Le magazine du trésorier - n°72 - 4ème trimestre 2010 - (Page 3)

People often talk about “Catch 22”-type situations, but few realise that this expression comes from a 1970s film (itself an adaptation of a famous novel from the 1960s by Joseph Heller). In this satirical film, the army and its dysfunctional ways are mocked through the story of a pilot in the Second World War. Desperate to save his skin at any cost, this soldier simulates madness in order to escape his duties. However, there is a hitch represented by Article 22 of the airforce base’s internal regulations, which envisages that “anyone wishing to avoid combat is not genuinely crazy”. The exasperated pilot then muses… “If I want to “be grounded, I have to be considered crazy”.“But I must be crazy to keep flying”.“If I ask to be grounded, then I’m no longer mad and so I have to keep flying”. A Cornelian dilemma of the highest order! While the expression “Catch 22” may sound quite odd to us continentals, it has entered into everyday English usage to describe inextricable situations with no logical solution.These are loselose situations, as exist in both finance and economics. A good example has been provided to us by the ratings agencies. For several months, they have continually been urging countries to take drastic measures to rein in their public spending and reduce their indebtedness at the risk of being downgraded or having their rating lowered. Now, the same agencies are emphasising that budgeting measures taken might result in a risk to the short-term growth of these countries and therefore have a negative impact on their ratings.Well that’s a lose-lose, Catch 22-type situation if ever there was one! For Europe’s governments, the knack will reside in implementing “reasonable” austerity measures that don’t excessively hinder the growth required. Good luck! F. Masquelier Chairman of ATEL EDITORIAL 3 “Catch 22”, a synonym for Kafkaesque situations

Table des matières de la publication Le magazine du trésorier - n°72 - 4ème trimestre 2010

Couverture
Sommaire
EDITORIAL
- “Catch 22”, a synonym for Kafkaesque situations
FINANCIAL HIGHLIGHTS
INTERVIEW
- Mr. Johannes Heinloth, Global Head of Loan Syndications, BayernLB
FOCUS
- 10 years of IAS 39: what next?
- La réforme de la TVA, une vraie bonne idée ?
- Respirer, ça paie !
- An optimist sees the opportunity in every difficulty: is IFRS 9 an opportunity or a difficulty?
FORUM OF ADVERTISERS
- “FX Currency Hedging:Applying Cash flow at Risk (CFaR)”
- Working Capital Optimization, A focus on payables & trade credit management.
- La Fed et la Chine mettent l’Asie dans l’embarras
- Cash Management was yesterday, Cost Efficiency is key.
CORPORATE FINANCE
- Cinq questions à Philippe Lison, Administrateur-Directeur de Hamburg-Mannheimer Benelux
- 15 minutes with OtimO
TREASURERS' ASSOCIATIONS
- Deuxième Conférence CFO World : l’engouement des directeurs financiers luxembourgeois se confirme
- 14th IGTA Meeting & Semi-Annual EACT Meeting Geneva – October 2010
NEWS

Le magazine du trésorier - n°72 - 4ème trimestre 2010