Minister Tzipi Livni will serve as justice minister in the next Israeli government, in charge of peace efforts with the Palestinians. Livni, who led negotiations during the last substantive round of peace talks four years ago, has a good relationship with Palestinian President Mohmoud Abbas and favours a softer line than Netanyahu. Standing alongside Livni at a news conference Tuesday evening, Netanyahu vowed to make a serious attempt to reach peace under his next government. He said bringing in Livni, who has been a fierce critic, was part of his goal of forming a "wide and stable" government. "We need a Palestinian partner and I hope we will find a Palestinian partner who will take seriously Israel's security needs and that will be willing to end the conflict once and for all. Today Israel outstretches its hand to peace once again," he said. Netanyahu, who has come under heavy criticism, both at home and abroad, for the deadlock in peace efforts during his previous term, has promised to take a more aggressive approach under his next government. But he has given no details on whether he is prepared to make any new concessions, and it remained unclear whether Livni's addition to his Cabinet would be enough to lure the Palestinians back to negotiations. "What is important is the policies that will be adopted and implemented by the incoming Israeli government," said Yasser Abed Rabbo, a top adviser to Abbas. He said that if Netanyahu stuck to his policies of building settlements on occupied land, "it's better for Livni to search for another mission." As foreign minister, Livni served as the chief negotiator with the Palestinians under former Prime Minister Ehud Olmert. While both sides have said they made great progress during that time, the talks collapsed in late 2008 and have remained virtually frozen since Netanyahu took office early the following year. The Palestinians have refused to negotiate with Netanyahu while he continues to build Jewish settlements in the West Bank and east Jerusalem, areas captured by Israel in the 1967 Mideast war. The Palestinians claim both areas, along with the Hamas-ruled Gaza Strip, for their future state. The Palestinians also want negotiations to resume from the point where they broke off under Olmert and Livni. Olmert has said he offered a near total withdrawal from the West Bank and shared control over Jerusalem. Netanyahu has said these concessions were far too generous and that negotiations should begin without any preconditions. He also has claimed that even when he imposed a partial freeze on settlement construction, the Palestinians did not enter substantive negotiations. But after four years of deadlock, the international community has grown impatient with the Israeli leader. In a sign of the international disapproval, the U.N. General Assembly overwhelmingly voted in November in favour of an independent Palestinian state in all of the West Bank, east Jerusalem and Gaza. Although largely symbolic, the vote signified an international endorsement of key Palestinian demands on future borders. With President Barack Obama scheduled to visit in late March, Netanyahu is eager to present a new face to the international community. Livni's addition to his Cabinet is a step in that direction. In addition to her good working relationship with the Palestinians, Livni is well known and well respected around the world, and has appeared on lists of the world's most influential women compiled by magazines like Forbes and Time.

