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The euro area has returned the ball Sunday night in the camp of Greece by refusing to release the fifth installment of the aid in Athens and validate a second aid plan in the country as the Greek Parliament has not passed a new austerity program.

As the date of the vote has not yet stopped, the finance ministers of the euro area, which met for eight hours in Luxembourg, have given themselves until early July to make a decision on these two issues, otherwise Greece would default on its debt in the coming days.

They have however already clarified how private creditors would be associated with a secondary support.This will be an informal and voluntary participation, corresponding to what Nicolas Sarkozy and Angela Merkel in Berlin decided Friday.

"The finance ministers of the euro area have decided to set out by early July the main parameters of a financing strategy for Greece," it said in a statement published on a page at the end of the meeting.

"The finance ministers of the euro area are of the opinion that any additional funding for Greece will be public and private sources (…) A private sector with a second aid package to Greece will be on a voluntarily and informally via a "roll-over" of Greek bonds maturing ", is it still indicated.

This condition is known as the "Vienna Initiative", in which private banks had agreed in 2009 not to withdraw from Central Europe at the height of the crisis.

FIRMING

After the hesitation waltz during the week on whether to release the fifth tranche of EUR 12 billion provided under the plan of 110 billion approved in May 2010, Ministers decided to stand firm.

They again called for national political unity in Greece "given the length, magnitude and nature of required reforms."

Above all, they have "a stark reminder that the Greek government by the end of the month it must ensure that all are satisfied that all commitments made by the Greek authorities are met", in the words of the President of the Eurogroup Jean-Claude Juncker, at the end of the meeting.

"You can not imagine for one second that we are committed to fund without knowing whether the Greek government has assumed the obligations are those of Greece," he further told reporters.

The Belgian Finance Minister Didier Reynders confirmed that the funds are not released yet, although discussions will engage between the Treasury Department of the key member states and private creditors in Greece.

Finance ministers from the euro zone must in turn meet in Luxembourg on Monday to move forward on other issues that will validate the Heads of State and Government of the Twenty-Seven at a summit on Thursday and Friday.

On the menu: capacity building loan from the European Financial Stability (EFSF) created in May, formalized by a treaty of the European Stability Mechanism (SPM) that may replace it from 2013 and reform of the European Pact for Stability and growth.

Also on Monday, Greek Prime Minister George Papandreou has to travel to Brussels to meet with European Commission President Jose Manuel Barroso, while the market reaction and that of the street in Athens will be scrutinized carefully.

Finance ministers of the G7 (U.S., Japan, France, Germany, United Kingdom, Italy, Canada) discussed this weekend at the Greek crisis of a conference call, said the Japanese Minister of Finance, Yoshihiko Noda.

The British government on Wednesday launched what promises to be the largest overhaul of the financial sector since the independence of the Bank of England in 1997, providing support to the sanctuary of retail banking.

In a speech, George Osborne, Minister of Finance has endorsed the proposal of the Commission's flagship independent bank that aims to protect the activities of banks for the general public of those believed to be more risky the investment bank.

In doing so, the coalition government wants to show that it stands by its promise to tighten the conditions of operation of banks, held accountable by the public of the financial crisis of 2007-2009.

George Osborne has also supported the proposal to require banks capital ratios higher.

Even if the proposed sanctuary of retail banking is not yet finalized, the four major British titles – Lloyds, HSBC, Barclays and Royal Bank of Scotland – have lost between 1.2% and 2.7% Thursday while the FTSE 100 index of London Stock Exchange fell 1.02%.

George Osborne also said he would find a buyer for Northern Rock – the first British victim of credit crisis that was fully nationalized – by the end of the year.

The Minister of Finance has not given value of Northern Rock, but according to the BBC, the sale of this property came to the brink of bankruptcy in 2007 could generate a billion pounds, a figure compared to the $ 1, 4 billion pounds in London injected by the bank during the crisis.

George Osborne said it would take several years before the state gives up any other participations in banks as a support in a financial crisis.

These include the 83% stake in London Royal Bank of Scotland and the participation of 41% in Lloyds Treasury.

"It will take some time – probably years – before we can sell everything," said Minister of Finance.

Arab revolutions make the beaches of North Africa and the Nile less tempting for French tourists, who should rush this summer on their shores despite bargain prices practiced in North Africa.

Reservations, yet increasingly delayed in recent years, are rising for several months with an exceptional rate in the beach areas, "says Didier Arino, director of consulting firm Protourisme.

If they are leaving the countryside and mountains, the French rushed to the sea, with a preference for coastal Landes and Basque.

The high quality campsites (+8%) and holiday villages (+5%) have the lion's share but hoteliers, too, rejoice a promising trend.

