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The Cypriot Panicos Demetriades, a new member of the Governing Council of the European Central Bank, pleaded Saturday for a stimulation of growth when the European Commissioner for Economic and Monetary Affairs, Olli Rehn , repeated his opposition to any stimulus funding from public funds.

"A strong safety net for employment and living standards of citizens will stop the decline in state revenues and consequently an increase in deficits (budget)", has estimated the new Governor of the Central Bank of Cyprus during his first press conference in Nicosia. 

Panicos Demetriades ruled in favor of adding the European fiscal pact "a framework of measures to stimulate growth", making its contribution to the debate that has accelerated ; within the European Union since the election of French President Francois Hollande and before the EU summit of 23 May

In Tallinn, where he participated in a conference, the European Commissioner for Economic and Monetary But he reiterated his opposition to the financing of measures to support growth by more dice ; public spending. 

"We can not solve the crisis by adding debt to debt, which is already affecting our growth forecasts", argued Olli Rehn, who called Tuesday in Brussels "false debate" the opposition between consolidation and growth.

"AUSTERITY NOT ENOUGH"

"In the current economic situation, low growth and high debt, we have no choice: we must do one or the other," he explained.

"We need to continue fiscal consolidation because we suffer from a very high level of public debt, which increased on average by 60% to 90% in Europe," he insisted Saturday during his presentation.

Panicos Demetriades has said his side that fiscal austerity was not a quick fix. 

"Preserving the fiscal pact adopted by EU leaders is an important step towards restoring fiscal balance, but a recession exacerbated by austerity rity feeds a vicious circle between declining production and a heightened lack of budgetary resources, "said the member of the Governing Council of the ECB.

"We now understand, in Cyprus and in the rest of the euro area, that austerity is not enough alone to clean up the finances of a country, especially when all other countries of the EU apply the same policy, "he concluded. 

Panicos Demetriades had held before his appointment as governor of the ECB should reassess its monetary policy too focused, he says, on controlling inflation, the model the German Bundesbank.

NYSE Euronext reported Monday a decline of one third of its first quarter results, citing "difficult operating environment" and the resulting costs of its failed merger with Deutsche Börse.

The exchange operator announced for the period net profit down 32% to $ 121 million (91 million), or earnings per share not -GAAP $ 0.47 against 0.48 expected by analysts, according to Thomson Reuters consensus I / B / E / S.

The total turnover declined 17% to 952 million.

"Our first quarter results reflect the difficult operating environment that continued in 2012 and will continue to be felt in the short term," said Duncan Niederauer, CEO of NYSE Euronext. 

The group said to include $ 31 million cost, including $ 16 million of costs associated with the aborted merger with Deutsche Börse.

NYSE canceled the merger to $ 7.4 billion in early February after the agreement was rejected by the European antitrust authorities, making this operation the fourth merger canceled since early last year.

Since the failure of this transaction, NYSE Euronext has refocused on the opportunities presented by new markets such as the creation last month of its own clearing house for transactions and eventually moved away CHL. Clearnet, its supplier to date.

This creation comes as its main rival the London Stock Exchange plans to finalize the acquisition of LCH in the fourth quarter of this year.

The Tokyo Stock Exchange ended down 0.2% Monday, erasing gains from early trading after a report that the Bank of Japan would buy bonds of longer maturities, news that has prompted investors to sell index futures to buy Japanese paper to five years.

The Nikkei lost 19.19 points to 9,542.17 and the Topix broader, yielded 2.40 points (0.3%) to 809.54.

The Nikkei rose initially in favor of the agreement on the bailout of the International Monetary Fund (IMF) totaling more than $ 430 billion and the slight rise of Chinese PMI flash, indicating a relative stabilization of the country's industrial activity. 

But the Asahi newspaper reported that the BoJ intended to extend its asset purchase program, which currently applies to sovereign bonds to two years in bonds at longer maturities, ranging up to five years.

The BoJ meets Friday and the market is expected to assouplisse yet its monetary policy by increasing its program of asset purchases – currently 65,000 billion yen (606.5 billion of euros) – the order of 5,000 or 10,000 billion yen.

Among the most traded securities on the session included Mitsui Chemicals, which lost 4.13% after reporting an explosion and fire in a factory of adhesives that have one dead and some 20 injured.

