"European solidarity is not a one-way street," said the minister at the newspaper Bild am Sonntag. "We can not have one without the other. If one thinks that Greece is the case, they lie heavily and to voters. "

Asked whether an output of Greece in the euro area could be prevented, he replied: "Of course! Because that's exactly the goal we had in mind when we agreed on rescue efforts and programs of significant reforms that will enable the country not to have recourse to the priesthood ts in the financial markets for years. "

" Now to Greece to meet its obligations, " Wolfgang Schäuble added, saying the country had hoped that a stable government as quickly as possible

. "The current situation creates uncertainty . This is precisely what political leaders should not do, "he said

.

The U.S. economy created 115,000 non-farm jobs last month, according to statistics from the Labor Department, and the unemployment rate fell to 8.1%, a level not seen since January 2009, when it stood at 7.8%.

The figures for February and March were revised upward, respectively 154,000 (against 120,000) and 259,000 (against 240,000).

Economists polled by Reuters had expected an average of 170,000 jobs created in April after the figure of 120.000 was originally planned for March.

The Dow Jones Industrial 30 yielded 0.08%, or 10.75 points, to 13,268.57. The S & P-500, wider, lost 3.51 points, or 0.25%, to 1402.31. The Nasdaq Composite, however, advanced on his side of 9.41 points (0.31%) to 3,059.85.

The day before, the Dow had reached in a meeting again four years earlier. And the S & P 500 is up about 11% since the beginning of the year.

Job creation in the private sector last month in the U.S. proved well below expectations, according to the results of the monthly ADP. It was created 119,000 jobs in April as the market expected 177,000 additional jobs.

"If fewer people are involved in the ongoing recovery, it is a sign of underlying weakness which must be addressed. So far, the response of autoritésa been a credit facilitation, maybe he should look no further, "said Jack Ablin, Investment Officer at Harris Private Bank

. This indicator was published in the wake of European statistics bleak ..

……. industrial activity in the euro area contracted again in April while the slowdown in the peripheral countries appears to spread to France and Germany, according to final data from the survey with Markit purchasing managers

….. …. The unemployment rate in the euro zone was 10.9% in March, its highest level in 15 years, mainly because of increases in Italy and Spain. 

In addition to this weak economic table laughing, industrial orders recorded in March in the U.S. its largest decline in three years mainly because of lower demand for e Facilities in the transport sector.

"What the market needs is a sign that the economy does not deteriorate. Although growth is low but it is still there, "said Ralph Edwards (ITG)

The Nasdaq Composite was particularly supported by the good performance of the title Intel, which rose 0.79% to 29.18 dollars, many investors whereas the action of the world's leading semiconductor remains undervalued e

. sector home builders surged 2.60%, brokers citing the growing political support for measures sug rant to cancel the principal of mortgages

. The recovery in the housing market is considered essential to the sustainability of growth United States

.

The IMF estimates that the debt crisis of the euro area poses the most acute global economic growth and financial markets fear that after Greece, Ireland and Portugal, it is the turn of Italy and Spain – the third and fourth economies in the region – to seek international assistance.

"There are firm commitments to increase resources available to the IMF more than $ 430 billion," say in a statement the G20 countries. 

The IMF will use this enhanced firepower to help any country or region that would require, but those are the fears that the crisis in Europe have accelerated ; Lere enhancement of its resources.

Sign of ongoing concerns of financial markets respond to the crisis of European sovereign debt, the yield on Spanish bonds to ten years has exceeded 6% this week and investors are concerned that borrowing costs of Madrid reach an unsustainable level.

"The extreme risks weighing on the global economy there are still some less began to fade," said the G20 in a statement. 

"However, growth expectations for 2012 remain subdued, the deleveraging affecting the growth of consumption and investment, the volatility remains high, partly reflecting the pressures of financial markets in Europe, and downside risks persist. "

Emerging countries have obtained their G20 partners guarantees to see their growing economic role gradually recognized in the Fund, through a strengthening of their voting rights. Brazil, in particular, had asked for a commitment to do so.

The Brazilian Finance Minister Guido Mantega said after the G20 meeting that emerging markets of BRIC – Brazil, Russia, India, China and South Africa – had unanimously agreed to provide additional funds to the IMF.

