"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

.

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

.

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.

Serge Kampf, aged 77, had reserved the option when renewing his term as CEO in 2010.

The Board of Directors of Capgemini, met on Wednesday, decided "to return to the classic formula of a CEO (and …) to appoint Mr. Paul Hermelin this function from the date of the next Annual General Meeting ", May 24, announced the leading European IT services, in a statement ..

……. Serge Kampf was appointed honorary president of Capgemini vice president and board to greet his "immense contribution" to a company he founded in 1967 and he led for 45 years

. In exchange, the action Capgemini earned a , 2% to 31.58 euros at 9:22, outperforming the CAC 40 (0.4%) and giving a market capitalization of 4.9 billion euros

.

Already in production and marketing of agricultural products, metals, minerals and oil, Glencore seeks to expand its activities in the food, he identified as a growth area.

The Swiss-based group is engaged in another parallel operation to seize the mining group Xstrata for $ 41 billion. 

Offering Glencore on Viterra, 16.25 Canadian dollars per share, was approved unanimously by the Board of Directors of the Canadian group. It complies with current recorded these days by Viterra but it represents a premium of 48% over its closing price on March 8, the day during which the group said he UNPAID ; u expressions of interest.

Shareholders holding 16.5% stake in Viterra, including Alberta Investment Management, the main one, have already given their support to the operation.

If Viterra finally came to accept an offer by another buyer, or if its board of directors withdrew or modified its recommendation, it should pay compensation of 185 million Canadian dollars.

Glencore did not intend to hold within it the entire acquisition. 

Agrium is already scheduled to resume most activities of agricultural products retail Viterra, especially the 34% stake in Canadian Fertilizer, for which he will donate a , 8 billion Canadian dollars to Glencore.

Richardson will take over on its side 23% of the grain handling business and certain assets Viterra processing in North America for $ 800 million.

"The acquisition of Viterra reflects our strong confidence in the importance and future potential in the grain markets in Canada and Australia," said Chris Mahoney, director of product division Agricultural Glencore.

In anticipation of upcoming elections, the Institute of Business and Expansion are now Bayrou, president of the Democratic Movement and candidate for president, Xavier Huillard, president of the Business Institute and CEO of Vinci, and the economist Jean-Marc Daniel. They discuss the theme: "Produce in France: what works to restore prosperity?"

The debate is moderated by Franck Dedieu, a journalist at L'Expansion. It is broadcast live on Dailymotion. You can also comment on twitter and ask questions via the # debateco.

The chief executive of PSA Peugeot Citroen, Philippe Varin, said Wednesday that his group would support an EU action to reduce surplus production capacity, estimated at at least 20% by many analysts and industry executives.

In his view, European leaders have every incentive to emulate the U.S. experience in recent years.

"Policies should support the industry when it needs to be restructured," he said. "If you look at what happened in the U.S. during the crisis, there was very strong support from the U.S. government."

ACEA, the Association of European Automobile Manufacturers, discussed at the Geneva show ways to increase its lobbying in favor of such action.

"We can not continue forever to treat problems of the automobile at the national level," said its secretary general, Ivan Hodac, in a interview with Reuters. "We need a solution across the EU. But it is not easy. "

Such a strategy, it is modeled on the aviation consortium EADS or that it is inspired by the steel restructuring, would not fail to encounter opposition from some national governments anxious to preserve industrial employment in their territory …… The problem

… however risks worsen following the free trade agreement with South Korea came into force last July, which boosts the sales of South Korean manufacturers

. They have exported 438,767 vehicles to the EU in 2011 while he No 'have imported only 78,762, according to official statistics. Enough to feed the concerns of ACEA in view of similar agreements between the EU and India, Japan and Mercosur.

"Slippery slope"

"If we continue to open our borders without being able to access markets in other countries, we are on a slippery slope," said Ivan Hodac.

ACEA has not yet drafted proposals for a plan for the sector, he said, but argued insistently concerned with European Commissioners s in recent days.