The football game is played Saturday night between Real Madrid and FC Barcelona looks exciting. If the sporting challenge is enormous, it is primarily economic, pitting the two most powerful clubs in the world. Sport, the rivalry between FC Barcelona and Real Madrid is also economic.

FC Barcelona hosts Real Madrid in the 35th day of Liga on Saturday. This is called in Spain the "Clasico". Several hundred million télespacteurs be in front of their screen to see compete much of the world's best players. The meeting promises to be decisive in the title race, the people of Madrid with four points ahead of the Catalans with four rounds of the championship. L'Expansion. Com plays the game between these two economic giants of world football.

Turnover: The Real Madrid takes the ascendancy

On this ground, the Madrid club takes advantage of his rival Catalan. With 479 million euros over the 2010-2011 season, Real preserves for the seventh consecutive season in first place worldwide, according to research firm Deloitte. Results in increase of over 40 million euros compared to last year. The capital club Iberian approach and the symbolic barrier of 500 million euros, mainly due to increased revenues from broadcasting games (24.8 million Euros compared to the previous season ) and trading income (up 21 million euros, 16%). Real Madrid is not just a club, it is primarily a mark capable of generating over 170 million euros of profit. With the latest project to create an amusement park in the UAE, the "Island Resort".

FC Barcelona is not left out: it achieved a turnover of 450 million euros over 2010-2011. An increase of 52.6 million euros that Barca has several elements. First, thanks to jersey sponsorship, contracted with the foundation of Qatar, who paid a cool $ 165 million to appear on the jersey Catalan. A historic agreement that breaks with tradition. In recent years, the club had banked on the associative bearing the UNICEF logo on his jersey. Barcelona is the club that collects the most revenue for the retransmission of games. For his last European campaign (with a new success in the Champions League in the key), it has received 51 million euros. He thus maintained easily in second place worldwide.

Indebtedness: Barça (slightly) less debt

In the midst of crisis, the issue of debt clubs turns to the controversy. Spain is the country whose clubs are the most indebted in the world, with over 3 billion euros of debt. Besides the $ 752 million they owe the IRS Spanish. Attract players at a high price with money we do not have on hand has become common for Spanish clubs, if not a national sport. And our two heavyweights are champions of the discipline, combining alone over one billion euros of debt. Remains to be seen whether the rules laid down by UEFA to eradicate the phenomenon will contribute to real change. Especially since a law passed in January in Spain La Liga allow clubs to downgrade in case of termination payments. Real Madrid's debt rises to € 590 million. Club Jose Mourinho has however reduced its debt by 93 million over the previous season. FC Barcelona's debt rises for its 479 million euros.

The net result: Madrid back on top

Real Madrid finished last season with a profit of 31.6 million euros. The situation is more delicate for FC Barcelona, ​​with 9.6 million euros in losses. For the upcoming season, the Catalan club expects earnings of 20 million euros. A goal that can not be achieved only if the following sports scores. Hence the importance of finishing the match with a positive result tomorrow night …

Salaries: Take Charge balance

The Barcelona, ​​despite a considerable debt, however, have paid 163 million euros in total for the season-2011-2012, against 130 million paid to Madrid. With regard to each of the stars, Messi and Ronaldo, the Portuguese ahead of Argentina in terms of net salary: 13 million euros a year against 10.5 million. But the triple Golden Ball is getting on advertising contracts: it perceives as 21 million euros annually through advertisers, against 15.5 million "only" for Ronaldo. In total, with 33 million, including bonuses, Lionel Messi is the highest paid footballer, before Ronaldo (29.2 million). Between the two coaches, the Madrid Jose Mourinho won the showdown with the financial Barcelona Pep Guardiola: 14.8 million euros a year against 9.5 million.

Number of socios: Madrid Barcelona ahead

By paying a certain sum each year, the socios have a real decision making power within the club, winning a vote. Each year, they elect and the club president. In these elections, all votes have equal value, they are lovers of their favorite club, handed down from generation to generation titles. And it is Barcelona who matters most, according to accounts Francefootball, exactly 175,000. The Réal is a tone lower, with 96 000 socios.

Result: Real Madrid 2-2 FC Barcelona

Score parity economically, is to be hoped that both teams can be separated on the pitch Saturday night.

Heineken, the world's third largest brewer, said Wednesday an operating profit down slightly in the third quarter due to cost increases greater than the increase in sales and that the effects of her last savings program.