After almost a year of discussions, the CEO of Exxon Rex Tillerson has signed this agreement with his counterpart from Rosneft, Edward Khoudainatov, at the residence of Russian Prime Minister Vladimir Putin in Novo- Ogariovo, not far from Moscow.

This strategic cooperation agreement was announced by Reuters in mid-day, before it is signed.

It will give Rosneft, majority owned by the Russian state, a 30% interest in three projects for Exxon in North America, described the two groups in a joint statement. 

Exxon and Rosneft will also study the feasibility of the exploitation of deposits of Rosneft in western Siberia.

According to a first agreement in August, Exxon and Rosneft must spend $ 3.2 billion (2.45 billion euros) to the exploitation of oil deposits in the Russian Arctic and Black Sea. Seismic studies starting this year, indicated that the two groups.

These funds are meant to give the IMF the means to combat the crisis of sovereign debt in the euro area.

The G20 finance ministers meet in Washington next week and will increase the Fund's resources will be central to their discussions.

"I would say it will be somewhere between 400 and 500 billion and that much will depend on commitments of the major world economies and European economies outside the euro area," said an official of the G20. 

Executive Director of the IMF, Christine Lagarde, said Thursday that an agreement could take time, suggesting that the meeting next week may not result in an agreement dice finitif.

She also said it was possible that the IMF has required fewer resources than he thought a few months ago, the economic and financial risks are being mitigated, as well as its financing needs.

The long-term operations (LTRO) of the European Central Bank refinancing two to three years made in December and late February, by watering thoroughly with liquidity sys my bank, have also helped reduce the need of the Fund, in the opinion of officials. 

The IMF estimated in January that it would take $ 500 billion more for loans and an extension 100 billion in reserves for protection of risks arising from the debt crisis of the euro area .

"UNREALISTIC"

"It was always clear that this envelope 500 to $ 600 billion (…) was too unrealistic," said another official of the G20. "We will be happy if we get other countries as much as what the Europeans are willing to contribute."

Countries in the euro area have committed to provide 150 billion euros and other countries of the European Union 50 billion.

The first official said that China and Japan could together provide $ 100 billion, or slightly more. "It seems that Japan and China are relatively happy with what Europe has done," said a third official.

"But among developing economies, we still feel that the rich countries like Germany should play a greater role in solving the problems of the region, it may be that there is no agreement until the last moment, "added the third charge.

For now, the U.S. and Canada are the only countries that do not contribute to an increase of IMF resources.

While the Tribunal de Grande Instance of Paris on Tuesday condemned the SNCF to pay a fine of 1,500 euros to a young woman who said she lost her job because of repeated delays related to the train, the rail group Tuesday presented the new "Travel Guarantee" supposed to restore the confidence of travelers. This is new information system and compensation for non-time performance of TGV trains and Intercity. It has six commitments agreed upon with a dozen consumer groups. SNCF think they should cost him about 50 million euros per year.

A full and immediate repayment after one hour late

If the train is canceled or fails to start after an hour late: SNCF will refund in full, immediately and in cash the ticket even if it is a ticket Prems, non-refundable and non exchangeable . Another possibility for the customer, always if the train is traveling with an hour late: to exchange their ticket at no extra charge, as is the case now. However, it will make the trip within 48 hours on the same route. "This is progress. SNCF becomes aware that the client should be compensated for the delays. It takes into consideration, "said Jean Lenoir, vice president of the FNAUT (The National Federation of Transport Users Associations, who participated in the development of this new system

. The Punctuality: new criterion in the purchase of the ticket

Another change, this time on the side of the passenger information: by buying his ticket, the customer will have access to on-time performance. Thanks a history of delays for each train on the last sixty days, he can make his choice in full knowledge of the facts, "according to the punctuality of trains before," noted Guillaume Pepy, SNCF president. New signage will be implemented: a TGV which is green, it's a train arrives on time, however, the red means that a train has accumulated problems of punctuality.

Moreover, the exact cause of delays over 15 minutes and their possible compensation, will be shown the next day's journey on the internet. This system adds to the existing system, namely a real-time information on schedules and traffic conditions, the station, by telephone at 3635 or infolignes.com.