"There is a slight increase in reservations in July and very good for the month of August but there are still opportunities to find a room," explains Alain Vivien, head of the tourism office of Arcachon (Gironde) .

It is mostly campsites enjoying the popularity of the Aquitaine coast.

"This year has been full to January 15 for mobile homes, two months earlier than last year, and since May 15 it was almost full for other locations," said Chantal Pujade of Camping Ker Helen to Teich (Gironde).

DREAM SHARE

Promotions, ubiquitous on North Africa or Egypt, change nothing: these destinations are very popular in normal times, suffer from their political situation.

Even if, for Didier Arino, the danger of Tunisia, for example, remains to be demonstrated, Djerba, Tunisia landmark tourist resort, is just a stone's throw from Libya.

"It's as if we had removed the people a dream," said Didier Arino, who estimated 1.2 million people have withdrawn from French this summer abroad."People have become cautious, they are reluctant to take action."

Arab crises of course play a role in the withdrawal of France, like the nuclear disaster in Fukushima, Japan, who takes away the attractiveness to Asian destinations, argues the director of Protourisme ..

Added to the problem of purchasing power, compounded by soaring fuel prices, prompting many to play the French proximity card, or even to stop from everything.

Three million French waive additional well this year on vacation.

If 49% of French say they want to save money accommodation, they may have difficulty achieving at least to shorten their stays.

GREEN LIGHTS

Prices around the Arcachon basin are indeed not the same as Hammamet and the rate of tourist accommodation in France rose by 30% on average in five years.

The average budget of a French tourist is estimated at 123 euros per day, or about 1,000 euros per week, while all-inclusive stay in Tunisia for the same duration are offered for less than 600 euros.

One tourist destination in the world since the 1990s, France welcomes 80 million visitors a year.Tourism has reported 49.4 billion euros in 2009, placing it third in terms of revenue behind the United States and Spain.

The lights, despite the crisis, remain green.

If they go less far and less time, the French tend to leave more often and more privileged do not mind spending 20% ​​of runners representing 70% of consumption.

"In the midst of purchasing power, we could see our best hotel season, who knows," said Didier Arino.

Nice lately, the weather makes attractive the French coast, even those of Normandy and Brittany.Foreigners, including Germans, great lovers of beaches from North Africa, could also turn to France.

So while promising a summer 2011 quality, or record. A psychological factor may contribute: the announcement of the fine weather, the French, despite a bleak economic situation, want to have fun.

"It was into the blues at the beginning of the year but now we feel that people loosen up a bit," concludes Didier Arino.

BEA has delivered Friday first elements provided by the two black box flight AF 447. The stakes are enormous for Airbus and Air France, both indicted for manslaughter. The Brazilian Navy recovered the remains of the Airbus A330 of Air France, performing flight AF447 from Rio de Janeiro and Paris, who disappeared in the Atlantic Ocean on June 1, 2009.

The Bureau of Investigation and Analysis (BEA), responsible for the technical part of the investigation into the disaster that had killed 228 on 1 June 2009, published on Friday on its website a technical paper containing the first elements provided by the two black boxes from Rio to Paris, including the last four minutes of flight critical. As BEA had announced last week, this note is only dealing with "factual and descriptive. No responsibility is indeed raised. But the causes of the crash begin to fade.Update on what we know.

Defective probes

This is the trigger for the accident. Pitot probes to measure the speed of the device stopped working due to icing of the outdoor sensors. For a time that lasted less than a minute, these probes will provide more reliable indications: The speeds are inaccurate and inconsistent. One of them said "a sharp fall" speed, when in fact the engines are still running normally. During this decisive moment, the autopilot was disengaged from the device, the computer of the aircraft being unable to read the instructions provided by the probes. A co-pilot then resumed flying (the captain then being at rest). That's when the stall alarm sounds in the cockpit.The first officer, who does not know how fast the plane goes, decides to pitch (raising the nose of the aircraft), which will increase its stall speed which reaches nearly 11,000 feet per minute.

Poorly trained drivers?

A decision "inexplicable", according to an expert interviewed by Le Monde. According to him because he would have been preferable "to tilt the plane to lower the nose to the back flat and take the lift".The question then is whether this lack of control could find its origin in the lack of pilot training? According to several press reports, in fact it seems that the Air France pilots were not trained for this type of stall at high altitude, "because modern aircraft are normally self-protected" with electronic systems, including explains journalist from France Info.

Air France Airbus and customs clearance of

Air France and Airbus, both of whom have been indicted in this case, immediately reacted to the release of BEA. Air France in particular that this "twisted the necks of false allegations and rumors" about a possible failure of the crew.Air France noted that "the failure of speed sensors is the initial event that causes the autopilot disconnect and loss of control associated protections, the aircraft landed at high altitude. One way to get clearance for Airbus, accused of failing to change the probe's camera … it's subsidiary of EADS, merely indicated that the note investigators confirmed the facts already established the accident. Airbus has again pledged "to provide its support to BEA as part of its investigation to draw all possible lessons".

