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The Greek government MPs to remember their "duty"

The Greek government on Saturday called on recalcitrant members of the Socialist Party (PASOK) to "do their duty" next week in Parliament, in adopting the new austerity plan demanded by donors in Greece.

The vote should be tight next Wednesday when MEPs will vote on the austerity plan developed five years with the International Monetary Fund (IMF) and the European Union (EU).They will vote the next day on the law enforcement program.

Donors require the adoption of this plan, which includes spending cuts, tax increases and privatization, before releasing the next tranche of aid to Greece avoiding lacking.

The Governor of the Bank of Greece, George Provopoulos, said Saturday that time was running out for Greece, which should put an end to debate and take concrete steps to restore its economy and reassure its partners and the financial markets.

"Now we must convince, by acts, the fact that Greece does not destroy itself, we must leave the rhetoric and start reforms," ​​he told the newspaper Kathimerini.

He said it is unrealistic to believe that there would be a painless exit from the crisis. He dismissed the idea that there is an alternative to the austerity measures which have been agreed with the EU and the IMF.

However, he adds, the plan to be adopted by Members in the coming days do not put enough emphasis on reducing public spending. According Provopoulos, the tax burden has reached its limits.

In parliament, the majority of the government of George Papandreou is reduced: the ruling Pasok has 155 deputies out of 300.Two Socialist deputies who said they would vote against these measures, the majority hangs by three votes.

After the parliamentary elections of October 2009, the Socialists had 160 members but the austerity measures, challenged every day in the street, caused five defections.

TWO-DAY STRIKE OVER THE VOTES

The new finance minister, Evangelos Venizelos, has offered to discuss with all members hesitant.

"I think the sense of responsibility will prevail in the end, the God of Greece is great," he told the Greek television station Alter.

For the Minister of Justice Miltiadis Papaioannou, elected socialist "must stop their ears against all the critics and do their duty."

One of the dissidents, Thomas Robopoulos, is not of that opinion. "Some businesses close every day and we want to take steps to block growth," he told Reuters this dealer Thessaloniki, one of the few businessmen MPs.

The austerity measures have plunged Greece into recession, the most violent for 37 years, with a gross domestic product fell by 4% last year.Unemployment reached a record 16.2% in March, and 43% among youth.

A general strike of 48 hours is held next week, coinciding with the votes of Parliament.

This week, walkouts have taken place in companies threatened by privatization, as the leading electricity producer PPC.

Venizelos acknowledged that many of the measures adopted by Athens on Thursday night with the EU and the IMF were harsh and unfair, but argued that they were inevitable.

Finance ministers of the EU have given until July 3 to the Greek Parliament to adopt austerity measures, before releasing the loan of 12 billion euros and prepare the second aid plan.

The Greek government provides for lowering the minimum threshold of income tax to 8,000 euros per year instead of 12,000 euros currently.

A special tax of solidarity on income will be introduced. It will be between 1% to 5% of revenues based on their amount.

The tax on heating oil will be slightly raised and a minimum tax will be introduced for self-entrepreneurs. This sector is seen as one where tax evasion is the most practiced.

Wall Street ends down after Fed meeting

U.S. stocks ended down Wednesday, the Fed has acknowledged the weakness of economic recovery in the U.S. without giving any clues to possible plans for additional support.

The Dow Jones finished lower by 0.66% or 80.34 points at 12,109.67 points, while the Standard & Poor's 500 fell by 0.65% or 8.38 points to 1287.14 points and the Nasdaq Composite Index gave up 0.67% or 18.07 points to 2669.19 points.

Comments from Fed Chairman Ben Bernanke after the decision of the U.S. central bank to keep interest rates at a level close to zero did not give evidence to suggest that the Fed would consider a third series of support measures to economy after the end of the second series called QE2, June 30

Values, FedEx was awarded 2.6% to 91.44 dollars. The mail group on Wednesday issued a strong earnings in the fourth quarter of fiscal year and issued an optimistic forecast for 2012. Rival UPS has gained 0.65% to 71.11 dollars.

Adobe Systems dropped by 6.25% to 30.01 however dollars.The software developer announced Tuesday a 54% increase in earnings in the second quarter but expects weak demand in Europe.

The Governor of the Bank of Israel IMF candidate

The Governor of the Central Bank of Israel, Stanley Fischer, has decided to apply for the post of Director General of the International Monetary Fund, reported Saturday the Israeli TV Channel Two.

The string specifies the name of Fischer is on the final list of candidates for the position left vacant by Dominique Strauss-Kahn accused of sexually assaulting a hotel employee and arrested May 14 in New York.

Originally from Zambia, Fischer, aged 67, has served as deputy director general of the IMF and is considered one of the architects of the resistance of the Israeli economy during the 2008 financial crisis.

He carried 10 times for hikes interest rates to contain inflation and ensure economic growth in our country which should be 4.5% in 2011.

The French Economy Minister Christine Lagarde, supported by the European Union, is like a favorite to move into the CEO chair.