Wednesday, September 26, 2012

NEWS,26.909.2012



Clashes erupt as thousands of Greeks protest austerity


Greek police clashed with hooded rioters hurling petrol bombs as tens of thousands took to the streets of Athens on Wednesday in Greece's biggest anti-austerity protest in more than a year.Violence erupted after nearly 70,000 people marched to parliament chanting "We won't submit to the troika (of lenders)" and "EU, IMF Out!" on the day of a general strike against a new round of cuts demanded by foreign lenders.As the rally ended, dozens of black-clad youths threw stones, petrol bombs and bottles at riot police, who responded with several rounds of teargas. Police chased the protesters through Syntagma square in front of parliament as helicopters clattered overhead. Smoke rose from small blazes in the streets.About 120 people were detained after angry protesters smashed bus stop kiosks and set fire to garbage cans."We can't take it anymore - we are bleeding. We can't raise our children like this," said Dina Kokou, a 54-year-old teacher and mother of four who lives on 1,000 euros a month."These tax hikes and wage cuts are killing us."The 24-hour nationwide strike, called by the country's two biggest unions representing half the four-million-strong work force, is shaping up to be the first test of whether Prime Minister Antonis Samaras can stand his ground.Police officials estimated the demonstration was the largest since a May 2011 protest, and among the biggest since near-bankrupt Greece first resorted to aid from international lenders in 2010 - which has come at the price of painful austerity cuts.The traditional summer break has allowed the fragile conservative-led coalition to enjoy relative calm on the streets since narrowly coming to power on a pro-euro, pro-bailout platform, but unions say the lull is over."Yesterday the Spaniards took to the streets, today it's us, tomorrow the Italians and the day after - all the people of Europe," Yiorgos Harisis, a unionist from the ADEDY p u blic sector group told demonstrators."With this strike we are sending a strong message to the government and the troika that the measures will not pass even if voted in parliament, because the government's days are numbered."About 3000 police - twice the number usually deployed - stood guard in the centre of Athens, which last saw serious violence in February when protesters set shops and banks ablaze as parliament approved an austerity bill.Police formed a barricade outside parliament, and officers blocked a pensioner who tried to move towards Samaras's office holding a banner with pictures of Greek prime ministers under the title: "The biggest traitors in Greek history".Ships stayed docked, museums and monuments were shut to visitors and air traffic controllers walked off the job for a three-hour stoppage. Train service and flights were suspended, public offices and shops were shut, and hospitals worked on skeletal staff as part of the general strike."Destroying our lives" Much of the union anger is directed at spending cuts worth nearly 12 billion euros over the next two years that Greece has promised the European Union and International Monetary Fund in an effort to secure its next tranche of aid.The bulk of those cuts is expected from cutting wages, pensions and welfare benefits, heaping a new wave of misery on Greeks who say repeated rounds of austerity have pushed them to the brink and failed to transform the country for the better."We can't just sit by idly and do nothing while the troika and the government destroy our lives," said Dimitra Kontouli, a 49-year-old local government employee whose salary was cut to 1100 euros a month from 1600 euros previously."My husband has lost his job, we just can't make ends meet."A survey by the MRB polling agency last week showed that more than 90% of Greeks believe the planned cuts are unfair and burden the poor, with the vast majority expecting more austerity in coming years.Unions argue that Greece should remain in the euro but default on part of its debt and ditch the current recipe of austerity cuts in favour of higher taxes on the rich and efforts to nab wealthy tax evaders.But with Greece facing certain bankruptcy and a potential euro zone exit without further aid, Samaras's government has little choice but to push through the measures, which have also exposed fissures in his coalition.With Greece in its fifth year of recession and nearly one out of four jobless, analysts say patience is wearing thin and a strong public backlash could tear apart the weak government."What people want to tell Samaras is that they are hurt and Samaras could use this to demand concessions from the troika," MRB polling director Dimitris Mavros said."The people are willing to give the government time, but on certain conditions like cracking down on tax evasion and securing a bailout extension. If the government succeeds in that, its life will also be extended."

Greek protests cast shadow over the euro


Protests in Spain and Greece put the European sovereign debt crisis centre stage, renewing investors' worries about the risk the euro zone's problems pose to global growth and corporate profits.Those concerns are underpinning demand for fixed-income securities including US Treasuries, and helped fuel appetite for today's auction of US$35 billion of five-year bonds. "It was a good auction," Charles Comiskey, head of Treasury trading at Bank of Nova Scotia in New York, which as a primary dealer is obliged to bid in US debt offerings, told Bloomberg News. "It is suggesting more and more fear - that things could spiral out of control in Europe. The demand for dollars and Treasuries continues to rise."All eyes are on Spain, which is scheduled to announce its budget tomorrow. And on Friday, Moody's will publish its latest review of the nation's credit rating. In contrast to rising demand for US government bonds, the yield on Spain's 10-year bond surged more than 30 basis points back through the 6% mark.Figures released on Tuesday suggested Spain will miss its public deficit target of 6.3% of gross domestic product this year, and on Wednesday the Bank of Spain said the economy continued to shrink markedly in the third quarter, according to Reuters.Spain's prime minister, Mariano Rajoy, has so far resisted the calls to ask for an EU financial bailout but may not be able to hold out much longer. In a speech in New York earlier today, Rajoy said all Spaniards were going to have to make sacrifices.Europe's Stoxx 600 Index ended the session with a 1.8% slide. National benchmark indexes in Germany, France and the UK dropped. So did Spain's IBEX 35 Index, closing 3.9% lower. In late afternoon trading in New York, the Dow Jones Industrial Average shed 0.16%, the Standard & Poor's 500 declined 0.38%, while the Nasdaq Composite Index fell 0.62%. Meanwhile, the latest indicator on the US housing market continued to underwrite the view that at least this part of the economy is gaining forward momentum.Sales of new homes eased 0.3% to a 373,000 annual pace in August after a revised 374,000 rate in July that was better than previously estimated and the strongest since April 2010, according to Commerce Department data. And the average price of a home in the US has now risen to its highest since March 2007."There are increased signs that the housing recovery is now on a more sustainable path, though its impact on overall economic activity will remain relatively modest at best over the near-term.

