"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 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

.

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 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 airline needs to spend a large order by the end of 2016 to reach its goal of doubling its capacity to 150 million passengers a year.

An order before the end of 2014 is unlikely, however, said Michael O'Leary told reporters.

The CEO of Ryanair also said that if his group paid a special dividend in respect of fiscal 2013, it does not pay a second in 2014.

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.

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 two main Spanish unions, UGT and CCOO, announced Friday a general strike on March 29 to protest "against the labor reform and defense of public services", to be held on the eve of the budget in 2012 marked by the austerity.

The unions denounce "unilateral decision" Conservative government "to implement a labor reform and a new drive and fiscal effort," said CCOO in a statement.

By coincidence, this strike will take place at the 100th day of the power of conservative Mariano Rajoy, who took office Dec. 21. His government adopted on February 11 a new reform to make it more flexible labor market, including lower redundancy payments and measures to stimulate youth employment.

The aim is to boost job creation in a country at record levels of unemployment among industrialized countries (22.85%) and particularly dramatic among children under 25 years (48.6%), but the unions believe that the measure will mainly facilitate dismissals. "This reform will not generate employment, it will destroy even more," said CCOO, and "the government itself acknowledges that this year we lost 650,000 jobs."

The government announced last week expect a further rise in unemployment in 2012, which should hit 24.3% of the workforce. But he remains focused on rigor and plans to adopt March 30 a draft austerity budget, as promised to bring the public deficit of 8.51% of GDP at end 2011 to 5.8% in late 2012.

In approving the strike on Friday, the union also announced its "determination to maintain pressure and social workers after that date would alter the reform if the government does not rectify and is not willing to negotiate."

General strikes are rare in Spain, where only five have been convened since the return of freedom of association in 1977. The last was held September 29, 2010 to protest against a previous labor market reform introduced by the Socialist government of Jose Luis Rodriguez Zapatero. She had had mixed success, but since many events are held regularly, especially in regions that manage sensitive budgets of health and education and have adopted strict austerity.

Against the new labor reform, hundreds of thousands of demonstrators, waving red flags, had marched on February 19 in the cities of Spain. A new day of action is planned this Sunday, with events announced throughout the country. elc-ka/sg/lo

This has lent almost 530 billion euros to banks, bringing to more than 1,000 billion the total amount of capital lent to three years for financial institutions in order to avoid a credit crunch.

If the mutual bank BPCE warned that it would not borrow cash to the ECB, the other three major French banks have refused to say if they had chosen to take advantage of 1% currently offered by the European institution. 

Yet some analysts say they have obtained information on these establishments participating in this exercise refinancing.

And the Morgan Stanley analysts said in a research note published Thursday that BNP Paribas and Credit Agricole had participated.

BNP Paribas "has confirmed that they have participated and made billions," writes Morgan Stanley.

In any event, communication of French banks in this regard calls observers.

"I think it is a blunder from the time when other banks have clearly responded, saying they were not gone, either by saying that there had gone and how much, "Judge Christopher Nijdam, an analyst at AlphaValue. 

For him, the banks had nothing to lose by playing transparency. "They would have won in the shot image," he adds.

"COMING OUT"

For connoisseurs of French capitalism, is the fear of being stigmatized and considered financially fragile that discourages big banks to play the transparency.

Another argument cited the desire to keep a low profile and not be open to accusations of some politicians who accuse them of gorging cash while restricting access to credit say in France.

Another analyst suggests in turn a possible directive of the Prudential Control Authority (ACP).

Contacted by Reuters, nor the French Banking Federation, nor the Banque de France nor Societe Generale, BNP Paribas and Credit Agricole have desired s express on the subject. 

For an official of a foreign bank based in Paris, the silence of French banks in this case falls rather within the culture of secrecy and reluctance to transparency of their own.

To this financier, this attitude is all the more "archaic" or "grotesque" they risk no stigma.

Indeed, 800 banks went to the counter of the ECB and those who have formalized their participation in LTRO were not punished the stock market.

Britain's Lloyds Banking Group said on Wednesday he borrowed £ 11.4 billion (13.7 billion euros) to the ECB and the Italian Intesa Sanpaolo has done the same, saying he had borrowed ; 24 billion euros.

French banks would then, according to this official, nothing to fear. 

"It's like a coming-out: you most afraid to announce it but once that's done, you quickly realize that everyone cares," joked it.

Financial analysts also note that this is partly due to LTRO that much of European banks have experienced a sharp rebound in stock.