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The New York Stock Exchange opened Friday at equilibrium in a market cautious before the release of economic indicators closely watched in the United States: the Dow Jones nibbled 0.02% and the Nasdaq 0.06%.

The day before, now, Wall Street had closed on an open rise, encouraged in this direction by the Chicago PMI – and the relief felt on both sides of the Atlantic after the second vote in Parliament in Greece. Voting allows the application of the austerity plan as expected, and the release of 12 billion euros in aid to Athens.However, the agreement of the Eurogroup surl second aid plan, expected this weekend, take a little longer than expected, according to diplomatic sources.

U.S. Policy and Debt

Another current, more American and more uncertain, however, could be followed by operators, mindful of the political context, while U.S. debt back on the front of the stage: the Secretary of the Treasury of the United States Timothy Geithner, in fact, consider soon resign from his post. Information reported yesterday by the Bloomberg financial news agency and other U.S. media, but qualified this morning.

Consumption, construction and industrial activity

In terms of macroeconomic indicators, the first session of July will be charged at least: from 3:55 p.m. will be provided the figures for consumer confidence, ahead of construction spending (16:00).At the same time will be announced on PMI manufacturing (ISM), and the indicator of prices paid. It will however wait until 23 hours to see the statistics of car sales unsecured personal loans.

$ 4.5 billion for Nortel patents

On the corporate side, the maker of BlackBerry phones Research In Motion (RIM), leaving 0.07% after the announcement yesterday of an agreement avoiding, at the General Meeting of July 12, the vote of a motion challenging the operation of its management. Turbulent in recent times, the action RIM has tumbled almost 41% in one year, closing at 28.85 dollars Thursday on the Nasdaq, while the S & P 500 gained at the same time 28.55%.

Apple, Research in Motion and Microsoft, however, are part of a group of six companies that got their hands on the latest patents of the telecoms equipment maker Nortel.The acquisition represents $ 4.5 billion (3.10 billion euros), after an auction that has ruled Google and Intel.

EMC Corp., and Sony Ericsson are the other members of the winning consortium, Nortel said in a statement released Thursday night. Telecommunications giant to the Internet bubble burst, Nortel filed for bankruptcy in January 2009 and has since liquidated most of its assets, raising about $ 3.2 billion.

In any other industry, General Mills (-0.83% to 139.42 dollars) announced Friday the completion of the acquisition of half of the yogurt maker Yoplait, which he was the franchise in the United States. General Mills bought for about $ 1.2 billion (830 million), with the investment fund PAI Partners and the cooperative Sodiaal, 51% stake in Yoplait SAS and 50% of the entity holding world Yoplait brands.

Remote loosen a person trapped in an elevator, detect anomalies before the user being aware of the malfunction, reprogram a remote device according to business needs … Otis is launching its "Elite Service" in test last year: 23,000 units are already equipped in the world, including 1200 in France.

With this kind of innovation, the U.S. manufacturer of elevators installed in 200 countries to strengthen its position as world leader. "We are number one in front of Schindler and Kone and ThyssenKrupp are elbow to elbow, said Bruno Grob, President of the Africa, Northern Europe and East Otis.Our market share for new lifts to 25% and we ensure the maintenance of 1.7 million units. "

The company, which also sells escalators and automatic doors, completed last year a turnover close to EUR 8.4 billion, down 2% compared to 2009. "The crisis we have suffered in the United States or in countries of southern Europe such as Spain, Greece and Portugal," says Bruno Grob. However, profit before tax increased by 5% to almost $ 2.6 billion. Listed subsidiary of Wall Street United Technologies Corporation (Carrier air conditioning, aircraft engine manufacturer Pratt & Whitney …), Otis does not disclose a target for the current year.

France, a key market

The company did not, however, interest in resting on its laurels, as the business evolves lifts at high speeds.In recent years, China has become the world's largest market for new aircraft. "Over 600,000 sales worldwide this year, 400,000 will be in China, ahead Bruno Grob. We are also a number there and expect to install 75,000 units this year. "The Middle Kingdom is already generating just under 10% of the sales group based in Connecticut.

The United States remains however the most important country for Otis (20% of sales) for the maintenance market is active. A few weeks ago, the brand was chosen to manage the fleet of 68 elevators in the Empire State Building in New York. A contract of $ 80 million. Fortunately, since the fall of residential real estate, sales of new equipment were down 50% in the U.S..