The President of ACEA, Sergio Marchionne, CEO of Fiat, should discuss the future free trade agreements on March 20 during a meeting with EU Trade Commissioner, officials said in Geneva. 

"Marchionne has made the comparison with the steel sector. What would be useful is a relaxation in the EU-wide dismissal procedures, thereby reducing their cost "said one analyst who declined to be identified.

"This is a problem that falls within the EU because the EU introduces a lot of limits on CO2 that increase costs and because the EU is negotiating trade agreements with Asian countries. This is the EU to determine which plants should be closed and then provide the funding. "

L announcement last week of the alliance between General Motors and PSA has of course fueled the debate and the concerns of employees, who fear mass retrenchments.

"I do not see why people would agree to see better close their plant because it is Europe that the request, especially as manufacturers and the Union have a responsibility as they played on the disparities between labor costs in Western Europe, South and East, "said ; Reuters Lelasseux Xavier, CFDT representative at PSA. 

EUROPE TO THE RESCUE

"Manufacturers have used EU subsidies to create overcapacity, and now they would call Europe to the rescue for it helps to cut jobs? It would be better to fight to make fairer competition with Asian countries. "

A restructuring orchestrated by the EU would bypass the risk that restructuring aid considered as state aid, the analyst adds.

However, all ACEA members are not convinced by such a strategy.

"I claim absolutely no public support", told Bernhard Mattes, head of the German subsidiary of Ford. "Corporate restructuring should be carried out by companies."

For his part, Carlos Ghosn, the CEO of Renault and Nissan, has predicted that the first restructuring measures could pave the way for a series of plant closures.

All European manufacturers are suffering from problems of overcapacity, he said. "But when someone in Europe could be a major restructuring, it will require all automakers to do likewise."

PSA announced Tuesday evening study a proposed alliance, without elaborating on the identity of its potential partner. But sources told Reuters that it was the American General Motors, confirming press reports.

These sources suggest a partnership between the two groups and not a merger, but nevertheless indicated that cross-ownership "symbolic" between the two groups would be possible.

The market response was unequivocal Wednesday morning, the title PSA signing by far the largest increase in the CAC 40 with a jump of more than 10%. At 10:22, the action was taking 14% to 16.44 euros.

"An alliance may allow these two groups of strong synergies and economies of scale, even if that investment and research and development," says broker CM-CIC Securities in a research note.

For intermediate, "the creation of an alliance is highly anticipated by the market and should be welcomed. GM-PSA could be the new Fiat-Chrysler ", predicts the brokerage firm

. According to some observers, the main challenge for the two companies would solve their problem of overcapacity in Europe at a time when the presidential campaign is fueling concerns of industrial employment

.. ……. "JOBS, JOBS, JOBS"

addition to synergies on purchases, marketing or future investments, the purpose of an alliance in Europe could cooperate to cut capacity in Europe and thus possibly close plants

. "There are unfortunately too production capacity in Europe, "said one banker, who for the purpose of an alliance could be for both groups to coordinate intelligently the closure of production units. 

"All European deals in the sector make sense to deal with overcapacity," said another banker based in Paris.

This issue of industrial overcapacity concerns and the public to the French government has already indicated through its Minister of Labour that it would be vigilant regarding employment if an alliance was tied.

"Jobs, jobs, jobs … Allow me to be demanding on this point, "said Xavier Bertrand on Europe 1, holding that a rapprochement between groups would allow PSA to change size

.. ……. "If there is agreement, it already allows to have a size in a global market, because PSA is primarily a European champion, national champion", he said

. PSA and Opel, GM's European subsidiary, must each carry out major restructuring to try to become beneficiaries in the context of difficult market automotive, industrial overcapacity and very stiff price competition

.

The Standard & Poor's 500, which on Thursday signed its best daily performance in two weeks to finish at a high of nine months, rose by 0.32% (4.39 points) to 1,362.44 points in early trade, from a test area of ​​technical resistance around 1,360 points.

