"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

.

Speaking after its annual review of the Italian economy, the head of the IMF European Department, Reza Moghadam, has shown strong support for the president of Italy Mario Monti. This has put pressure on European leaders to ensure that measures to promote growth in addition to the austerity plans response to the crisis.

"The policies implemented by the government have created a stability that is truly remarkable compared to the situation we had at the end of last year," said Reza Moghadam during a press conference.

The IMF confirmed its estimate of 1.9% decline in gross domestic product (GDP) Italian for 2012, after falling 0.8% in the first quarter.

The fund does not think that Rome should take further fiscal adjustment measures beyond what the country has already planned, although the government has raised its forecast for de government deficit from 2013 to 0.5% of GDP, against 0.1% previously. 

"Fiscal policy for this year and next year is a policy that the IMF fully supports," he said.

"Our recommendation is to proceed with plans to recapitalize banks, precisely to ensure that banks have sufficient capital to support credit activity in Italy," he added.

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.

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.

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.

The social network plans to complete the transaction in the current quarter.

Instagram was launched in January 2011 and now has thirty million users. The application allows in particular to apply filters and effects to photos taken with a smartphone.

This acquisition is unexpected since Facebook is preparing an IPO.

"This is an important step for Facebook because it's the first time we acquire a company and a product as accrued," said the Director General General of Facebook Mark Zuckerberg.

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.

The credit market has recorded one of its best quarters in issue volume in number of transmitters and in reducing risk premiums (spreads), related professionals. 

"Issuers have succeeded without difficulty in raising funds to historically low levels and syndication desks (banks) had a stellar quarter," writes in a note Suki Mann , head of credit strategy at Societe Generale.

Gaëlle Malléjac, responsible for managing rate at Groupama Asset Management, points out that if one judges by the evolution of the Barclays corporate EuroAgregate, March 26 corporate credit engrangeait performance 4.63% higher than German debt.

"The average spread of the universe credit stood at 215 basis points (over German debt) at March 26, against 322 bps at end-December 2011," adds she said. 

"Concomitant resistance of German Bunds, risk-free assets, is a great enigma. The German rate (1.8% for 10 years) is disconnected from the fundamental view of the im improvement of economic situation, "said the manager.

She explains that in fact "excess liquiditésa benefited all asset classes," even the most expensive as Bunds.

BANKS EMIT NEW

The primary market for credit has regained health insolent.

"There was this quarter a record number of shows. At each show demand was strong from the beginning of this year the premium has significantly reduced or disappeared, "says she …… According to data

… established by the team of Suki Mann, the third quarter ranks among the most active primary market with 53.3 billion euros issued by non-financial corporations classified as investment (Investment Grade, IG) against 27.6 billion in the first quarter of 2011 …. In

….. speculative grade (high yield, HY), the threshold of EUR 10 billion was reached, a third of the amount total issued in 2011, and ranks fourth quarter in terms of amount issued on the euro market. 

Abruptly closed last summer with the worsening debt crisis in the eurozone, the segment of senior bank debt unsecured woke up with a bang 55 billion Euros against 12 billion for the last six months of 2011.

This rise is largely up to the credit of the last acts of unconventional European Central Bank, which was conducted in December and February 2 refinancing operations and three years of euro area banks.

The cumulative amount lent to banks at a rate of 1% has exceeded 1,000 billion and has raised a major concern emerged in 2011: the inability of banks to use market ;. 

ECB DETERMINED TO SUPPORT BANKS

"The ECB has demonstrated its determination to do everything to support the banking system of the euro area. There is more risk of refinancing of banks by 2014-2015, "said Gaëlle Malléjac

." The two LTRO averted a 'credit crunch' and to banks to buy debt device, "said Nicolas Forest, head of rates strategy at Dexia Asset Management …..

…. "With LTRO, banks have changed their behavior in January," said Gaëlle Malléjac, adding that vendors of debt Italian or Spanish sovereign, they increased rates to buyers

. 10 years Spanish and Italian have declined to 4.86% and 4.81% in February, against 6.73% and 7.3% in November at the height of the crisis in the euro area. The Spanish rate rose to 5.43%, attesting to the difficulties of the Madrid government to meet its objectives of reducing public deficits.

The professionals interviewed all stress that if the time for the LTRO has averted the risk of a credit crunch and that governments have set short-term problem of Greece and its private creditors, the underlying problems remain.

"Governance problems and structural imbalances in the euro area whose solution will take time for caution for the future," notes Nicolas Forest. However, he believes that governments seem to have learned from the bear market in 2011.

Gaëlle Malléjac and Suki Mann also express caution. But they want to believe that the new fiscal pact in the process of ratification and the expected agreement on an increase sufficient means of financial solidarity mechanism at meetings of finance ministers of the EU this week- Weekend in Copenhagen should allow a continuation of the rally-but at a more modest pace, especially for spread tightening.

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".