Coupons from 10 to 30 euros if the journey is up

It is a well known system, the SNCF tickets issued by focusing on overbooked passengers will not show up. But sometimes it gets stuck: when boarding the train, many travelers find themselves without a seat or back seat. Now, the controller will do everything to find free places to ride than a 1:30 or even by putting the customer first class (even if traveling in seconds). If no space is available, the skipper will compensate the traveler from hand to hand by issuing travel vouchers 10, 20 or 30 euros, on account of the coming move. These discounts will be higher or lower depending on the distance traveled and the degree of discomfort.

Taxis when matching missed it

In case of large delay, if the client missed the match, the station "will do what she can so that it reaches its destination," said Jean Lenoir. Translation: it will pay a cab, will introduce bus replacement or new express trains.

Envelopes hourly guarantees to get off the train

The "envelopes schedule guarantees" are eligible for a partial refund of the ticket beyond half an hour late (between 25% and 75% of the price). They are usually distributed at the station. Problem is sometimes the obstacle course to get them. Suddenly, from 31 March, they will be systematically distributed off the train. Exit the long search on the platform.

A faster response by email

Last point: for any claim by mail, the SNCF is committed to responding within a maximum of five days for e-tickets (electronic tickets) from late March and will be extended to all tickets and all claims ( 600,000 per year by mail) by the end of 2012. In 2011, the SNCF has compensated 1.4 million records with a payment of € 21 million

The new scheme should apply from 31 March. Still, this "small cultural revolution" in the words of Guillaume Pepy will be limited to TGV trains and Intercity. But "it is rather small delay repeated every day which is frustrating. We therefore hope that this new system SNCF applies to other categories as well as the TER trains Transiliens," said Mr. Lenoir. Before proceeding, "there is a dissatisfaction with the accuracy of the trains, we expect the trains arrive before-just now, as was the case twenty years ago".

The S & P 500 benchmark index fund managers, rose 0.1% over the whole of last week, posting its fifth weekly advance in six weeks.

The current upward cycle in the S & P 500 is now five months since the beginning of the year, it was up about 9% after being flat in 2011.

Friday's session marked the third anniversary of a lower-end 12, to 676.53, hit in financial crisis. Since then, the index has more than doubled.

"(…) We'll probably have a bit of respite before the expected correction," said Scott Billeaudeau, portfolio manager at Fifth Third Asset Management.

Market participants explain the good performance of Wall Street by the recent series of U.S. macroeconomic indicators better than expected, suggesting that the upturn to the States United gaining momentum.

The latest example, the employment figures for the month of February, with 227,000 non-farm jobs created last month, against 210,000 expected by economists and an unemployment rate remained at , its lowest level in three years, to 8.3%. 

Although the International Swaps and Derivatives Association (ISDA) said on Friday that Greece had triggered a credit event by enabling legislation requiring all private creditors to take losses, the Greek record ceases, the moment of worry.

The announcement came after the ISDA confirmation that Greece had managed to avoid an imminent default, for the largest restructuring of sovereign debt ever held e.

LOTS OF CASH

"Concerns about Greece will not disappear at once, but the nightmare scenario has been avoided (…)" noted Leo Grohowski , Investment Officer at BNY Mellon Wealth Management. 

Natalie Trunow, which occupies the same position at Calvert Investment Management, believes there could be a setback for U.S. equities in the short term, adding that any such reduction will not be drastic.

"There is so much money in the institutional and individual portfolios (…) long term evolution is increasing," she said.

From a technical standpoint, the indices evolve to a level close to thresholds of resistance. Their crossing or not could be decisive in shaping the market next week, said Chris Burba (Standard & Poor's).

The statements of the Federal Reserve after its decision on interest rates Tuesday (18:15 GMT) will also be well attended, the slightest indication of the Fed's intentions regarding possible new measures to support the economy is likely to give a boost to Wall Street.

Despite improvements in the labor market, a majority of "primary dealers", these intermediaries who deal directly with the Fed, think the Fed will eventually launch this year th a new program of quantitative easing, according to a Reuters poll. 

