The general elections of May 6 did not yield a stable majority in the Vouli, the Greek Parliament, and after more than a week of negotiations President Karolos Papoulias had no recourse but the decree for a new vote.

This political crisis seemed to favor the Coalition of the Radical Left (Syriza) opposite to the austerity measures advocated by the EU and the IMF and supported by a growing fringe of the population. 

But since the new elections, the conservative New Democracy (ND) replicate the advantage over their rivals Syriza.

A survey, conducted between March 15 and May 17, credits the Conservatives of 26.1% of the vote while the Left Coalition would get 23.7% of the vote.

With such a result, the left would have 123 of the 300 parliamentary seats, a premium of 50 representatives being granted automatically to the leading party.

ND could then count on the extra PASOK (Socialist), in sharp loss of hearing for several weeks, which would get 41 seats. A union of these two formations that support the European austerity plan would produce a majority in Parliament.

Last week, an opinion poll gave the advantage to Syriza, took second on May 6, which raised fears of bankruptcy on Public Accounts, and an exit scenario of euro area was considered likely by the European partners.

Syriza seems to pay his unwillingness to serve in a unity government in negotiations with Papoulias.

This change in voting intentions are not satisfied yet the fears of Europe.

Sign of this concern, the British company De La Rue, which prints banknotes for over 150 national currencies, has scheduled an emergency plan to print drachmas in the case where the output of the euro area would inevitable. 

The need to provide in a short time a considerable amount of paper currency could force the Greek authorities to turn to private companies to complete the production of printing national.

EUROPE BOARD OF MULTIPLE SCENARIOS

For now, the European Central Bank (ECB) said strong support to the maintenance of Greece in the eurozone.

"Our preference is clearly in favor of a continuation of Greece into the euro," said Jose Manuel Gonzalez-Paramo, who must leave the Executive Board of the ECB at the end of May , adding that the European bank does not "describe in detail" the scenario of an output of Greece. 

The EU trade commissioner, Karel de Gucht, however, announced in an interview published Friday that the European Commission and the ECB worked on various scenarios. This is the first statement by a senior European official confirming the existence of such plans.

"There is one and a half, the risk of domino effect could have existed," said De Gucht Belgian Flemish daily De Standaard. "But today there are, both within the European Central Bank and European Commission services working in emergency scenarios where Greece can not do it. "

"An output of Greece does not mean the end of the euro, as some claim," he added.

Karel De Gucht says he believes that Greece will remain in the euro but emphasizes that the decisive question before the elections of June 17 is whether the ECB will ask what conditions to guarantee the liquidity of banks.

This position was confirmed by a spokesman for the German Ministry of Finance stated that Berlin was preparing for all eventualities.

"For two years we have done everything possible to keep Greece in the euro area (…) The German government obviously has the responsibility to its citizens to be ready for any eventuality, "she said

….. Wednesday …. Christine Lagarde, Executive Director of the IMF acknowledged that the international institution was preparing "technically" at an output of Greece

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Greek Socialist leader Evangelos Venizelos said Tuesday that Greece should "alas" return to parliamentary elections, in principle within one month, without an agreement on forming a coalition government.

"We're going back to the elections in a few days, in very bad conditions," said Mr. Venizelos, after a crucial meeting with four other political party leaders, convened by the Head of the State Karolos Papoulias. "The efforts of government formation have concluded without success," confirmed a statement from the presidency, played live by a journalist of public television Net.

Mr. Papoulias is to convene at 10:00 Wednesday the leaders of all parties to establish an interim government, charged with caretaker pending the holding of early parliamentary news. Tuesday's meeting was the last chance to form a government "personalities" to get the country out of political deadlock, which worries the European partners and creditors of Greece, EU and IMF. Participants at the meeting were the Conservative leader of New Democracy, Antonis Samaras, M. Venizelos and the leaders of the radical left Syriza, Alexis Tsipras, the Democratic Left, Fotis Kouvelis and training national-populist independent Greeks, Panos Kammenos. The neo-Nazi party there was not invited, and the Communists have declined the invitation.

"Greece is heading towards elections, the meeting did not yield results," said Mr. Kouvelis, after the end of the meeting. This leader had proposed "an ecumenical government" but because "the refusal of the party of the radical left Syriza, this government could not be established," he said. Greece has been trying for over a week to form a coalition government after no party won a majority in parliamentary elections on May 6.

Considering the situation in Greece "concern" after the results of Sunday's parliamentary elections, Jean-Paul Chifflet, the Director General of the French bank, has however, that the assumption of output in the euro area was not the scenario chosen by the majority group. 

"We are in all cases prepared for all eventualities even if we think that it should not happen," said Jean-Paul Chifflet at a conference call about the future of Greece.

"We do not envisage this scenario so as the majority of risk occurrence," he added.