Revenues increased 6.8% over the period from January to March, up more than expected, thanks to a 4.7% increase in volumes sold to pe rimètre constant over two times higher than analysts' expectations.

Operating profit before exceptional items decreased due to higher fixed costs in some markets with high inflation and production costs associated with, eg barley. 

Quarterly sales stand at 3.834 billion euros against a Reuters poll of 3.729 billion.

Quarterly net income totaled 175 million euros against 151 million a year earlier.

Heineken, which generates 45% of its billings in Western Europe, has also confirmed its targets for this year.

The action has risen sharply, from 4.3% to 44.13 euros, in the course of the morning.

The Dutch brewer said in February is expected to grow in emerging markets where it is growing in Africa, Latin America and Asia.

Heineken was also anticipated marketing costs and marketing for this year equivalent to those of 2011 due to its efforts to develop its brands Desperados, Strongbow, Amstel and Sol. The increase in barley prices will contribute to an increase of around 6% of input costs.

Heineken plans to offset the spiraling costs by higher sales volumes, an increase of its price and a new savings program of 500 million euros which will run until 'in 2014.

Heineken is the first major brewers to publish its results for the first quarter. The world number two SABMiller will make a point on its activity on Thursday and another one of its joint venture MillerCoors in the U.S. on May 8

The world's number one beer Anheuser-Busch Inbev will release its results for the first quarter on April 30 and Carlsberg, May 9

A few days before the first round, the International Monetary Fund forecasts sound like a call to order. With 0.5% growth expected in 2012 and just 1% in 2013, the flexibility is low for the successful candidate. The Fund estimates that the target of 3% deficit in 2013 will be missed. View of the Ministry of Economy and Finance at Bercy.

The International Monetary Fund will indirectly invite the presidential election, five days of the first round. By publishing its forecast of global growth, it is a reminder to candidates how their room for maneuver is narrow. Because growth in France should be lower than expected by next year's presidential favorites, said Tuesday the IMF, which could complicate the task of the future head of state to meet its commitments to reduce deficit.

The Financial Institution of Washington raised its estimate for this year, from 0.2% to 0.5%, that is to say as much as expected by the Socialist candidate Francois Hollande and not far from the goal of Past President Nicolas Sarkozy, who expects 0.7%. But that's for next year that things get complicated. The IMF growth would remain soft, with only 1%. This is slightly better than average in the euro area (0.9%) but worse than Germany (1.5%), Europe's largest economy and principal partner of France.  

However, Nicolas Sarkozy and Francois Hollande have both built their program and their path back to balance public finances on a more optimistic assumption of 1.7% growth in 2013. Beginning in 2014, they hope to even a minimum of 2% per year.

However, both candidates seem aware of the fragility of their forecasts. While the Socialist has long argued for a renegotiation of the European Pact for Fiscal Stability – also praised by the IMF – to add a growth component, the UMP candidate in now called the European Central Bank to it gives a boost to activity.

Far from the goals of deficit reduction

Former Socialist Prime Minister Laurent Fabius admitted on Tuesday that "if ever there was additional shocks" should be "obviously taken into account." For a less intense recovery is likely to complicate their task to bring the public deficit of 4.4% or 4.5% of gross domestic product (GDP) expected this year to 3% next year, as both candidates s' are engaged with the European partners of France.

The Fund also think, in his "Public Finance Monitor" also released Tuesday, the government deficit in France is forecast at 4.6% of GDP in 2012 and 3.9% in 2013, far from the 3% target set by the government. International experts estimate that the country nears the symbolic threshold of 3% in 2014. These projections mean that the next president, whoever he is, will soon adopt a new fiscal tightening after the election of May 6

For its part, the public debt of France is expected to increase next year the symbolic threshold of 90% of GDP to 90.8%, while all candidates hope to contain it to below this threshold. It would commence thereafter a slow reflux. But France is among the states where the debt stabilization could be jeopardized by any "little shock", especially if interest rates they pay for borrowing were to increase, warns IMF.

If the situation has "stabilized" since early January in the euro area and the activity sends "encouraging signs", a cover of the debt crisis remains a "major risk", stresses the Fund. It calls on members of the monetary union to strike a balance between supporting economic recovery and deficit reduction, especially as a "greater fiscal consolidation will weigh on growth in some cases." Experts point out that Paris has already made efforts on pensions, pushing the retirement age, but explain that rich countries also face the challenge of controlling public expenditure on health.

