"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 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

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.

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.

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%.

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.

The S & P 500 benchmark index fund managers, rose 0.1% over the whole of last week, posting its fifth weekly advance in six weeks.

The current upward cycle in the S & P 500 is now five months since the beginning of the year, it was up about 9% after being flat in 2011.

Friday's session marked the third anniversary of a lower-end 12, to 676.53, hit in financial crisis. Since then, the index has more than doubled.

"(…) We'll probably have a bit of respite before the expected correction," said Scott Billeaudeau, portfolio manager at Fifth Third Asset Management.

Market participants explain the good performance of Wall Street by the recent series of U.S. macroeconomic indicators better than expected, suggesting that the upturn to the States United gaining momentum.

The latest example, the employment figures for the month of February, with 227,000 non-farm jobs created last month, against 210,000 expected by economists and an unemployment rate remained at , its lowest level in three years, to 8.3%. 

Although the International Swaps and Derivatives Association (ISDA) said on Friday that Greece had triggered a credit event by enabling legislation requiring all private creditors to take losses, the Greek record ceases, the moment of worry.

The announcement came after the ISDA confirmation that Greece had managed to avoid an imminent default, for the largest restructuring of sovereign debt ever held e.

LOTS OF CASH

"Concerns about Greece will not disappear at once, but the nightmare scenario has been avoided (…)" noted Leo Grohowski , Investment Officer at BNY Mellon Wealth Management. 

Natalie Trunow, which occupies the same position at Calvert Investment Management, believes there could be a setback for U.S. equities in the short term, adding that any such reduction will not be drastic.

"There is so much money in the institutional and individual portfolios (…) long term evolution is increasing," she said.

From a technical standpoint, the indices evolve to a level close to thresholds of resistance. Their crossing or not could be decisive in shaping the market next week, said Chris Burba (Standard & Poor's).

The statements of the Federal Reserve after its decision on interest rates Tuesday (18:15 GMT) will also be well attended, the slightest indication of the Fed's intentions regarding possible new measures to support the economy is likely to give a boost to Wall Street.

Despite improvements in the labor market, a majority of "primary dealers", these intermediaries who deal directly with the Fed, think the Fed will eventually launch this year th a new program of quantitative easing, according to a Reuters poll. 

Compared to a previous survey of this type, the size of the "QE3" however, was estimated to decrease to $ 525 billion, 600 billion against anticipated s last month.

With over a barrel of U.S. crude which settled above $ 100, the data on producer prices and consumer, respectively scheduled Tuesday and Friday , will be well attended.

Among other indicators set next week include retail sales (Tuesday or the index of consumer confidence measured by the Reuters / University of Michigan Thursday).

The Court of Auditors on Wednesday launched its annual report in 2012 a call for greater efforts to meet the commitments of France to redress its finances, the government sent out and one who will succeed him in the spring after the presidential election. France has committed to reduce its public deficit to 4.5% of GDP this year and returning in 2013 to the EU limit of 3%. The government then plans to reduce the deficit to one point per year to break even in 2016 for the first time since 1974. In 2011, the deficit should be below the target of 5.7%, according to the Government.

The Court of Auditors estimated that the structural deficit in France – excluding the impact of the economic crisis-was 5% of GDP in 2010, "far more than the European average", and was reduced by approximately 0.5 points in 2011 after being virtually unchanged in 2010. "This is encouraging," said Didier Migaud. But "at this rate it would take ten years to return to equilibrium, rather than the five recommended by the Court." One programmed for 2012 would be 1.25 percentage points in 2012 if government targets are achieved. This effort "is more important and has been exceeded only twice in the past 20 years," welcomes the report of the Court, but "it requires but a slowdown in spending that is not yet acquired."  