At the Paris Bourse, the action Credit Agricole SA, which had opened on a drop of over 3%, 2.26% gave up to 10:10, to 3.417 euros in a market still nervous because of the political stalemate in Greece and the revelation of a trading loss by the U.S. bank JPMorgan. 

Since the beginning of the year, the title, which hit Wednesday during its lowest (3.344 euros) since its IPO in late 2001, falling more than 21%, significantly underperforming the European banking index down only 0.35% since January 1.

"Given the current Greek, the group's exposure to Emporiki remains a major factor of concern," said Alex Koagne, an analyst at Natixis.

"However the performance of core business lines is strong in the quarter. Moreover, the deleveraging plan ahead properly, which is good news, "he says

. NEW CHARGES ON GREECE … The listed vehicle

….. group Credit Agricole says first quarter spending in a new charge of 940 million euros for Greece, which EUR 567 million related to its Greek subsidiary Emporiki mainly because of new provisions

. Its net profit reached 252 million of the coup euros for the first three months of the year. According to the Thomson Reuters consensus I / B / E / S, analysts on average expected a net profit of 571 million euros.

Its revenues for the period rose 2.3% while its provision for credit risk have increased more than two.

The bank, which was accused last year its first annual loss since its IPO in late 2001, warned in mid-March that its first quarter accounts would incorporate new provisions on the Gre and it related to the perimeter of the second aid plan for the Hellenic Republic. 

Hired as other European banks in a restructuring of its operations in the BFI and reduce balance sheet size, the group also states that it reached in late April, 70% of its target to reduce its liquidity needs and 91% of its objective of reducing its risk-weighted assets.

ALL OPTIONS OPEN ON CHEUVREUX

This restructuring of the CIB, which involves the removal of 1,750 positions, also resulted in the first quarter charge of 224 million euros.

Asked about the future of its subsidiary brokerage Cheuvreux, Jean-Paul Chifflet also said that all assumptions were now open. 

Cheuvreux was excluded from the scope of end-March discussions with the Chinese broker who negotiates the purchase Citics CLSA, the brokerage subsidiary of another bank green.

For the whole group Credit Agricole, the net profit was 804 million euros in the first quarter, down 47%.

For comparison, the group BPCE (People's Bank – Savings Bank), parent company of Natixis, has made a net profit of 665 million euros.

BNP Paribas and Societe Generale have in turn reported net income of respectively 2.867 million and 732 million euros.

Sales of cement, concrete and asphalt decreased by double digit percentages in Europe and the net profit after minority interests stood at 10 million Swiss francs (8.32 million euros), far from the 41.2 million expected by analysts polled by Reuters.

Revenues increased 2.2% to 4.76 billion Swiss francs, compared with 4.718 billion consensus giving.

"The harsh winter has resulted in numerous decisions of sites in Western and Eastern Europe in February," said the second world cement in a statement. 

Cement producers, firms in a particularly energy intensive, face higher costs of fuel and electricity.

Holcim said it could offset the rising costs by raising prices, but Africa and the Middle East. As Lafarge, he observed that the costs of energy and transport seemed to stabilize.

European competitors Holcim, Lafarge and whose German HeidelbergCement, have warned that they would fall under their prices to offset rising energy costs. Holcim said it reverberate cost increases caused by inflation.

The Swiss group, which generates more than half of its turnover in emerging markets, expects increased demand for building materials in Asia, Latin America, Russia and Azerbaijan this year. It also provides an increase in demand in North America.

In the first three months of the year, adjusted earnings came in at 59.2 billion kroner (7.8 billion) against 47.2 billion ago one year and 53.4 billion expected by analysts.

Production of oil and gas over the period reached 1.970 million barrels oil equivalent per day, against 1.765 million a year ago and a consensus of 1.881 million.

For all of 2012, Statoil has stuck to its projections of production of some two million boe / d.

The new French president-elect, Francois Hollande, will soon have to hire tough negotiations with its European partners, led by Germany, if he wants to achieve its goal of "renegotiate" the pact of fiscal discipline to include a "growth component" . The handover will take place with Nicolas Sarkozy later than May 15

Without waiting, Mr. Holland should have an exchange on Sunday evening with Chancellor Angela Merkel, as his special advisor Jean-Marc Ayrault. "This is the key to the recovery of Europe, the reorientation of Europe in the direction of growth, in the sense of competitiveness, protection," said Socialist deputy mayor of Nantes, which the name is tipped to Matignon.

Berlin was on his side said on Sunday ready to do so. "We will put to work quickly to add to the treaty a fiscal growth pact for more competitiveness," said the foreign minister, Guido Westerwelle, the German press.

The team intends to Francois Hollande music in the coming days promise emblematic of the newly elected through "consultations" with capitals. Objective: To complete the "memorandum" on "Growth Pact" for transmission to partners by the end of the month.

Upon taking office, Francois Hollande will meet Merkel to prepare the informal meeting of EU leaders scheduled for late May or early June, then the top 28 and June 29, devoted to the growth. For Angela Merkel, it is not a question of getting the treaty on the trade budget, signed in early March by 25 EU countries and already ratified by some of them.