Christine Lagarde was Saturday visit to Saudi Arabia and met with his Saudi counterpart in Jeddah as part of its campaign to garner votes.

"Saudi Arabia plays an important role in the global economy," said Ibrahim Alassaf told reporters."We will seek a stronger role and the part of the kingdom in the IMF," he added.

If she has the support of Europeans, Lagarde must attempt to rally to his candidacy Chinese and Americans, while South Africa's Trevor Manuel has withdrawn from the race Friday.

The most serious opponent of the French minister seems to be the governor of the Bank of Mexico, Agustin Carstens.

Renault appoints Portuguese Carlos Tavares to the position of No. 2

Renault announced Monday the appointment of Carlos Tavares at number two position, replacing Patrick Pelata, forced to resign in April after a false case of industrial espionage.

The arrival of the Portuguese 53 years as Director General with responsibility for operations and balance the calamitous episode of Renault executives falsely accused of espionage.

Carlos Tavares returns in a group he knows well, having spent 23 years there before moving to its Japanese partner Nissan, which he led until the Americas.

He will assume his responsibilities gradually after that day and will come fully operational by 1 July, Renault said in a statement.

An avid sports cars, the professional engineer, aged 53, has held various management positions at Renault programs before moving to Nissan in 2004.

Nissan has announced that his side would succeed Colin Dodge.

Xavier Bertrand announced a further drop in unemployment

The Minister of Labour announced on Wednesday a drop in unemployment in April for the fourth consecutive month, without specifying numbers. Xavier Bertrand, in September 2010 in Biarritz at the UMP parliamentary days.

Labour Minister Xavier Bertrand said Wednesday on RTL that "unemployment will fall for the fourth consecutive month in April, official figures without giving job seekers to be announced in late afternoon. "The trend is downward. (…) This is good news," said the minister.

"We had not known it since the beginning of 2008, that is to say, before the crisis, and if you add the trend for youth employment which is good, the use of frames which improves, overtime resume (…), we realize that we are trying to draw a crisis, "he was still glad.The number of registered job seekers in April at job center will be officially known to 18h Wednesday.

Rebound in traffic of Air France, one year after the cloud of ash

Air France KLM announced on Monday a 23.1% rebound in passenger traffic in April thanks to a favorable comparison, since the same month of 2010 had been very disturbed by the ash cloud Icelandic.

The Franco-Dutch airline said that traffic has grown faster than capacity (+21.2%), its load factor had increased last month by 1.2 points to 81.2%.

"The comparison with April 2010 is not significant due to the blocking of European airspace following the eruption of Iceland last year," the company said in a statement."Besides, April is the first month of the summer of 2011, which provides increased capacity by 5.7%."

Europe, in 2010 blocked longer than the rest of the world last year by the cloud, is the airspace that benefits most from the favorable comparison, and its traffic has rebounded by 35.1%. The Africa and Middle East remains on him affected by geopolitical crises (+12.3%).

In the carriage of cargo, less disrupted by the closure last year of European airspace, traffic increased 11.0% while load factor fell 2.8 points to 67.7%.

The euro at its highest since December 2009

The European currency is worth more than $ 1.48. The greenback is sealed by the zero rate policy by the Fed.

The euro remained at the highest Friday, April 29, at levels seen since December 2009 against the dollar weighed down by the absence of any prospect of a rate hike and ill-digit economic growth. Around 0600 GMT (0800 Paris) the euro was at 1.4837 dollars against 1.4822 dollars around 2100 GMT on Thursday night. The euro also regained ground against the Japanese currency to 121.02 yen against 120.74 yen Thursday.

"The weak dollar is partly to continue until the Fed chooses the policy of caution rather than risk everything to tighten (credit) too soon," analysts have estimated at Phillip Futures in a report. "Lax monetary policy has been a scourge for the dollar and a boon to the euro has gained nearly 11% against the dollar this year," write the analysts.

The U.S. central bank left unchanged its no surprise interest rate between zero and 0.25%, a level where it was set in December 2008 to help an economy in a recession. The few voices upward in the Committee's monetary policy the Fed sided with the majority in voting unanimously for the status quo for showing traders that the Fed is not ready to change course.

With rates near zero for an indefinite period, the greenback less attractive than other currencies more rewarding, as the euro, especially as the European Central Bank (ECB) has conducted an initial increase in its rate in April to fight against rising prices.For its part, the ECB intends to continue tightening its monetary policy in the coming months, despite lingering concerns about the fiscal health of some fragile countries of the euro area, like Greece, Ireland, and Portugal.

Another source of pressure on the greenback, the U.S. GDP figures released Thursday confirmed the slowdown in the economy of the United States in the first quarter, but this bout of weakness is seen for now as not to be a passenger . According to the first estimate of Commerce for the months January to March, the country's gross domestic product grew only 1.8% annual rate, while growth had been 3.1% during the fall.