France is also a key country for the group, which owns a factory that employs 600 full lifts people Gien, a component in Argenteuil site and the European distribution center for spare parts at Roissy. The subsidiary hex weighs quite heavy in the accounts: in 2010, it achieved a turnover of 1.16 billion euros. Good health in recent years is fueled by law SAE, which provided a first tranche of work before the end of 2010 to improve the safety of elevators.

So many reasons why our countrymen are so well represented at the head of the company. "The current president, Didier Michaud-Daniel is French and one of its ten most important contributors, six are French," said Bruno Grob.

With a business volume of 300 million euros, Travel sncf.com set a record last month. "We sold 150,000 tickets a rainy day, 200,000 on a good day," said Yves Tyrode, director general of the website, a subsidiary of SNCF, which claims more than 55 million train tickets sold last year and more than 11 million unique visitors each month. "Last year, 70% of Internet users have come at least once. We are the site of all the French! "

In fact, Voyages-SNCF. com is the leading French travel agency online. In 2010, the site has achieved 2.8 billion euros in sales volumes, driven by a 18% growth over 2009.

Year after year, Travel sncf.com widening the gap with so … the counters of the station. Last year, the site has achieved 36% of sales of train tickets. A record.For the record, this percentage was 27% in 2008, the share of branches reaching 28% at the time.

"We are pro in the distribution of tickets online and we want to be in Europe, says Barbara Dalibard. Online sales change over a double-digit growth. Customers come under the counter. "

2011, promising

The CEO of SNCF Voyages recently told a group of journalists that "currently, our sales come for more than a third of the Internet, 20% of travel agencies and the rest is done at the counters of our stores and" .

2011 promises to be a promising year for Travel sncf.com. "Even trend" in 2010, according to its CEO Yves Tyrode and "explosion" of sales from mobile phones and tablets (iPad).While these new devices sales still weigh little in the overall volume of activity in Travel sncf.com, but since January the sales they have generated has increased by 100% to 20 million euros. In May, mobiles and tablets as well have accounted for 10% of the audience of the site.

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Greek in the storm, the galley of the euro features a 18th passenger. It is not a secret, he even want to take orders. The United States is also concerned about a shipwreck in Greece that the Old Continent. They have continued to print their tempo in recent days to force the European crew to recover.

In Luxembourg, held since Sunday in yet another ballet departmental emergency, the American effort has found a leader: John Lipsky, the IMF acting boss since the resignation of Dominique Strauss-Kahn. Monday, early morning, we have even seen take the pen and help correct what would become the final declaration of the Euro, according to several witnesses. Gender confusion? Among the Europeans at least, there is no doubt about the role vested in this native of Iowa, former chief economist at Salomon Brothers and JPMorgan."Lipsky is the U.S. Treasury and defending U.S. interests in Luxembourg, 'says one diplomat. The CEO can afford. Age 62, he announced his retirement before the arrest of DSK.

Under his leadership temporary, the IMF has taken a much more demanding vis-à-vis the financially troubled countries of the European Union. The turning point came during a visit to three with Angela Merkel and Wolfgang Schäuble, on the sidelines of the G8 summit in Deauville, said a European official. Prior to the rescue of countries such as Greece, Ireland and Portugal, the fund was content with a European political commitment. Since then, he stands still as his balls timelines, detailed austerity plans and supports encrypted.This partly explains the surprise decision of the Eurogroup, on Monday, to condition the release of the fifth tranche of the loan to Greece promised a vote by Parliament in Athens, new austerity measures and to a credible plan for privatization.

"Germany, a key country"

There is no mystery no longer on Washington's annoyance at the failure of the seventeen countries to overcome their susceptibilities to seriously address the problem cheap business cards. "Over the past year, the euro will fall into relapse and we see only bandages to stop the bleeding, said a U.S. official. The problem consumes time and energy of the Europeans. The world turns and do not wait. "It is also the best interests of the United States. A weak euro would threaten the sustained U.S. recovery, not to mention a rise in interest rates.More seriously, a European banking meltdown could spread to the other side of the Atlantic, reflecting the collapse of Lehman Brothers in 2008. For the second time in less than a year, Barack Obama is telling the Chancellor that it needs to hand the wallet in favor of Athens. "Germany is the key country," stressed the president.