Chinese growth is below expectations and concerns about the situation in Spain prompted investors to shift from equity markets, the euro and oil, Friday. European shares have signed their fourth week of declines.

In Paris the CAC 40 index ended down 2.47% to 3189.09 points. A week shortened to four sessions because of Easter Monday, the 40 index values ​​have dropped an average 3.94%. The Ibex index of the Madrid Stock Exchange lost 3.58% Friday. In Frankfurt the Dax gave 2.36% and London, the FTSE dropped 1.03%.

The FTSEurofirst 300 index ended down 1.58% at 1027.73 points. It lost 2.4% on the week. This is the fourth consecutive week of losses.

The Bank of Spain announced that Spanish banks, in fact apart of wholesale funding markets, had borrowed a record $ 316.3 billion euros from the Central Bank (ECB) in March, data that has led to a further surge in yields Spanish and Italian.

In addition, growth of gross domestic product (GDP) of China first quarter, came out below expectations: 8.1% annual rate, or the worst in almost three years. 

The decline was accentuated Marchesa in the afternoon by an indicator of U.S. consumer sentiment slightly below expectations and statements of Klaas Knot , member of the Board of Governors of the European Central Bank, who hoped that ECB can avoid having to resort to new purchases of government securities.

"After rising yesterday as investors returned to the real problems of the Spanish debt. Klaas Knot statements have added fuel to the fire, "said Pierre Barral, portfolio manager at

. AM Convictions In Europe, banks, for the most vulnerable countries in the euro area's most indebted, have ended down over 3%

. U.S. banks JPMorgan and Wells Fargo, who published their results, yield more than 2% against each

. A- trend, L'Oréal has gained 1.15%. The cosmetics group announced a sharp increase in sales.

The euro is down against the dollar for the first time in three days and fell below $ 1.31, traders are concerned about the rise in borrowing costs of Spain .

The single currency is in the bottom of the range of 1.30 to 1.35 dollar in which it has fluctuated since January and that he should not go out, experts say.

With the return of risk aversion, the U.S. Treasuries are sought, the bond yield benchmark ten-year falling below 2%. In contrast, German Bunds are neglected.

The cost of insurance of Spanish debt against default rose 500 basis points for the first time Friday amid concerns about the high exposure of the banking sector to the country's sovereign debt. Markets fear that much of the funds borrowed by Spanish banks to the ECB has been placed in Spanish sovereign debt.

The performance of the Spanish government bonds to ten years increased by nearly 0.10 percentage point to 5.90%.

Credit default swaps (CDS) for five years on the Spanish government debt rose to 500 basis points, according to data from Markit. This means it costs 500,000 dollars a year to buy protection from $ 10 million against a debt default in Spanish using these contracts to five years.

China is behind the U.S., the second consumer of crude, the data worse than expected GDP of the country cause, not surprisingly, a decline in prices. In addition, the oil market also suffers from the reaffirmation by Saudi Arabia of its willingness to reduce prices of black gold.

Alstom and EDF are the big winners of the first tender for wind turbines off the French coast of the Channel, the second one being planned in the second half to reach the target set for 2020.

The Industry Minister Eric Besson said Friday the award of contracts representing a total capacity of 2,000 megawatts, the equivalent of two nuclear reactors.

This is a third less than expected, the field Tréport (Seine-Maritime, Somme) were not assigned in the absence of sufficient competition.

The consortium formed by Alstom and EDF and three of the five fields involved: Saint-Nazaire (Loire-Atlantique), Fécamp (Seine-Maritime) and Courseulles-sur-Mer (Calvados). 

Spain's Iberdrola and the French group Areva will see their side of the field jointly awarded the Saint-Brieuc (Côtes d'Armor).

GDF Suez, which had also formed a consortium with Areva, gets nothing at this stage.

"This decision will enable France to continue development of renewables, which are next to nuclear power one of the two pillars of our policy e ; nergétique, "said Eric Besson at a press conference.

He confirmed the goal of having 6,000 megawatts of capacity by 2020, as set by the Grenelle Environment for offshore wind and marine energy, including the turbines for which a tender is planned within two years. 

The second tender will involve particular area Tréport and that of Noirmoutier, he said.

The selection of candidates announced Friday an investment of seven billion euros and the creation of 10,000 direct manufacturing jobs, argues Eric Besson.