This is all the ambiguity of Francois Hollande, who in turn promised to "renegotiate" or "complete" by the treaty of the measures intended to boost growth. The question is which of these terms the focus will be.

"In reality, the rules of fiscal discipline we generally agree," says the AFP near future head of state. "We ratify the treaty and to include it in a balanced package with a real growth component," he adds.

Discussions are possible?

In another near Berlin knows what to expect: in the absence of direct contact with the chancellor, "the German Embassy in Paris did the work to understand our positions." Francois Hollande is confident of having done move the lines: one after the other, European leaders are now in growth a priority, even if their income may differ from his. "The general impression is that, despite disagreements, it is possible to discuss" with the Germans, told AFP Karine Berger, team member of the former socialist candidate who recently visited with economic and financial circles across the Rhine. For her, "the points made by Francois Hollande are very pragmatic, it is to launch projects for growth."

Four areas to boost growth

In fact, the four pillars of its "Memorandum" seem to have been held in a spirit of compromise. This is to finance investments in infrastructure, new energy and industry, by several means: European loans ad hoc financing capacity of the reinforced European Investment Bank, of structural funds and European tax on unused financial transactions.

These proposals, pending in Brussels, "could benefit from a new impetus with the election of Holland," said a European diplomat. "The most complex is the legal form to be taken by these projects," said does one in the entourage of President-elect. Difficult for him to settle for a declaration of intent or a non-binding protocol. "The uncertainty will be lifted as soon as possible, including to reassure the markets," glides Does the same source.

Other controversial issues may resurface later. Francois Hollande has not completely dismissed the idea of ​​giving a greater role to the European Central Bank or to pool debts through Eurobonds, two projects which Berlin refuses to hear.

Read also: The unspoken debate on growth in Europe

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

.

This natural disaster had disrupted for months the production chain, in the automotive sector and elsewhere.

Data released Tuesday by the Japan Automobile Dealers, however, show that sales of April 2012, which reached 208,977 units, still 5.9% lower than those of April 2010.

Toyota sales including the Lexus brand, rose 185%, while Nissan was 51.6% and 61.5% of Honda.

Sales totaled 800 million euros over the period while the division "connected home" which includes the manufacture of decoders has successfully stabilized its sales with an increase of 1.5%.

This activity, for which the group wants to find a partner, is expected to reach its goal of returning to breakeven in 2012, said former Thomson. 

The group, a debt of over one billion euros, said it had seen its debt reduced in absolute terms but as a result of an expected cash flow, "net debt to end March 2012 was higher than December 31, 2011. "

Technicolor, however, indicated that all of its first quarter results allow the group to keep its commitments.

"This performance confirms my group's ability to meet its objectives for 2012 adjusted EBITDA of between 475 million and 500 million euros, and the pursuit of a generation a cash flow positive, "said a statement from the CEO Frederic Rose. 

Compete with Motorola Mobility that Google is about to redeem, and the British Pace, Technicolor is a leading manufacturer of "set-top boxes" providing access to Internet, television and telephone.

The group is in talks with potential buyers for its manufacturing of decoders Angers (Maine-et-Loire).

The scheduled shutdown of the last French production site of the former Thomson has caused alarm in the middle of a presidential campaign led by the theme of "Made in France ", and employees of the group expressed earlier this month to express their fears of a dismantling of the company. 

The group, which has already gone through a long restructuring process after a backup procedure in 2009, intends to continue its mutation difficult by the challenge of innovation.

President of the European Central Bank (ECB) Mario Draghi agreed Wednesday that he hoped the massive loans made in recent months by the institution to European banks would benefit more quickly to the real economy.

The ECB has lent some EUR 1,000 billion over three years on terms very favorable to the banks of the euro area at two outstanding operations in December and February, hoping thereby stimulate lending and thereby the economy as a whole.

But in the economy right now "demand is therefore contained the credit application is contained," Draghi said at a hearing before MEPs. Lending operations have improved the financial position and allowed to "buy time", said Mr. Draghi, which is "not negligible", "but we can not compensate for the lack of demand," Has he added.

For the head of the ECB, the lack of credit is explained more by the crisis, which reduced demand for financing of households, by the cautious behavior of banks. The IMF, however, points to the prudence of financial institutions.

"The pressure on European banks remain high. They face the risk of public debt, weak economic growth, higher requirements when renewing their loans maturing and the need to strengthen their reserves to regain investor confidence, "say economists Fund

. The IMF also estimates that 58 major European banks may have to reduce their assets 2,600 billion by end 2013 to comply with the requirements of the European Banking Authority in terms of capital ratios. Such a perspective is not only bad for financial markets. It would also limit the ability of bank funding, particularly in countries where interest rates remain high, and decrease further loans to businesses, potentially creating a vicious cycle, explains Fabrice Cousté, CEO of CMC Markets France

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