Compared to a previous survey of this type, the size of the "QE3" however, was estimated to decrease to $ 525 billion, 600 billion against anticipated s last month.

With over a barrel of U.S. crude which settled above $ 100, the data on producer prices and consumer, respectively scheduled Tuesday and Friday , will be well attended.

Among other indicators set next week include retail sales (Tuesday or the index of consumer confidence measured by the Reuters / University of Michigan Thursday).

In Paris, around 9:35, the CAC 40 gained 0.54% to 3,460 points. In London, the FTSE advance of 0.33% and Frankfurt, the DAX is 0.64%.

However, the gains could be limited, due to persistent concerns over the fate of Greece, which Standard & Poor's Monday lowered the sovereign credit rating to SD (default selective).

German lawmakers approved Monday by a large majority the last bailout of Greece, despite pressure on Chancellor Angela Merkel that Germany cease to pay money in a "bottomless pit". Analysts say the vote could undermine Merkel, however politically, making it harder still a green light from Berlin to the strengthening of emergency funds in the euro area.

Banks are among the highest increases sectoral European sector index gaining 0.6%. Deutsche Bank and BNP Paribas 1.8% gain.

The action PSA earns 8% and signs the largest increase in the CAC 40, the French manufacturer pursuing advanced talks with General Motors as part of their proposed strategic alliance in Europe.

Casino earns 1.6% after announcing a sharp increase in its annual results, driven by a contribution from emerging countries, which more than offset the decline in performance in France.

TomTom gives up nearly 18%, the specialist Dutch navigational instruments having unveiled a 76% drop in net profit in the fourth quarter and said it expects that the decline in sales will continue this year.

Bunds are stable, close to their highest level in five weeks. German paper demand is indeed supported by Berlin's reluctance to strengthen relief funds in the euro area.

The euro climbed to 1.3450 dollars more, despite the new Greek downgrade by S & P, the latter being widely expected by markets. The single currency earnings still waiting for an abundant liquidity from the ECB.

As for the yen, which has registered the day before a nine-month low against the dollar, it is taken in favor of large purchases of month-end from Japanese exporters. But the Japanese currency is poised to record on the month's decline most marked over two years and traders expect it remains under pressure.

Oil prices continued their decline after a sharp rise the previous week, but lingering fears surrounding the Iranian offer to limit gross losses. Brent crude is trading around $ 123, that of U.S. crude around $ 108.

Time alone in the world, soccer clubs of the old continent are now emerging teams succeed in the transfer market. It must be said that the rich owners of these clubs do not hesitate to offer more wages to more than 10 million euros to attract stars, although they are generally on the decline. Examples abound: the former Chelsea striker, Nicolas Anelka, has landed last week at Shenshua Shanghai where it will be driven by a compatriot, Jean Tigana. He immediately said he hoped his friend Didier Drogba could join him soon.

Two days later, it was the turn of Anzhi Makhachkala, Dagestan, an obscure Russian club, to the news by announcing the signing of Dutch coach Guus Hiddink. The winner of the Champions League in 1988 with Eindhoven and former coach of Russia will be paid 10 million euros net per year, the taxes being paid by the club. It must be said that it already offers 20 million euros per year for the services of Samuel Eto'o.

And India, conspicuously absent from the map of world football so far, has set up a private league to organize a parallel event to the very low national championship. Originality, the six participating teams were divided former football greats at the end of an auction process on their wages. Which allowed Robert Pires, Fabio Cannavaro 2006 Golden Ball or Hernan Crespo to win the CSD from 7 weeks to more than 600,000 euros. But signs that India hand really scratch, kick off this mini-league, which was scheduled to begin Feb. 24, to be postponed to April. Stages of the state of West Bengal, where it is organized, lacked standards stadiums!

Finally Brazil, world's largest exporter of footballers today able to retain or bring back its stars: Ronaldinho and Deco are thus returned.

But the clubs emerging countries can they really compete with European football in the coming years? For Loïc Ravenel, author of The Atlas of world sport "this situation recalls the development of Japanese football in the 90s. At the time everyone saw the explosion of Japanese clubs who would be able to compete with European clubs. Which is ultimately never happened. Same with the Qatar where clubs are paid to former stars of European teams since the early 2000s.

