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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The Boeing, co-owned by the private equity arm of Goldman Sachs and Onex, concluded on May 3 an agreement with its creditors for erasing about $ 2.5 billion in debt under Chapter 11, which aims to allow business to continue trading.

"This debt will no longer hamper our business," said Shawn Vick at a news conference at EBACE business aviation in Geneva.

"The procedure of Chapter 11 should not be confused with the liquidation or bankruptcy. There is too much value in Hawker Beechcraft for this to happen, "he said, denouncing the" misinformation "and" speculation "

. Shawn Vick

stressed that the group would continue to honor its orders and anticipated output of the procedure of Chapter 11 "before the end of the year" …

…… Goldman Sachs Capital Partners, the private equity funds of the bank, and Onex, the first Canadian company takeovers, had bought Raytheon Aircraft Raytheon in early 2007 and were renamed Hawker Beechcraft

. Under Chapter 11, the group of Wichita (Kansas) will have their money transferred to some of its creditors, Goldman Sachs and Onex retaining only a minority stake. 

Acquisition, made at the height of the bubble and in the hope of a growing market, came at the wrong time. The 2008 financial crisis and severe economic recession that ensued led to a fall in business jet deliveries of small and medium – the segment of choice Hawker Beechcraft.

Asked about a possible reduction in its range which would reduce the complexity of its production, said Shawn Vick Reuters that it was not the order of day.

"This company is more than capable of building many aircraft in all segments," he said.

Although it acknowledged that competitors had benefited from his troubles to him take market share, it highlighted a trend of more favorable order in 2011. 

He also expressed confidence in the ability to remain independent at Hawker Beechcraft:

"We have no other project to grow the company on a freelance basis," he said to Reuters. "That does not surprise if others were interested in the company, but more than able to stand on both feet."

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 Conservative government of Mariano Rajoy provides a slight increase in gross domestic product next year and a 1.4% growth in 2014.

The Standard & Poor's downgraded Thursday by two steps the sovereign rating of Spain to bring it back to BBB +, only two notches above speculative grade ("junk") in highlighting the risk of recession on public finances deteriorate further.

Friday, the government said it expected to reduce the public deficit to 1.1% of GDP by 2015 from 2013 by renewing with a primary surplus (excluding debt service). 

To achieve this, he said, he will increase taxes on consumption next year to raise eight billion euros.

The debt / GDP will peak at 82.3% next year and to decline 81.5% in 2014.

In Paris at 10:01, the CAC 40 was down 0.31% (-9.51 points) to 3,283.00 points. In Frankfurt, the Dax is almost unchanged, while in London, the FTSE gained 0.19%. The pan-European index Stoxx 50 is down 0.59%.

"The markets are experiencing a phase of consolidation after a strong rebound since the beginning of the year and Spanish bond auctions go well Thursday, investors' appetite for risk resume more beautiful, "said Hirokazu Tuihama, a strategist at Daiwa Securities.

Values, the British retailer Tesco, which has announced plans to spend one billion pounds (1.2 billion) to overhaul its operations in Britain to regain market share and reconnect with sales growth, gaining more than 1.6%. 

Accor (1.64%) stands out from other CAC 40 stocks Wednesday morning after the hotel group released a sales growth of 4.5% to 1.371 billion euros in the first quarter, slightly above market expectations (1.358 billion).

The world number two home appliances Electrolux sells more than 3% in early trade after the announcement of a decline of 16.7% of its supplies to the market North America's six major product categories.

ASML is the title back in the same proportions as the world leader in machinery engravings of semiconductors declined to disclose its prospects of orders on the occasion of the publication of its quarterly results . 

In the euro area, investors will monitor the issue of 5 billion euros of debt in two years in Germany before the auctions of two and ten years in Spain and BTAN and a new line on inflation indexed by France on Thursday.

The Swedish Central Bank held rates unchanged while preventing an increase in inflationary pressures would lead to the rise, but not until next year. Other monetary policy decisions are expected during the day in Turkey and Brazil after the publication by the International Monetary Fund of its global economic forecast in which the international organization has raised its forecast for growth while warning against the fragility of the global economic recovery and highlighting the continuing challenges of the euro area.

In China, the fall in house prices continued in March and could lead the authorities to alleviate the measures taken two years ago to reduce speculation in this market , while the slowdown in the Chinese economy continues to be a concern in the markets.

In early trade, the Dow Jones lost 0.12% to 13,248.75 and the S & P 500 1417.40 0.12% also. The Nasdaq Composite gained 0.14% to 3,124 points.

Wall Street began the second quarter with a bang on Monday, with an S & P 500 ending at its highest since mid-May 2008 and the Dow at its highest since Dec. 31 in 2007. The Nasdaq Composite Index finished the other hand once again to a level that had not seen since late 2000.

"The upside potential of the S & P remains intact but seriously begins to exceed its 75 days moving average," said Robert Sluymer, an analyst at RBC Capital Markets.