The Dow Jones takes him 0.35% (49.35 points) to 12,949.80 points while the Nasdaq composite is stable (0.02%) to 2,960.46 points. 

The Italian Prime Minister Mario Monti, German Chancellor Angela Merkel and Prime Minister of Greece Lucas Papademos are optimistic about the chances of concluding an agreement on Monday in Greece, said Friday services Head of Italian Government after a teleconference between the three leaders.

Moreover, the European Central Bank (ECB) is considering allowing Greek bonds held by central banks in the euro zone to experience similar discounts to those offered by private investors told ; Reuters sources within these central banks. 

"With a jump of more than 4% of the Greek Stock Exchange, European banking stocks rose and the S & P which is the subject of buying whenever it drops, the market assumes that European finance ministers will approve the bailout (of Greece) Monday, "said Peter Boockvar, equity strategist at Millar Tabak.

The market has little pre-market reacted to the publication of retail prices in the U.S. in January, which rose 0.2% last month as expected by economists .

Values, Apple advance of 0.62%. The group at the apple has seen its share of the smartphone market in China back in late 2011 for the second consecutive quarter to compete with local builders and buyers a wait of some of its pre-market iPhone 4S.

Applied Materials, who said to expect an acceleration of the recovery in the second quarter of fiscal year, increased by 3.33%.

Baidu and Heinz, who delivered results above expectations, experienced varied: Baidu was down 1.97% and 4.22% Heinz wins.

While the new aid package of € 130 billion is now almost ready, the finance ministers of the euro area are still not satisfied with the commitments made by the Greek political leaders to implement the agreement, by 2014 that provides new budget cuts and many unpopular reforms.

There are also doubts about the path of debt reduction Greek. It represents about 160% of gross domestic product and the "troika" consisting of the European Commission, the European Central Bank and International Monetary Fund (IMF) would like to bring to 120% by 2020.

"There are proposals to delay the Greek package or cut into parts to avoid an immediate default without engaging the whole (package)", has said one source.

"The options will be discussed (…) There is pressure from several countries to hold things until there is a concrete commitment in Greece, which could not come before the elections, "they added.

A telephone conference of finance ministers of the euro area must take place at 17:00. It replaces a scheduled meeting in Brussels, canceled the commitments incomplete Greek political parties.

Germany, Finland and the Netherlands are the countries that grow in the direction of delaying the adoption of the plan, have identified two other officials.

Under the terms of the support plan in Athens, an exchange of debt securities must be made within the next few days between Greece and its private creditors, who would accept a loss of face value of 50% and would reduce Greece's debt of 100 billion euros. 

GREEN LIGHT Monday?

The plan must allow Athens to honor the repayment schedule of debt amounting to 14.5 billion euros on March 20 and avoid a disorderly default difficult to assess the consequences for the entire euro area.

About 30 billion euros of the 130 billion dollars are intended to accompany the restructuring of private debt. Thirty other billion are needed to recapitalize the Greek banks.

But the rest of government loan would in turn conditioned on further progress on structural reforms in the country.

Asked about the possibility of dividing the package into several blocks, the spokesman for European Commissioner for Economic and Monetary Affairs, Olli Rehn, said no decision had been ; taken.

"So far in the discussions, it has always been addressed as a single package," said the spokesman.

Segmentation of aid could also face technical problems, private creditors calling, before the exchange of securities, guarantees the public phase Plan. 

These discussions could in fact have the principal purpose of increasing the pressure on Athens to political parties to commit themselves fully to implement the plan, whatever the election results in April.

Antonis Samaras, the Greek leader of the conservative New Democracy, has also sent Wednesday afternoon a letter to the EU and the IMF in which he undertakes to implement the new measures austerity.

Several European leaders, the main goal is to approve the second politically aid plan Monday and Tuesday in connection with meetings of finance ministers from the eurozone and the European Uni ; enemies in Brussels.