Spain unveils austerity budget


Squeezed by financial markets and denounced in the streets, Spain's government will adopt on Thursday a 2013 austerity budget which could be a precursor to a full-blown bailout.The final step before a rescue is likely to come a day later, analysts say, when Madrid unveils an independent audit of its limping banks to determine how much capital they need.Spain's eurozone partners have agreed to provide a rescue loan of up to €100bn to help the banks recover from bad loans built up after a 2008 property crash.But Madrid insists €60bn will be enough.Once that matter is dealt with, the eurozone's fourth-largest economy will have all the data it requires to seek a broader, sovereign rescue from the eurzone's bailout funds.If Spain bends to the will of the markets and some of its eurozone partners by formally requesting the bailout, it would trigger a bond-buying programme for troubled states outlined by the European Central Bank on September 6.That would have the effect of curbing Spain's borrowing costs.Before making the leap, however, Prime Minister Mariano Rajoy wants to know what the conditions would be.The conservative leader likely wanted to make progress on the budget for next year, also, before making the request.The basic outline for the budget has been known since July: the plan to be adopted by the cabinet on Thursday is expected to enact spending cuts and tax increases worth a combined €39bn.The government aims to claw back a total of more than €150bn between 2012 and 2014: €62bn this year, €39bn next year and €50bn in 2014.On the austerity menu for 2013: an increase in sales tax and other taxes is expected to rake in €15bn and nearly seven billion euros will be found from cuts in the regions, which manage health and education.Other savings come from lowering unemployment benefits and social assistance, as well as a freeze in public sector hiring.But Spain will probably have to go further, said Juan Ignacio Conde Ruiz, deputy director of the Foundation of Applied Economic Studies (FEDEA)."To be credible with the markets, which is the government's ultimate goal, it would seem hard to avoid touching retirement pensions, which account for 25 percent of total spending," he said.Rajoy's election campaign promise to maintain pensions by inflation would cost €3bn - €3.5bn, Conde Ruiz said."There won't be the means to do it"That, he said, would make it impossible for Spain to meet its commitment to slash the public deficit to 6.3% of gross domestic product this year from a runaway 8.9% last year."There won't be the means to do it," added Jesus Castillo, southern European specialist at French bank Natixis. "So we should not be surprised by a freeze in pensions," he said, or even a cut so as to stay on track with the 2013 target of a deficit equal to 4.5%.Despite the analysts' doubts, Spain's Popular Party government insists pensions are going up, not down, as it faces growing protests to the austerity measures including hundreds taking to Madrid's streets Tuesday.Deputy Prime Minister Soraya Saenz de Santamaria said the new level for pensions would be decided in November."Will pensions go up? Yes, pensions are going to go up. Pensions will obviously be adjusted for the cost of living," she said.At the Spanish investment bank Inversis, analysts predict the public deficit forecasts will be revised higher for 2012 and 2013 in line with a deeper than expected recession.On Thursday, a new package of reforms negotiated with Brussels to stimulate business activity and exports also will be announced, "which could be the stage prior to a bailout request", said a report by Spanish brokerage Renta4.If Spain fails to take convincing action, the verdict could come quickly.Moody's Investors Service has until Sunday to decide whether to downgrade Spain's debt after a review. If it does so, it could be the first agency to rate the nation's debt at the equivalent of a junk bond.Spain's hesitation before seeking a rescue could be "highly risky", European Competition Commissioner Joaquin Almunia warned on Monday in an interview with AFP.The country's budget and economic reform announcements on Thursday are aimed at addressing just those concerns, said Conde Ruiz."The idea is to anticipate the conditions the aid would impose, and thus to introduce them now in the budget," he said, adding that this would ease the political sting.

Friday, May 11, 2012

NEWS,11.05.2012.

Greek parties scramble to avert new election

 