While Alstom plans to invest 100 million euros and generate up to 7,500 jobs with its partners, the challenge will be for the group to impose its new generation of turbine Haliade, inaugurated on March 19 to book (Loire-Atlantique).

Areva has now put forward his experience and that could create 4,000 jobs in France, including 1,000 in its single perimeter, while GDF Suez has raised up 'to 6,000 direct and indirect jobs.

GDF Suez said Monday he will propose to its shareholders to receive shares in a portion of the dividends for 2011 and 2012 to complete the refinancing of its tender offer to minority shareholders of Britain's International Power.

The group also said they received the unanimous support of its board of directors in the proposed bid at 390 pence per share, which values ​​the 30% stake in International Power holds that yet almost 7 billion euros.

GDF Suez said it offered its shareholder to receive the final dividend in 2011 (0.67 euro) in shares, the payment of the balance being shifted from April 30 May 24, 2012. 

The board of the group decided to offer the same option, subject to successful tender offer to minority shareholders of International Power, for any interim dividend for 2012 that could ê be decided.

"In this context, the French government and Groupe Bruxelles Lambert (GBL) have reported to GDF Suez of their intention to select the option in securities for their share of dividends," said GDF Suez said in a statement.

The State and GBL now hold 36% and 5% stake in GDF Suez.

The proposal aims "to complete the refinancing scheme of the proposed bid to minority shareholders of International Power, beyond increasing the previously announced divestiture program." 

GDF Suez said Thursday that he indeed could revise upward its program of asset disposals in case of completion of the transaction.

The GDF Suez closed Monday up 1.06% to 19.575 euros. The company said that the conditions of fixing the exchange value of the stock dividend would include a 10% discount on the average of the last 20 trading days before the general meeting of shareholders scheduled for April 23.

The Spanish government Friday presented a draft budget for 2012 draconian in the hope of reducing its budget deficit and to appease the bond markets.

The fiscal consolidation effort announced by Madrid plans to reduce the central government deficit of 27 billion euros for the rest of the year, representing 2.5% of gross domestic product (GDP).

This figure includes tax increases and spending cuts, totaling 15 billion euros already disclosed end-December.

Departments will have to cut spending by nearly 17% and staff salaries will be frozen in 2012. 

This budget "very severe", a term used Tuesday by Prime Minister, Mariano Rajoy, has been unveiled in the aftermath of a large strike gen ; eral against austerity that paralyzed part of the country and degenerated in Madrid and Barcelona.

Spain would be re-entered recession in the first quarter and shows the unemployment rate the highest in the EU, with 23%.

In this tense environment, the government is caught between the risk of plunging the country further into recession and that of seeing the cost of its debt soar if he does not control the public accounts. 

"Everyone knows the difficult problem the country faces, and which calls for special efforts of fiscal consolidation and structural reforms for growth and the creation of jobs, "said the vice president of government, Soraya Saenz de Santamaria, leaving the Cabinet.

"A destructive PACK"

The Conservative cabinet, took office in November peak of the larger majority in Congress of Deputies for thirty years, has already adopted reforms of the labor code and the banking sector in order to reduce the cost of employment and improving competitiveness. 

Mariano Rajoy last month won a grant from the European Commission, which agreed to reduce the public deficit target for this year to 5.3% of gross domestic product (GDP) against 4.4% previously.

But Spain, where the deficit reached 8.5% of GDP last year, is now being monitored markets, as illustrated by the tension on the performance of its long-term debt – and must always return to the threshold of 3% of GDP in 2013.

The government expects to reduce the central government deficit to 3.5% of GDP this year, the regions at 1.5% and that of other local authorities to 0.3%, announced the budget minister, Cristobal Montoro. The Social Security accounts will be balanced this year, he added.

Regions have announced a deficit of 2.9% of GDP in 2011, it will take a reduction of about 15 billion euros this year if they want to achieve the target by Madrid.

The government has hardly given any other details on his budget proposal Tuesday that he will present to parliament, but some economists are worried about these austerity measures , which may still stopping growth and as a consequence undermine the goals of deficit reduction.

"Spain is on a slope very, very slippery now (…) The risk specific country resurfaced, Spain is facing structural problems and it will take years and years to resolve. This tax package is self-destructive, "said Nicola Spiro, the consulting firm specializing in sovereign risk Sovereign Spiro Consulting

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