Russia and Brazil in the lead

All emerging countries do not yet play in the same court. "Brazil is the country with the highest potential," said Bastien Drut, sports economist. "The football culture is incredibly present and ultramodern infrastructures are built for the 2014 World Cup to be held there."

Of wealthy businessmen also came into the game by taking over the legendary Brazilian soccer teams, like Corinthians and Santos. In the latter club, owned by property magnate Alvaro Luis de Oliveira Ribeiro, the influx of dollars has resulted in the selection Neymar, global star at just 20 years and courted by Real Madrid and FC Barcelona. His salary of € 6 million per year, is the equal of the Spanish Xavi or Iniesta. A strong trend. In 2010, 135 Brazilian players have returned from exile, often returning from Europe. The most famous: Ronaldinho, Deco and Adriano. And the 2014 World Cup should play the particle accelerator. "What is missing are a business model in this championship for a longer-term development", Loïc Ravenel shade.

The bug's salary Ronaldinho

Symbol of these attempts, the failure of the financial package expected to provide a salary of € 6 million to Ronaldhino. The club Flamengo had an agreement with the sports marketing company Traffic to support 75% of this amount. But she did not succeed: Ronaldinho's salary was not paid for six months. Flamengo has had to rely on sponsors to pay for his star to the end of the year. But his contract runs until 2014.

Away from heat Maracana, Russian football also rises in rank. Many oligarchs have invested. "The Russian league is growing for two years by recruiting players with great potential," said Loic Ravenel. Its main asset: its clubs face the great European teams in matches of Champions League. "What helps attract players willing to play the European Cup, and clubs to progress by participating in a very high level of competition. Chance of which does not have the other emerging countries." Property of Gazprom, the Zenith St. Petersburg has won the Europa League in 2008. Sign of the times, the Russian league has adjusted its schedule this year than in Western Europe. To better compete in European tournaments. According to Deloitte, the largest Russian clubs have their place in the top 100 of the biggest clubs in the world. But they remain far from the top 20.

Read also: soccer clubs the richest in the world.

Asian ambitions

A challenge still too high for Asia? If India with his new Soccer League franchises made private on the model of American sport still stammers his football, China advance its pawns. In a league plagued by match-fixing scandals, the Shanghai Shenhua, led by Zhu Jun, heavyweight and video game licensee of the online game World of Warcraft, have acquired Nicolas Anelka. Paid 234,000 euros per week, making it the French player the highest paid in the world, the former Chelsea striker is only the foundation stone of Chinese ambitions.

And in the Middle Kingdom, Shanghai Shenhua is not an exception. Many clubs have been bought by tycoons seeking to find the stars. The Hengda Canton have registered the arrival of Argentine Dario Conca, paid 10.6 million euros a year. A huge exodus Messi or Cristiano Ronaldo touch (not sponsors) respectively 11 and 13 million euros, according to France Football.

Looking for a "business model"

"But unlike Brazil, Asian countries have no football culture", Loïc Ravenel relativizes. "To compete with the big European clubs, it is not enough to stack the stars. Must also have a strong league and the clubs must play in major competitions to progress. A business model must also be set up to rake in revenues and does not depend exclusively on money from patrons. "

Far from the big European clubs in terms of ticket revenues or products, teams from emerging countries currently lack infrastructure to develop, as in Brazil, or public enthusiasm, Asia from China to Qatar for example … TV

…… rights, hen that lays golden eggs of modern football, are also far from what is done in Europe. But if the great Qatari Al-Jazeera puts more money to acquire the broadcasting rights of European leagues including the League 1, and for disseminating the low Qatari championship, Brazil has seen its revenues swell television. TV channel Globo had paid 132 million euros during the period 2009-2012 to broadcast meetings of the Brazilian championship.  

The agreement, negotiated with the collective Dos Club 13, which represented the championship teams, has been shattered this year with the loss of it, the great Brazilian clubs have decided to negotiate separately with their own TV rights. A coup successful. For three seasons (2012-2015) next, TV Globo was forced to pay 312 million euros to broadcast the matches of the championship. Kickin financial accelerator and a further step in the growth of Brazilian football, leading emerging football issue.