Christine Lagarde, a candidate for the succession of DSK, is more eager to place the main shareholder of the IMF. On the night of Sunday to Monday, the French minister took it upon herself to keep closely informed Treasury Secretary Timothy Geithner. It was not a "phone G7" as improperly submitted.But a conversation to explain that two vital partner why 17 had once again decided not to decide on Greece.

Appointment is made Sunday, July 3 for a new conclave of the Eurogroup dedicated to the Greek debt. With the cap of the IMF, but also speaking on behalf of Washington, John Lipsky has not concealed his impatience Monday. He commanded the Europeans to "immediately put an end" to their debate on the restructuring of debt and start a new fund to rescue the euro. And he clearly put in danger the balance, "This is to prevent the crisis spreading from the periphery of Europe to the center and from there to the rest of the world."

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Schools, colleges, high schools, universities, governments and businesses will be closed ultramajorité Monday. Not because of a strike call would be strongly followed, but due to the National Solidarity Day, established in 2004 – through the elimination of the holiday falling on Whit Monday – by Jean-Pierre Raffarin.

The working day "offered" by the employees was instituted after the heatwave of summer 2003, which caused the deaths of 15,000 elderly and highlighted the extreme isolation of some people. Employers were free to set the terms of agreement by company or branch.The idea is to offset a new tax of 0.3% on the payroll who also hit the capital income and wealth.

Most of the time, a day of paid leave or RTT was sacrificed in exchange for work on Whit Monday.Some companies might choose to "dicked" day of extra work and free: in two half days without a student in Education or seven hours spread over the year at the station.

13 billion in seven years

Before the general disorganization – nobody knew when the Day of Solidarity was falling – and many recriminations trade unions, associations or religious, the Fillon government decided in 2008 to remake the Whit Monday public holiday and therefore not working no fax payday loan.

Since its inception seven years ago, the Day of Solidarity has reported 13 billion collected from public and private employers by the National Solidarity Fund for Autonomy.The annual levy – which will yield 2.31 billion in 2011 – is intended to cover devices cons dependency: Standard ABS and PCH allowances, retirement homes and special schools … It has 60% elderly and 40% for people disabilities.

To finance the care of elderly dependency, it is suggested to establish a new day of solidarity that would yield, according to Roselyne Bachelot, 2 billion more. Others still offer to extend the base's contribution to the professions and retirees who are currently excluded.

After three potential scenarios developed by the working group of Bertrand Fragonard, president of the High Council for Family Affairs, it was the turn of the Economic Social and Environmental Committee (EESC) to make known its proposals to finance the old age dependency. The two rapporteurs of the text have sent the first draft to all members of the EESC. The final opinion must be considered and voted that the 14 and 15 June before being sent to the government that sought to prepare its reform this summer.

In his text, the Committee stresses the challenge "societal" dependency. Solutions "is to implement new (…) of solidarity, sustainable for families as the public finances over time," says the notice emphasizes that the financing of the loss of autonomy must be on a casting vote by the national solidarity.According to figures cited by the EESC, expenses associated with the dependence reached last year, 33 billion euros, 24 billion to the burden of the community. Population projections are also reported an increase of 25% of people aged over 75 by 2025.

1% on inheritances and donations

To ensure the extra spending, the Committee advocates the establishment of a 1% tax on inheritances and donations out of business transfers and professional tool. "This tax would apply to all products that are not taxed today," said Monique Weber (CFE-CGC), co-rapporteur of the draft opinion.Successions between married or civil unions would then be concerned, like those on certain real property (located mainly in Corsica and benefit from exemptions), works of art, or gifts and legacies made for the benefit of associations .

The Notice also contemplates "the alignment of the full rate of the CSG on pensions (6.6%) on the assets (7.5%). This option, proposed in particular by the MEDEF, Fragonard and the commission did not favor the government but in the EESC could bring 1.7 billion euro. The opinion, however, leaves open the debate and suggests that this increase in the CSG could be applied "beyond a certain threshold of income."Other lines of inquiry such as the introduction of a second day of solidarity, an increase of half a point in the premium pension scheme, a levy on the assets of the highest or the introduction of VAT name, have however been excluded.

The text also stresses that to the increasing share taken by private insurance contracts, several precautions must be met to avoid the rising cost of loss of autonomy in the home, including the poorest.The EESC therefore envisages the creation of "a label given to public contracts respecting the specifications, and introduce government subsidies to help households subscribe to these guarantees.