The sharp weakening of the U.S. dollar has also led to a surge in price of an ounce of gold, awarded for the first time above the threshold of 1,530 dollars.Around 0600 GMT, the pound sterling regained slightly against the euro at 89.02 pence per euro, and against the greenback at 1.6666 dollar. The Swiss franc fell against the European currency to 1.2955 Swiss francs per euro and was steady against the greenback at 0.8731 Swiss francs to the dollar.

Strauss-Kahn said the IMF must help Egypt and Tunisia

"Our role is to provide countries with the money that is not available for all sorts of reasons," says the head of the IMF. The IMF chief, Dominique Strauss-Kahn said at a conference here at Bercy in June 2010.

The Director General of the International Monetary Fund, Dominique Strauss-Kahn said Friday that his agency was "here to help" Arab countries like Egypt and Tunisia, by providing the funding they require.

"We learned from what happened in the Near and Middle East and North Africa," said Strauss-Kahn at a conference on this region, at IMF headquarters in Washington. For Egypt and Tunisia, theaters recent revolutions, "he continued," some sources of income, tourism for example, could be lower than they were last year. ""What is important for us if one looks to the future? It is to see how we can help" and "we're here to help," he said. He added: "Our role is to provide countries with the money that is not available for all sorts of reasons."

"Nothing can be accomplished in the fight against inequality, job creation, without growth," he felt the director of the IMF. "We can build together a better future for these countries. And it is not only important for Egypt and Tunisia, it is important for the world because this example is an example that will have great impact" , "he said.

The IMF was charged Thursday in an "economic assessment" that should serve as a basis for using five international financial institutions aimed at supporting the aspirations of Arab peoples to a better economic future. Mr.Strauss-Kahn stressed that he would impose on any country from its lending institution: "We are not bankers looking for customers [...]. We do not come from abroad as an economic dictator and say this is what you must do. "

He also called for measures to recover "macroeconomic stability". "For a democratic revolution anywhere in Africa, the Middle East, Latin America [...] it is easy in hindsight to say here, we'll spend a lot of money, we'll subsidize many people, "he said. "If the Arab revolutions must be milestones in history, and I think this may be the case, then I believe that success depends on building democratic institutions, along with organizations representing employees" he said.

The Governor of the Central Bank of Tunisia, Mustapha Nabli, who attended the same debate has been evasive on the question of a loan application to the IMF. "The question is not whether we need funding. Any funding can be good and can be bad. That's the way it is used. It may be corruption, you can have a mismanagement, "he said. "That is why the democratic process is so important," he said. "This is not an easy path ahead."

The ECB raised its main rate to 1.25%

This is the first increase in nearly three years. It responds to the rising inflation in the eurozone. Jean-Claude Trichet, President of the European central bank, here at a press conference on February 3, 2011.

The European Central Bank (ECB) raised its main rate by 25 basis points to 1.25%, its first increase in nearly three years, announced Thursday, April 7 spokesman. The ECB had not raised its key rate since July 2008 and it was parked at 1%, its lowest historical level since May 2009.

The monetary institution had increased their warnings in recent weeks on an imminent increase in its rate in response to rising inflation in the eurozone, despite the serious problems persist in some states.In March prices rose by 2.6% in euro area, exceeding for the fourth consecutive time the medium-term objective of the ECB inflation close to but below 2%.

The ECB also raised Thursday by 25 basis points in its two other rates: the marginal lending rate, which increased from 1.75% to 2% and the deposit rate, which increased from 0.25% to 0, 50%. The marginal lending rate at which the ECB is providing banks with emergency loans by 24 hours. The deposit rate pays cash that banks can lend an unlimited amount or duration.

The ECB president Jean-Claude Trichet to speak at a press conference at the headquarters of Frankfurt (West) from 1230 GMT. The business community will monitor closely any statement on Trichet after the ECB's monetary policy.The majority of them expect further rate hikes in coming months to be around 1.75% or 2% at the end of the year.

This trend, if it is not a problem for Germany, Europe's economy engine, could instead penalize the economies of countries like Greece, Ireland and Portugal, and push them to restructure their debts, say economists. Lisbon has served Wednesday night at the European Commission of its intention to seek the assistance of the European emergency fund, like Ireland before it. Greece also has a support of the European Union and the IMF, which had been granted before the creation of this fund.

Estrosi Total tackles

Former Minister of Industry wants a commission of inquiry into the profits of the oil majors. He wants to tax those profits to offset rising gasoline prices. The former industry minister, Christian Estrosi.

The former industry minister, Christian Estrosi (UMP), wants to ask a commission of inquiry to the Assembly on "the benefits of the oil majors," he said Tuesday in the corridors of the National Assembly. Believing that the focus must "purchasing power" of the French, Mr. Estrosi said he would "open tomorrow thereon to Parliament with a commission of inquiry (I drop) on the profits of oil majors. ""How, when released Total 10.5 billion euros in turnover in 2010 (Editor's note: This is 10milliards euros profit, no business chffre), is it not possible to insist – as he pays no corporate tax in our country that it contributes to lower prices at the pump? "he said. Mid-March, the Deputy Mayor of Nice had requested a "windfall tax on oil profits to reinvest in lower fuel prices" in response to soaring prices.