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The Eurogroup President Jean-Claude Juncker took aim Monday citing officials increasingly openly output of Greece in the euro area, considering that the event fell within "propaganda" and "nonsense".

After a meeting of finance ministers from the eurozone, Jean-Claude Juncker said he was strongly opposed to this idea, recalling its commitments to Athens.

If Greece adopts a government and this government confirms the implementation of the austerity program demanded by its international creditors, some objectives of this program could be softened, said the Prime Minister of Luxembourg. 

Greece was plunged into political crisis since the legislation on May 6, which did not give an absolute majority of the two main parties signed the Memorandum of austerity, the Conservatives New Democracy and PASOK socialists. The radical left Syriza, arrival of the second vote, refuses to join a coalition supporting the austerity, while claiming a desire to maintain Athens in the eurozone.

Greek President Karolos Papoulias on Monday proposed the formation of a government of technocrats, but rejected by Syriza speculates and many observers are betting on new elections next month .

"I do not even consider a one second out of Greece in the euro area. This is nonsense, this is propaganda, "said Jean-Claude Juncker during a press conference, lambasting those who threaten the expulsion of Greece ..

……. Over the weekend, two officials of the European Central Bank, Patrick Honohan and Luc Coene, have openly discussed the possibility of that Greece abandon the single currency and they concluded that this assumption would not be fatal for the euro area

. But Europé ens also good reason to keep afloat Athens, starting with the fact that the ECB and the member countries of the euro area are the main holders of Greek debt, which would be lost if bankruptcy. 

A DESIRE "UNWAVERING"

"Our unwavering desire most is to keep Greece in the euro area," said Jean-Claude Juncker. "We will do everything possible to achieve this end."

"The output of Greece to the euro has not been the subject of our debate today. Nobody, absolutely nobody, has echoed this view," he assured.

"The Europeans are well aware of efforts already made by Greek citizens. This is not the time to slacken efforts at reform. On the contrary, the continuation of fiscal and structural reforms are the best guarantees for Greece a more prosperous future in the euro area. "

… ….. "But public opinion in Greece, the Greek citizens, must understand that we have agreed on a program and that program should be implemented," he said

The

. Eurogroup President left dangling some concessions if the political situation would be explained in Greece

. Even though

European officials stress that the margin of renegotiation of the aid plan-the second since 2010 – 130 billion euros is very reduced, Jean-Claude Juncker said there could be debate on the extension of the period given in Athens to achieve its objectives. 

"I did not say there was any intention to extend this period, we must do things in order," he said, recalling the conditions imposed by the EU:

"We need a Greek government. The Greek government must clearly commit to the program. Then, in exceptional circumstances, we would not rule out the possibility of discussing this issue."

"We have not discussed today because the other two conditions are not met: there is no Greek government and there is no special circumstance. In any case, this would not imply a significant change. "

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Hundreds of thousands of people gathered on the Puerta del Sol in Spain's capital Saturday evening, to celebrate the anniversary of the movement was born a year ago. A success for the organizers, but will not necessarily last. Thousands of outraged gathered in the Puerta del Sol to celebrate the anniversary of the movement, May 15, 2012

To mark their first birthday, the indignation, surging last year in Spain to denounce the crisis, corruption and unemployment, have fallen back on the streets this Saturday. The desire to prove to those who claim they are gone they are wrong: In Madrid, thousands of demonstrators converged from 19 hours in several columns from the four cardinal points of the capital, towards the Puerta del Sol. A symbolic return to this place that their movement was born, May 15, 2011.  

"Rajoy go away!", "No to dictatorship of the markets", "The banks need an injection, but lethal yes", it said on placards brandished by protesters – signs distributed by organizers of the movement a little earlier. "The struggle continues, whatever the cost," shouted one of them in the microwave. "There is not enough bread for all these thieves," the indignant howl – a pun between chorizo ​​pan and then in Castilian slang thief said to be the most famous Iberian sausages.

Slogans as varied as are the claims. And illustrate the inability of the movement to bring the past year, with an overall theme. "I am here to protest against the liberal reforms of the Conservative government Marianno Rajoy, says Beatriz. All Spaniards are affected by these budget cuts and layoffs," continues this quinquagénaraire. "We protest against the capitalist system, banks, austerity policies," adds Elias, graduate unemployment.

Lack of positive proposals

"We demand democracy, the real, not the electoral system that makes the right is in power without having won a majority of the people," said Irene, one of organisatricee movement of May 15 In Spain, the system législtaif there favors the party out at the top of the polls, giving him a majority amplified. Last November, the People's Party has won the parliamentary elections with an overwhelming majority (186 seats out of 350). Since then the government of Marianno Rajoy implements a policy of unprecedented austerity.