Finally, beyond the financial recommendations, the project would include a large number of practical recommendations for home support for older people or support for caregivers (family members caring for dependent persons), according Monique Weber. Trails explored by the commission as Bertrand Fragonard.

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Despite his cheerful voice, that the bitterness that prevails. After 17 years of work to earn temporary caps in many societies, Sylvie Trouillet displays its ras-le-bol without wearing gloves. "The interim, it became a battle every day," she plague. The latest figures from job center, which show an improvement of temporary employment from 14% in one year, let this marble forties. His only concern: "The precarious status of the Interim," which in her opinion, rises to a crescendo.This observation led him to create the National Association of long-term acting (Anild), to defend the rights of these workers.

Unemployed since the beginning of the year except for a mission of "technical secretary" of three weeks in an estate agency that winter, the executive assistant training roundly on a sector that "has profoundly deteriorated over last twenty years. " After two CDI punctuated redundancies, first in a shoe wholesaler, then to a company renovating the building, she pushed for the first time the door of a temporary agency in 1994. She is 26 years."At the time, there was no support or unemployment benefits, it should work right away." In the process, she landed her first mission at France Telecom: a post of Assistant Director of site Val de Fontenay, near Paris.

From 1990 to 2001, "a blessed time of the gods"

Nestle to Air France, through the Savings Bank, EDF, the National Federation of jewelers, etc.. The missions are linked together, "often of long duration, three to six months." "The phone rang regularly," recalls she, calling the period from early 1990 until 2001, "blessed by the gods." Throughout the experiments, "I climbed the ladder from secretary to become commercial or sténodacylo framework," adds Sylvia proudly."With the interim, my salary has also increased from the minimum wage paid to 3,000 euros per month," connects the daughter of butchers, who then receives the temporary work as a springboard. Claiming a status of "interim career, by choice," she does not think in this context, to move towards a CDD or CDI.

But in 2001, the "gods" are less forgiving. The "changeover" to mark the beginning of a Sylvie "period of uncertainty" in the chain of missions pay day advance. "Suddenly, with this first crisis, the candidates have poured into the agencies," in which "human relations" were, she said, reduced to a trickle. "The agencies were no longer account for our luggage to our versatility and experience as before, she does most valued our résumé," Sylvie annoyed. "We proposed missions under-qualified, sometimes without regard to our training.And if they refused, we were told that there were thirty people behind. "Consequence of the crisis that followed the bursting of the dotcom bubble, pushing companies to drastically reduce their costs and staffing. For Sylvie, agencies, anxious to maintain their contracts with their corporate partners, then stopped "selling" their acting properly.

The Interim, "an unemployed sleep"

And according to him, the situation has further deteriorated since the last crisis. A real gap has widened particularly between "acting, which is not entitled to RTT, or tickets to restaurants" and "owner" analysis does."Once, a colleague told me anyway, an interim president, is an unemployed worker to sleep!" Without the assurance of finding work every time, like many self-employed Sylvie concedes that his private and social life has taken a hit: "I'm single, childless, and have not taken a vacation since 1982," she whispered.

In 2005, while unemployment and "free allocation", Sylvia suffers a period of great distress. "The phone rang again I was a nervous wreck.Sometimes I had to settle for a glass of milk and a biscuit a day. "It will take the opportunity of a mission at Carrefour to put an end to this rough patch and regain morale.

With Anild its association founded in January with a friend acting, Sylvie hopes to "raise awareness among agencies, public opinion and government" in the evolution of temporary work, especially for the 2012 presidential election. Only fifteen members have so far joined its ranks. Although many in comparison "of more than 800,000 temporary" that make up the market. But she said many people have already made contact. Besides his commitment, Sylvie is looking for work. Meanwhile, as always, that "the phone rings."

By September 2007, Francois Fillon said "being at the head of a State which is in bankruptcy." More than ever today. At the end of 2010, the government's balance sheet, liabilities exceeded assets (real estate, leases, equities, etc..) From 757 billion euros. In other words, even selling all his possessions, the state could not repay its debts. So says the report of the Court of Auditors on implementation of 2010 budget, released Wednesday.