The leaders of Greece's once-dominant political parties make their final effort today to form a coalition and avert a new election, which a poll showed would all but wipe them out and give victory to a radical leftist who rejects an EU bailout.The overwhelming majority of Greeks want to stay in the euro zone but voted last Sunday for parties that reject the severe terms of a bailout negotiated last year.European leaders say Greece will be ejected from the common currency if it turns its back on the package of tax hikes and wage cuts.Socialist PASOK leader Evangelos Venizelos, whose party once towered over Greek politics but placed a distant third in the election, will be the last politician given a chance to form a Government.He was due to meet conservative rival Antonis Samaras, whose New Democracy party came first in the election, but who has already failed to form a coalition.If Venizelos fails as well, all parties will have one last chance to try before a new election must be held in the coming three to four weeks.PASOK and New Democracy jointly negotiated the 130 billion euro EU/IMF bailout in a reluctant coalition last year and now are the only parties in Parliament that support it.Enraged voters punished them by reducing their combined share of the vote from 77 % to 32 % at last Sunday's election, leaving them two seats short of forming a coalition Government.Samaras and Venizelos may be hoping Greeks, frightened by the prospect of hasty ejection from the euro, will return to the two traditional mainstream parties if the election is re-run next month.But a new poll showed the main beneficiary of a new vote would be the hardline Left Coalition SYRIZA, whose leader Alexis Tsipras rejects the bailout and has demanded it be torn up.The first opinion poll to be published since the election showed SYRIZA would win with 27.7% of the vote, almost 11 points up on their election result, consolidating votes that had been split among smaller anti-bailout groups.Under a rule designed to make it easier to form a Government, the party that places first gets 50 bonus seats in the 300 seat Parliament.Those seats went to New Democracy on Sunday. If SYRIZA were to win them in a new election, the marginalisation of the once-mighty parties would be complete and it would be impossible to form a Government supporting the bailout.Venizelos's hope of reaching a last-ditch deal have rested with the Democratic Left party, a small moderate splinter group.But its leader, Fotis Kouvelis, insisted on Friday he would not join a coalition with the pro-bailout parties unless anti-bailout parties were also included and the new government pulled out of the loan deal."Our proposal for an ecumenical government seeks to ensure the participation of all those forces that can serve two aims: the gradual disengagement from the loan agreement and staying in the euro zone", Kouvelis told Skai TV.One socialist party official said on Thursday there was a "very slim" chance for a coalition if Kouvelis agreed, "but his party is split right down the middle."The political deadlock has prompted warnings by European leaders that Greece could be thrown out of the euro if it does not stick to the spending cuts and economic reforms required by the bailout.German Finance Minister Wolfgang Schaeuble said Europe and the IMF were still determined to help Greece, but the country could not be helped if it did not help itself.The EU and IMF say they will not give Greece any more money under the bailout until it has a government in place that renews its commitment to the terms agreed last year. Greece could run out of money as soon as the end of June if the loans stop."We do not have an infinite amount of time. Time is flying because there are financing needs, but the first steps have to be taken now from the Greek side," European Central Bank governing council member Ewald Nowotny said in Vienna.A senior SYRIZA party official said European leaders were bluffing by threatening to eject Greece from the euro to force it to stick to the bailout terms."Not only can't Greece be kicked out of the euro, they will be begging us to take the money," because if Greece were kicked out the crisis would spread to other European countries and the euro would collapse, said Dimitris Stratoulis.The prospect that Greece might declare bankruptcy and be pushed out of the euro caused panic across the single currency zone last year. But since then, European banks have written off the value of most of their Greek debt, which makes them less susceptible to shock if Greece should default.

Hollande worth $1.9 million

 

Francois Hollande, the Socialist 'Mr Normal' who will be sworn in as French president next week, says he is worth almost $1.9 million, considerably less than his predecessor Nicolas Sarkozy.Hollande, who campaigned on a promise to ditch the showbiz style that won Sarkozy the nickname of 'President Bling Bling', says in a declaration published on Friday that his principal asset is a house on France's southern Riviera coast.The declaration shows that Hollande, who rents his apartment in Paris but could now move into the presidential Elysee Palace, has declared assets of 1.17 million euros, primarily the house of 130 square metres in the chic Riviera village of Mougins.Other assets declared are bank accounts worth 8,200 euros, a life insurance contract worth 3,550 euros and 15,000 euros of furniture, said the declaration.The man who used to travel to work by scooter, and described himself as 'Mr Normal' during campaigning, does not own a car, the declaration says.Sarkozy, who hands the reins over to Hollande on May 15 and may go back to work as a lawyer, said in an official declaration in March he was worth about 2.7 million euros, up from 2.1 million when he took power in 2007.Most of that is in life insurance products but Sarkozy also declared a collection of autographs, watches and statuettes worth 100,000 euros, and a joint bank account of 57,000 euros he shares with his wife, the singer and former model Carla Bruni.Hollande's wealth falls just below the threshold that would make him liable to pay wealth tax in France.His French Riviera residence was bought in 1986 for just over half its current declared value and is the place where he spent summer breaks with former partner Segolene Royal, with whom he had four children in a quarter of a century together.He now lives with Valerie Trierweiler, a journalist who says she wants to remain working mother to pay the way for three sons she had before meeting Hollande.Hollande, whose doctor father Georges dabbled in property investment, said in his declaration he had part ownership of two apartments in Cannes that are worth 370,000 euros in all.Among the first measures he says he will implement after he takes over is a 30 percent cut in the presidential salary of more than 19,000 euros a month.