Fertile ground, a priori, which was the anniversary of the movement a success. In Barcelona, ​​there were between 45,000 – according to police – and 200,000-according to organizers – outraged samredi evening. In Madrid, the Puerta del Sol, the crowd was also the rendezvous – 30,000 according to police, "hundreds of thousands" according to organizers. The leaders of the movement of May 15, intend to hold for four days, a "permanent assembly" in the square, defying an official ban that events must end at 22:00 each evening.

Not sure though as it lasts. Because unlike a year ago, the streets of Spain were invaded by almost weekly demonstrations called by trade unions against austerity. The outraged were drowned in the flood of protests. For Wald, a Scot living in Madrid, the shortness of the movement of outrage is due to the lack of proposals positives.Ce that unites them, in fact, it is the opposition. The above are outraged anti-system.

Responding to a horizontal structure, refusing to be in the party, they were unable to "organize discontent without concrete ideology," Analysis Antonio Alaminos, a sociology professor at the University of Alicante. "The result: many small groups relatively disconnected them who are no longer a social movement," he adds.

European shares were down sharply in early trade Friday, sealed by the political stalemate in Greece and by banking stocks after announcing heavy losses by JPMorgan.

At 9:11, the CAC 40 index, which lost more than 1% in the first minutes, yield 0.78% to 3105.82 points.

The London Stock Exchange fell by 0.3%, the Frankfurt 0.54% and 0.99% instead of Madrid. The pan-European Euro Stoxx 50 index drops 0.82%.

The Stoxx European banks index lost 1.2%.

In Greece, the Socialist Party leader, Evangelos Venizelos, will meet this Friday the Conservative Antonis Samaras in a last attempt to form a coalition government and avoid new elections, officials European Union have warned that the maintenance of Greece in the euro zone was at stake

Moreover, the first U.S. bank, JPMorgan Chase, has cast a pall over the markets by announcing Thursday night that registered a trading loss of two billion dollars (1.5 billion euros) following the failure of a hedging strategy, which has forced its CEO media to apologize.

The price of raw materials, corn and iron ore, will remain high in 2012 due to demand from China, which seeks to revive its growth, said Wednesday the 'economist Philip Chalmin.

Demand from emerging markets, especially China, will offset the demand in Western economies at half mast this year but the raw materials remain exposed to high volatility, as was the case for oil in 2011.

The activity in China, whose growth has returned in the first quarter to its lowest level in nearly three years, has aroused the concern of some investors, the country being one of main drivers of the global economy and a major consumer of raw materials. 

But after having focused on inflation in the second half of 2011, China should seek to strengthen its growth this year as it prepares to develop new leaders policies for the first time in a decade, said Philippe Chalmin reporters.

"In this transition year, I think the Chinese will play back the economic recovery," he said when presenting the 26th report on cycles and guidance products and exchanges (Cyclops), published Wednesday.

"China is undoubtedly the key to a number of commodity markets," he added.

Rising food demand from China has made this country the world's largest importer of soybeans and a major importer of corn. 

Forecasters expect the Cyclops on maintaining a relatively high average prices of most commodities, although below those of 2011. The U.S. wheat could fall by 1% as well, that of copper by 15% and cotton by 37%.

"We expect today's world prices slightly lower than those we experienced during the spring of 2011," he added.

Among the few price increases expected this year, experts expect Cyclops rose from 54% of the carbon price, a market half-mast until now, up 9% to palladium , used in the automotive sector, and an increase of 8% for gold and crude oil the United States.

Richemont, the world number two luxury, will invest 100 million Swiss francs in a research and training in Haute Horlogerie in Geneva, at a time when the Swiss watch industry faces to a significant shortage of manpower.

The group, whose brand portfolio includes jewelery houses Cartier and Van Cleef & Arpels and the prestige watches Vacheron Constantin and Roger Dubuis, also plans to invest 60 million in training and research ten years.

"The group will strengthen its foothold in Geneva and its commitment to the regional economy," said the Swiss group said in a statement Monday.

Richemont, which rivals the French LVMH, plans to build a training and research integrated 30.000 square meters in Meyrin, a suburb of Geneva.

The site will be built near the headquarters of the manufacturer Roger Dubuis, will bring together a creative workshop of Van Cleef & Arpels and production workshops of Vacheron Constantin.

Will be added the Manufacture Stern Geneva 1898, a manufacturer of high-end dials that will merge its operations with those of the Genevan Manufacture of Haute Horlogerie, specializing in components of movement.

The project also includes the creation of a center for training in the watch, which will accommodate 45 apprentices in three years, and a research center. 

"Meyrin offers the opportunity to create a magnet, and exchanges of excellence," said Richard Lepeu, the group's executive director, at a press conference in Geneva.

Richard Lepeu highlighted the interest of the pooling of research and the transmission of knowledge, with particular reference to the prevailing model in Silicon Valley.