The slippage of the state debt (again, up 81 billion last year) is only a reflection of accumulation, year after year of deficits.Since the crisis, the government deficit has increased fourfold, from 34.7 billion in 2007 to 148,800,000,000 in 2010.

Certainly, last year was marked by exceptional costs: the future investments (34.6 billion), aid to Greece (4.4 billion) stimulus plan (6.8 billion) and reform of business tax (7.7 billion). Nevertheless, even eliminating these effects, the deficit is approaching $ 100 billion.

Evidence that the situation is fundamentally unbalanced, in 2010, 18.5% of current expenditures of the state have been financed by borrowing, according to the Court. And Didier Migaud, its first president, was listed Wednesday its' reasons for concern "to the Finance Committee of the Assembly. Despite economic recovery, "the spontaneous growth of tax revenues has remained limited (8.6 billion)," he said.In addition, tax loopholes have, as a trend, yet increased by 2.5 billion. Finally, expenditures are not controlled, according to the Court. The government says it has held its goal to achieve, excluding the effect of inflation, spending "normal" state (the so-called "sub standard"). But, according to Didier Migaud, "some steps have been excluded from the calculation of how questionable the norm. By integrating these elements, spending rose 0.7%.

Cost of business tax reform

Another sticking point: the reform of business tax. The Court finds that because of "deficiencies of the information system", having weighed the burden on the state in 2010 is "uncertain." But the amounts involved are substantial (7.7 billion for the Court, 7.3 billion announced in December by Bercy).This item has arrested members who, while recognizing the specificities of the first year, fear that the reform cost then more than 4.7 billion per year under Bercy.

Information systems of the state are also subject to a reserve certification from the Court. With six points, as the assets of the Department of Defense or the real estate. Apart from these reservations (fewer than nine of 2009), the Court finds the state accounts for 2010 as scheduled, giving a true and fair view ". France is, with the United Kingdom or the United States, one of the few countries where an independent organization certifies the accounts of the state. A guarantee of reliability important now.

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The sessions will follow, but does not resemble the Paris Bourse. The CAC 40 is up in the red on Monday, after climbing from 1.33% Monday, following good U.S. job figures released Friday. The index in Paris dropped by 1.25% to end 4007.26 points at closing and narrowly saves the threshold of 4000 points which had been lost during the day.

The other European financial centers retreating in unison. The Dax in Frankfurt Stock Exchange lost 1.09% to 7410.52 points and the London FTSE loose 0.57% to 5942.69 points.

S & P demoralizes markets

Poor market sentiment was caused by the decision of the rating agency Standard & Poor's on Monday lowered by two notches the rating of Greece, due to the increased likelihood of debt restructuring .It also warned it could further lower.

The rating of the country's long term debt is reduced to "B" cons "BB-", which meant that Greece became deeply into the category of unreliable borrowers. His short-term debt is rated for its part "C" cons "B" before, according to a news agency. These ratings remain on negative watch, meaning that the agency could decide quickly lower them again. S & P said its decision on the fact that governments in the euro area, which have agreed to postpone the due date for repayment of their loans to Greece, could be tempted to demand a similar effort on the part of private creditors the country.

After this announcement, the euro goes off in decline against the dollar, trading at 1.4287 dollars at the close of European markets.

Investor sentiment decline

On the macroeconomic front, Bank of France (BoF) provides a first estimate of growth of 0.5% in the second quarter of this year. BdF anticipates a 0.7% gross domestic product for the first quarter.

The business survey from the Bank of France reported a moderate increase in activity in industry in April.The business climate indicator in industry decreased by three points to 107 while in services it has dropped one point to 102.

Investor sentiment in the euro zone fell again in May, with an index standing at 10.9 after 14.2 in April and 17.1 in March, the monthly survey showed Monday from research firm Sentix .

Financial stocks unscrew

Financial stocks post steepest declines in the CAC 40, while the financial situation of Greece worried, so much so that a new EU aid is getting ready by 2012. AXA (-3.52% to 14.65 euros) is an outlier of the index. It is followed by BNP Paribas (-2.74% to 52.94 euros), Societe Generale (-2.62% to 42.18 euros), Credit Agricole (-2.58% to 10.75 euros) and Natixis (-2.30% to 3.81 euros).

Rumors of transfer and acquisition for Lafarge at GDF Suez

CNP Assurances: -3.60% to 14.73 euros

CNP Assurances reported Monday a net profit in the first quarter down 3.6% to 270 million euros, affected by a strong contraction in sales (-14.1%).