There is also a rotation of investor interest, moving toward the leading sectors in the first quarter to those who were lagging behind, especially the cyclic.

Values, Molson Coors Brewing loses 1.5% Tuesday after announcing the acquisition of brewer StarBev with the investment fund CVC Capital Partners for 2.65 billion euros to strengthen its presence Markets in Central and Eastern Europe.

Groupon loses nearly 1%. The specialist group purchases the subject of an investigation by the Securities and Exchange Commission (SEC) regarding the review of its accounts for the fourth quarter, reports the Wall Street Journal citing a source close to the case without identifying it.

Renault shares (-1.83%) and PSA Peugeot Citroen (-2.61%) have the largest declines in the CAC 40 index which is 0.43% while the Stoxx sector index of 'European automotive advance of 0.34% to 9:45.

Last month, he registered 197,033 new passenger cars in the Hexagon. After adjustment for working days, the decline appears to 20.0% in March 2012 that were 22 days as against 23 in March 2011, announced Monday the Committee of French Automobile Manufacturers (CCFA).

In January and February this year, the market had already experienced declines of around 20% in raw data, the backlash level of registrations recorded on the pe same period of 2011 through to last orders "cash for clunkers" that could be delivered until March 31 of last year.

"This downturn is spectacular but it was expected," said Flavien Neuvy, Director of the Cetelem automobile. "We still think that most of the decline in yeara was performed in the first quarter and that the scenario of two million vehicles over the year remains relevant in light of new orders and new models coming. "

CCFA has also maintained its estimate of a decline of about 10% of the French automotive market in 2012.

For PSA Peugeot Citroen, which has teamed up in February at General Motors, registrations in France plummeted 33.2% last month while the Renault-including the diamond brand and low cost Dacia brand registrations stand-fall of 29.8%. 

Throughout the first quarter, the French automotive market will be contracted by 21.7% unadjusted and 22.9% when adjusted for working days.

Registrations of PSA for the period fell by 30.3% and Renault's 30.2%, in gross terms in both cases. In contrast, those of the Volkswagen group declined only 2.3%.

The country had 18,000 job seekers less than in February in seasonally adjusted data (CVS), to 2,841,000, while economists polled by Reuters had pre saw a decline of only 10,000.

In raw data, the number of unemployed fell by 82,000 to 3,028,000 and the rate of unemployment has fallen from 7.4% to 7.2%.

Greece may need a third international aid plan of 50 billion euros in 2015, says the German weekly Der Spiegel published Sunday.

Troika, representing the creditors of Greece (EU, ECB and IMF), wrote in a draft of its latest report that it is not at all certain that Greece can return to credit markets in 2015. Its external financing needs over the period 2015-2020 could then reach 50 billion euros. But Der Spiegel also states that this passage was withdrawn at the request of the German government.  

The newspaper also claims that the ECB is expected to trigger the collective action clause (CAC) that will allow Athens to force private creditors reluctant to take part in the Greek debt relief. This clause, contained in the Act on the swap of bonds between the Greek state and its institutions creditors, may be triggered if at least 66% of banks participating in the operation and require creditors reluctant to join the exchange program of debt, thereby increasing the enrollment rate automatically to 100% The debt exchange transaction itself will be held March 12.

It will allow Greece to delete 107 of the 200 billion euros of its debt held by private creditors. This erasure is a prerequisite for the payment of 130 billion public aid of the second rescue plan approved Thursday in Brussels.

At their next meeting in April, the G20 agreed to agree on a financial firewall around 2,000 billion dollars (1.487 billion euros) to prevent European debt crisis from spreading and threatening the global recovery.

This would be the most ambitious effort since the 2008 financial crisis, when the G20 has reached 1,000 billion dollars to save the global economy. 

In an unexpected turn, Germany announced that it would decide in March on strengthening the European bailout fund, an initiative it excluded so far and that many G20 countries consider essential before any increase IMF resources.

For many partners in the euro area, it is indeed the first European leaders to implement the necessary means to control the risks of contagion from the debt crisis, for example by combining lending capacity of its two mechanisms of financial stability, the European Financial Stability Fund (EFSF) and the European Financial Stability Mechanism (MES ).

This would bring their firepower combined with some 750 billion euros. 

G20 countries would then be more inclined to answer the call of the IMF, who wants more than double its capacity to respond by raising $ 600 billion of additional resources.

Added together, all these measures would create a global financial firewalls of about 1,950 billion.

The question of strengthening the bailout funds in the euro area is on the agenda of the European Council of March 1 and 2.

Japan and Britain have reiterated over the weekend that they would refuse to increase their contributions to the IMF as countries in the eurozone will not self-reinforced ; their own firewall facing the debt crisis. 

"I expect that the debate on strengthening the capacity of the IMF loan is progressing as long as the problem of European debt crisis is resolved by the G20 meeting in Washington in April, "said Japanese Finance Minister Jun Azumi.