"Rather than make everyone at home, we decided to share," he added.

The center, named "campus of Geneva watchmaking", will open its doors in 2014 and is expected to host 900 people by 2020, the group said in a statement, adding that 400 recruitments are planned term. 

"The campus is reminiscent of the university," added Richard Lepeu, explaining that the group had wanted to develop a concept that would appeal to young apprentices.

The Swiss watch industry is facing a shortage of skilled labor, while the sector is facing significant pressures on production capacity to face the excitement of Chinese consumers for luxury watches.

Reduced deliveries by Swatch Group, the leading manufacturer of movements and watch parts in Switzerland, has in addition forced manufacturers of luxury watches to substantially increase investment in production to secure their supply.

Japanese stocks have ended down Friday in the wake of Wall Street, investors wondering about the growth prospects in the U.S. and the status of sovereign debt in the euro area.

The Nikkei has given 0.28% or 27.02 points to 9561.36 points, while the Topix broader, fell by 0.27% or 2.19 points to 811.94 points.

Values, Toshiba ended down 2.37% to 330 yen. The U.S. said the SanDisk memory prices continue to suffer from market saturation.

Olympus has instead awarded 6.37% to 1,286 yen. The shareholders of specialist optical voted to appoint a new board to replace the 11 directors discredited by the accounting scandal that has weakened the group.

Faurecia announced Thursday the signing of a new joint venture agreement with 50/50 with the group unlisted Japanese Howa Textile Industry Co., Ltd..

This new joint venture-Howa Faurecia Interiors (FHI) – will be based in Atsugi (Japan) and will be dedicated to the development of automotive interior systems such as door panels, insulation of the interior, textile pieces and pavilions.

The objective of the partnership is to become a preferred supplier of Nissan in Japan and the rest of the world.

Based on current assumptions, FHI aims a turnover of 100 million euros by 2016 with Nissan, the French automotive supplier said in a statement. 

Faurecia has recently announced the expansion of its existing joint venture agreement with Japanese automotive supplier NHK Spring for providing solutions to car seats to Nissan.

As part of its strategic plan, Faurecia intends to more than double its business in Asia, compared to 2011, where its turnover is expected to increase from 1.5 to 4 billion euros of by 2015.

He is counting on continued growth in China, South Korea and the Asian manufacturers-first-with Nissan in the world to achieve this goal.

Sony announced on Tuesday forecast a record annual net loss of 520 billion yen (4.88 billion euros) in respect of its fiscal year 2011-2012, more than double the loss of 220 billion yen it expected in February.

Sony says these new forecasts by setting aside a reserve of 300 billion yen to cover costs of additional tax.

The group of Japanese consumer electronics, however, said it expected to return to profit from the current fiscal year, providing an annual operating profit of 180 billion yen for 2012-2013 against an operating loss of 95 billion for the current year.

According to Japanese newspaper Nikkei, Sony is preparing to cut about 10.000 jobs, or about 6% of its global workforce, by the end of the year. These measures would affect the chemical division of the giant Japanese electronics manufacturer as well as LCD screens small and medium size.

Italian banks have taken about a quarter of 1.000 billion euros of liquidity to three years at a reduced rate proposed by the European Central Bank (ECB) in December and February , according to figures released Friday by the Bank of Italy.

Italian banks have taken 116 billion euros in the supply of long-term refinancing (LTRO) of the ECB in December and 139 billion euros at the February.

The cheap liquidity from the ECB have helped Italian banks to overcome their financial difficulties, amid tensions on the interbank market while the spectrum of the debt crisis looms over the country.

Frédéric Oudéa, CEO of Societe Generale, will collect under a fiscal 2011 bonus of 682,770 euros gross, down 43% compared to 2010, indicates French bank on its website.

SocGen added that in 2012 Frederick Oudéa receive a fixed gross one million euros, an amount unchanged from that of 2011.

"In a context of major economic crisis affecting the banking sector and the results of Societe General, the board (of directors, Ed) has decided to enroll in the wage restraint policy implemented by the Directorate General for all Group employees, "said SocGen in a paper posted online. 

The three deputy managing directors of the bank, Severin Cabannes, Jean-Francois Sammarcelli and Bernardo Sanchez Incera, receive variable remuneration crude were down 28% to , 53% for 2011.

Societe Generale last year saw its net profit fall by 39%, accounts that have been sealed by the debt crisis in the euro area and costly ts related to the restructuring of its activities in corporate banking and investment.

BNP Paribas has in turn reported in mid-March pay cuts ranging from 8% to 19% for its three most senior executives for 2011. 

At Credit Suisse, the remuneration of the CEO Brady Dougan for 2011 was reduced by more than half, which was reduced to 5, 82 million Swiss francs (4.8 million) against 12.76 million the previous year.