Lafarge: -1.31% to 45.07 euros

Lafarge and Anglo American want to sell 600 million pounds (680 million euros) in assets to their new joint British company, whose creation was announced last February, the Financial Times.

GDF Suez: -2.32% to 26.09 euros

GDF Suez wants to establish a renewable energy division and will consolidate its ten subsidiaries producing green energy in France, according to Les Echos.Also according to the economic daily, the group would be interested in the Italian Sorgenia, 52% owned by the holding of the CIR De Benedetti family and 45% by the Austrian Verbund.

Euler Hermes: -7.67% to 66.13 euros

The credit insurance group Euler Hermes has done in the first quarter 2011 net income rose 58.2% to 75.3 million euros thanks to the continued recovery of the global economy observed in 2010. Turnover increased 7.6% to 544.1 million euros.

Iliad (Free): -0.31% to 87.55 euros

Numericable could announce the launch of a mobile telephone within 40 euro on Wednesday as well and hunt on the land of the Free (Iliad). The mobile virtual network operator (MVNO) that rents the network Bouygues Telecom is the origin of the site larevolutiondumobile.com.The group has denied wanting to launch an unlimited mobile plan.

On the podium of the largest increases Cac 40 include Alcatel Lucent (3.80% to 4.36 euros), STMicroelectronics (1.31% to 8.12 euros) and Accor (0.90 to 29% , 12 euros).

Vilmorin: + 1.40% to 86.95 euros

Vilmorin is up over 8% of its consolidated revenues for the year which ends in late June, when he was counting on this to 7%. The group also announced an operating margin target of 13% throughout the year, against 10.3% in 2009-2010.

Technip: 1.26% to 71.79 euros

Technip won a contract worth approximately EUR 55 million from Statoil for the development of the Vigdis field NE, located in the Norwegian Sea.The contract includes the supply of pipes to be installed by mid-2012 in water depths of 220 to 310 meters.

Air France-KLM: -1.91% to 12.04 euros

The passenger traffic of Air France-KLM jumped 23.1% in April, an increase that is "not significant" compared to April 2010 during which the European sky was blocked by the eruption of an Icelandic volcano, said Monday the airline group. In the past month, Air France-KLM carried 6.36 million passengers (+28%).

Rumor conveyed by the German magazine Der Spiegel that Greece had threatened on Friday to leave the eurozone was denied on all sides. "A provocation" by the Greek Minister of Finance, a "dumb idea" according to the chairman of the Eurogroup Jean-Claude Juncker, a "completely fanciful hypothesis" for Bercy.

However, the financial position of Greece has indeed been raised on Friday at an informal meeting in Luxembourg, attended by several Ministers of Finance of the euro area, whose French Christine Lagarde, Germany's Wolfgang Schäuble The Italian Giulio Tremonti or Greek George Papaconstantinou.At that point also to the subjects on the agenda – aid to Portugal, the regulation of financial markets, the successor of Jean-Claude Trichet as head of the ECB – "have not even been processed, lack of time, "says Les Echos on its website on Saturday, citing" a source described as European. "

Accelerating privatization

At the heart of discussions among members of the euro area, the ability of Greece to honor the commitments made in the context of assistance of 110 billion euros granted by the EU and the IMF a year ago. According to Les Echos, the Europeans have been willing, in exchange for new measures of fiscal adjustment, to pay 20 euros to 25 billion additional to Greece, where they would prove insufficient instant credit report. A sum which would, according to business daily, covering almost all the financing needs of the country in 2012.

Previously, however, the Greeks will accelerate the ongoing privatization. While the report had planned disposals of EUR 2 billion in 2012, "it will take much more raking Athens, about 25 billion by 2013," said the European source quoted by Les Echos. "If these measures are not sufficient, Greece should further tighten the screws tax," she added.

Debt restructuring again rejected

However, the assumption of a debt restructuring Greek has once again been rejected by the participants. While Lars Feld, one of economic advisers to Angela Merkel, considered by example on Sunday that the restructuring was "the only way forward so that Greece is a little relieved that creditors and help to solve the Greek problem "President of the Eurogroup Jean-Claude Juncker reiterated that such an option was excluded.While stating that a new adjustment program would still be discussed at the next meeting of the Eurogroup on 16 May.

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