New anti-deficit needed in 2012

Suddenly, the deficit target of 4.5% of GDP this year, against 5.3% or 5.4% expected for 2011, remains "elusive" and that returning to the European ceiling of 3% in 2013 "more difficult" because based on forecasts of growth and tax revenues as too optimistic. The Court of new anti-deficit may be needed from this budget minister Valérie année.La Précresse fought back: new data on 2011 permit "to consider with great serenity achievement" by the Government's deficit reduction goals, she said on Europe 1 this morning. "Much of the road ahead will remain in 2013 and 2014", for its part considers Didier Migaud. The public deficit is still 110 billion euros.

The Court emphasized the gap is being created with Germany, the other economic heavyweight of the euro area. In Germany, the ratio of debt to GDP began to decline, she notes, while increasing in France. "The primary balance in 2012, that is to say, after payment of debt interest, remain negative in France, 1.7% of GDP, while in Germany it would be positive to the tune of 1.3 %, "said Didier Migaud.

To narrow the gap, the Court finds that there is still room on the side of the 500 tax loopholes totaling 73 billion euros in 2010. It calls for a reduction of 15 billion euros, against 10 so far. Efforts must focus both on the state-which funds more than 1,300 interventional devices, local and corporate accounts (health, retirement, unemployment etc.)., Says the Court. "Constraints must weigh heavy on social security spending. They represent 46% of public spending and can no longer be financed on credit," said Didier Migaud.

A jacket, an electric heater and a good soup. In this period of extreme cold, households equip themselves, and the delight of some traders.

Heating and soup go hand

"The heaters are selling very well right now," said a spokesperson for the brand Boulanger, who expects to sell three times more this week than last week. Thursday, electricity consumption was close to its peak absolute, the French setting up their electric heaters.

Sales of these soups should be greater than 16% this week that they would have been usual with temperatures (5-6 degrees on average), the company provides Metnext, a subsidiary of Météo France. The expected impact is 8.5% for stocks, 8% for soluble coffee, 8% for the chocolate powder and 4.5% for the chocolate tablet. "These products will also benefit from the winter next week," he told AFP Cedric Flecher, consultant Metnext.

The ingredients used to concoct homemade soups, such as leeks, carrots, onions or potatoes, will also benefit, he said, but in supermarkets where they do not freeze, as the open-air markets, where they can be damaged on the shelves. "These conditions lead to changes in diet," added Thierry Desouches, spokesman for U. System "We are back to product a little more invigorating, hot drinks, soups, meat, cooked, products that take the body."

However, consumers may be less tempted to go to the shops to keep warm at home, drawing on their stocks of canned or frozen.

The boots are hot

"There should be a trend to fewer trips to the supermarket. But when it's cold like this, people need calories, with products such as starches, pasta, potatoes. And still fresh such as yogurt, "says Flecher.

"So the races are going to be, but people will focus their shopping in one location, often in large shopping centers rather than in small stores downtown," he said. Textile side, the cold should benefit winter items that had previously suffered a very mild winter. "On this end of period balances, in a extremely cold weather, we expect a very positive impact that will sell for the series easily," says Arrow.

For example, the site selling shoes Sarenza recorded this week "historical peaks" of sales of fur boots and après-ski. "Until now, with mild temperatures, you could dress like in October. But from -5 to -8 degrees, if you have a coat a little short, go buy one soon," noted M . Desouches. "It also benefits the accessories like gloves and hats." "It is rather positive, it can sell the jackets we have not sold the previous week," said Jean-Marc Genis, president of the Federation of brands of clothing (FEH, chains).

"There is no rush," said Bertrand Morvan, president of the National Federation of the clothing (FNH, independent), but the cold "can sell stocks that might have been difficult to sell. " In contrast, the new summer collections "are struggling to leave."

Beyond its organic levers, the former branch of the Accor group prepaid service, which issues such as meal vouchers, announced during a day dedicated to investors and financial analysts that it will carry out targeted acquisitions.

Edenred also wants to accelerate the transition to digital solutions "paving the way for new growth opportunities," we read in a statement.

The action Edenred closed Monday at 18.4 euros, showing a market capitalization of 4.2 billion euros.