Wall Street opened a disorganized Wednesday despite the good results from Dell and a rebound in commodities, investors cautious before choosing the publication of the minutes of the last meeting of the Federal Reserve.

In early trade, the Dow Jones yielded 0.19% (23.69 points) to 12,456.27 points and the S & P 500 is broader, shrank by 0.09% (1.25 points) to 1327.79 points.The Nasdaq composite was slightly higher (+0.09%) to 2786.41 points.

The group of Staples office supplies fell by nearly 15% at the opening after reporting a profit below expectations due to rising costs and falling demand in a fragile economic recovery .

Dell, meanwhile, jumped to 5.53%.The PC maker posted results well above expectations and raised its annual forecast.

The market remains cautious while the Fed must publish at 18:00 GMT the minutes of the meeting of its Monetary Policy Committee (FOMC) of 26 and 27 April.

Investors should attempt to discern the intentions of the Fed about its quantitative easing program ("QE2") which expires in June, and also monitor any disagreement between the leaders of the central bank.

The Minister for Social Cohesion reported that the creation of a fifth branch of social security was "still undecided". The track of the action on succession would move away. Roselyne Bachelot did was a "total refusal to impose an additional burden on labor" and "businesses".

The Minister of Solidarity and Social Cohesion, Roselyne Bachelot, voted Wednesday for a "solid foundation of solidarity" to finance dependence, indicating that the track of the action on succession was moving away. Confirming that the decisions would be adopted "in July" to "arbitration of the President of the Republic", Roselyne Bachelot said on RMC BFMTV and the creation of a fifth branch of social security was "still undecided".She said it was "excluded from privatizing the management of addiction," stating that a mandatory term care insurance was "not the path chosen. "We remain on a solid stand of solidarity," she added.

Similarly, she says, there is "a track that starts well differ, the use of inheritance, which is to recover some of the aid beneficiary's death. She observed that there was "a massive consensus" on this issue. The minister did was a "total refusal of the debt and impose an additional burden on labor" and "businesses". As a second "day of solidarity" to help finance this idea "has a flaw: it only applies to employees and assets" and "it would be quite improper that some related benefits and , provided they do not contribute. "

In the "package of solutions" possible, include an increase of "0.1 CSG point" which would bring "1.3 billion", "a tax on property" or an alignment of the generalized social contribution paid by retirees on the underlying assets, an idea "put forward by the CFDT," said Roselyne Bachelot listed. Similarly, the transformation of capital life insurance annuity dependency is "not a bad idea," she said. For Roselyne Bachelot, "we must first fund urgent things", like "the rest dependent may be extremely high in some homes." It should also "help caregivers", some of which are "totally exhausted", including the creation of "structures of respite" to "allow people to breathe," and finally "developing structures intermediate" between staying at home and retirement homes.

With a budget decrease, to 561 euros per person, they will leave less time, less and far cheaper, according to a poll published Tuesday. Holidaymakers on the beach in Corsica Cargese (2009).

For their summer vacation from the French are shorter, fewer and far cheaper, according to results of a survey conducted by Opinion and published Tuesday. Given the results of this survey of 1,051 people from April 6 to 12 and on behalf of the site voyagermoinscher.com, the French are preparing to spend holidays under the sign of rigor, as in 2009 at the height of crisis.

For more than one in four French people, the holiday budget will decrease compared to the summer of 2010. The average budget per person is lowered to 561 euros, against 585 euros in 2010. The holiday will also be shorter: one in three French leave a week or less, a 56% increase compared to 2010.More broadly, vacationers (19%) who plan to shorten their stay has almost doubled compared to 2010 (10%).

Destinations such as Egypt, Morocco and Tunisia, generally very popular in this period will be ignored by 90% of the French this year. Almost three quarters (73%) of holidaymakers are expected to remain in France this summer. They estimate that 44% to stay in France is cheaper than going abroad.

More than ever, vacationers are looking for good deals. They are almost two in five (38%) to rely on friends or family, against 32% in 2010. However, rentals of apartments, houses and villas (21%) are in decline, losing 6 points compared to last year. Vacationers do not scramble for bookings of hotel rooms (-5 points). To reduce spending, leisure (28%) are willing to take advantage of special deals.One French person in two has also yet reserved and 30% of them will wait until the last minute. Three quarters of French people are ready to change their vacation plans to take advantage of a promotion for the internet, both for the destination, the dates or length of stay. The comparison of prices on the Internet increased by 15% this year. The canvas should be in 2011 the first channel for booking summer holidays.

Royal Bank of Scotland said Friday first-quarter loss, due to its exposure to Ireland, adding that provisions for bad debts of the country remain high in the current quarter.

RBS, which owns London 83% of the capital after a bailout made during the financial crisis, posted an overall loss of 528 million pounds (594 million euros) in the first quarter.

This loss is mainly due to provisions for doubtful debts amounting to 1.95 billion pounds and attributable mainly to its Ulster Bank subsidiary.

The British banking industry was rocked Thursday by Lloyds, which has caught the investors by announcing a provision of 3.2 billion pounds (3.6 billion euros) deemed potentially reimburse customers who overpaid for certain policies of insurance.

These policies usually accompany any consumer credit, personal or real estate to meet deadlines if the borrower can no longer do because of unemployment, sickness or accident.

RBS said that the benefits of a regulation on these insurance policies could be significant but added it was too early to estimate.

The Tokyo Stock Exchange finished up 0.82% Thursday, buoyed by strong quarter from Apple and the encouraging prospects of several other American groups.

The Nikkei gained 78.95 points to 9,685.77 points and the Topix broader took 4.55 points (0.54%) to 841.72 points.

Investors remain cautious, however, so that opens the earnings season in Japan.

The market fears that disruptions in the supply chain and power cuts have affected the production of industrial groups in the archipelago since the earthquake and tsunami of 11 March.

Yaskawa Electric, a leading Japanese industrial groups to publish its accounts, said not being sure how to maintain full production in May and June due to a shortage of components and uncertain demand. The world's leading manufacturer of industrial robots ended down 2.27%.

The cost of debt Greece flew again on Thursday in response to a possible restructuring of the Greek debt raised for the first time in Germany, a scenario that a central banker J. "catastrophic".

The German finance minister acknowledged Wednesday that Athens may have to be resolved at this end, noting that this solution could be applied if Greece was the choice itself, adding that such an eventuality would intervene not before 2013.

But dissenting voices were heard immediately.Restructure the debt of Greece would have catastrophic effects, ruining its banks and crippling its economy, has estimated Lorenzo Bini Smaghi, Executive Board Member of the European Central Bank (ECB).

"According to our analysis, a debt restructuring would lead to bankruptcy of much of the Greek banking system," he said in an interview with Italian newspaper Il Sole 24 Ore said on Thursday.

"Ultimately it is for Greece to choose the way forward, since it will suffer the consequences.But other countries must avoid the push toward catastrophe. "

A spokesman for the Greek Government has again assured that Greece did not plan to restructure its debt and that it would meet the requirements outlined in the budget plan with the European Union (EU) and the International Monetary Fund ( IMF).

In this context, the premium demanded by investors to hold debt rather than Greek Bunds surpassed the 1,000 basis points (bps) for the first time since May 2010.The spread of the Greek debt to 10 years to the German debt of similar maturity widened by 33 bps from Wednesday to 1,001 bps.

The return sought by investors for the debt in two years has jumped to 18.30%, an increase of 0.83 percentage points, reaching the highest since Greece has resorted to international assistance than 110 billion euros last year.

In the wake of Greece, the credit default swaps (CDS) from other countries who sought assistance – Ireland and Portugal – are increasing, as are Spanish CDS.

European stock markets reacted to the drop, the assumption of a debt restructuring Greek banking stocks particularly affecting the devices in the eurozone, the European sector index yielding 1.6% to 1:40 p.m. GMT, and the Greek banking sector index retreated by 4.43% simultaneously.

THE PERIPHERAL PRESSURE

The debate on the Greek debt revives some concern about the fiscal soundness of other states, notably Spain and Italy, in sight of the markets.

Spain hopes that China will help recapitalize its banking sector, while a Spanish source said Thursday that Beijing is interested in investing in Spanish savings banks.

According to official estimates, the "cajas", who hold half the deposits in the Spanish financial system, would need 15 billion euros (22 billion dollars) in funding to meet the new financial goals.

In Lisbon, officials from the European Commission, ECB and IMF began to peel the public accounts of Portugal to decide the extent of further austerity measures to implement in exchange for a three-year loan which could reach 80 billion euros.

Finance Minister Fernando Teixeira dos Santos said he expected that Europe approves aid program in mid-May.

In Dublin, Irish Prime Minister Enda Kenny said Wednesday that Ireland and its creditors this week revise the terms of the agreement for the loan of 85 billion made in the country.

The IMF lowered its forecast this week's GDP growth at 0.5% against 0.9% estimated earlier and said he did not expect that Ireland meets the target adopted to reduce its deficit budget under the 3% limit by 2015.