The rebound is still limited as tensions persist in the euro area.

In Paris the CAC 40 rose 1.18% to 3135.03 points. In Frankfurt, the Dax gained 0.69% and London, the FTSE is 0.32%. The pan-European index Stoxx 50 in advance for its share of 0.93%.

The values, Michelin, a time reserved to decline, lead of almost 7.11% and the best performance of the CAC 40 after the publication of its turnover for the first quarter showing lower sales volumes offset by price increases.

STMICROELECTRONICS lead of more than 4.50% despite announcing a first-quarter loss attributed to the decline in sales in the segment of products for mobile phones and the impact a court decision.

Essilor rose by nearly 1.61% after announcing strong organic growth over the first three months of the year. 

NOVARTIS was down 1.18% after confirming expect a slight deterioration in profitability this year after a first quarter affected by an interruption production on one of its sites in the U.S. and unfavorable basis for its subsidiary Sandoz.

On the bond market, Bunds are below their record highs Monday, the market pausing, but they remain attractive to the extent that the uncertainty in the euro area is now affecting his core.

After the resignation of the government, the Netherlands, however, successfully awarded two bond lines that allowed them to raise two billion euros. 

Sign of the tensions in the euro area, Italy had to pay Tuesday unprecedented efficiencies since January in connection with auctions of zero coupon bonds or indexed.

Investors also sought a high premium for a tender Spanish short term.

On the foreign exchange market, the euro is changing the balance of around 1.3163 dollar but failed to really bounce back despite the successful bond issue in the Netherlands and after experiencing its worst day in a week Monday.

The European currency hit a 20-month low against the pound sterling at 81.45 pence, weighed down by concerns over the euro area.

Up to a thousand individual companies will put the key under the door every week in Greece in the first half of 2012 due to the serious crisis that is sinking the country, said Friday the European Commission, which seeks to root the problem.  

"Greece is facing an economic crisis and social crisis which is reflected in the situation of small and medium enterprises: six out of ten companies have seen their incomes decline in 2011 and 150,000 jobs were lost," said the Commission in a press on the sidelines of the visit to Athens Friday the European Commissioner for Industry, Antonio Tajani. "It is estimated that during the first half of 2012, up to 1,000 small businesses have closed every week," said the statement, which does not provide estimates on the number of companies created in parallel.

The Commission therefore calls for increased aid to these companies, self-entrepreneurs and family businesses, which form the bulk of the Greek economic fabric. Since last September, the European Union through its Task Force for Greece including trying to find ways to overcome the credit crunch affecting SMEs, banks, deficit, cut off from markets and dependent on the ECB, having suspended loans. In March, a special guarantee fund, with 500 million euros, was created by the EU to promote through the European Investment Bank lending to SMEs up to a billion euros.

According to the Commission, in 2010, Greece had 742,600 very small businesses, employing a total of 2.512 million employees, over 85% of total employment in the country, a record level in the EU. These structures produce 35.3% of the value added of the country against 21.8% on average in the EU. With 14% of employees on average in Greece, against 33% in the rest of the EU, large companies they create 28% of the value added, highlighting the low productivity of small businesses in Greece, the Commission added.

The assistance provided to Greece to prevent it from falling into bankruptcy amounted to a total of 380 billion euros in the form of loans, are injected directly and debts erased, said Wednesday the European Commission in a statement.

This includes the 40 billion euros of EU funding in 2007-2013 for Greece. In addition, there are 100 billion euros of debt that the private sector has agreed to remove and 240 billion euros of state aid provided by the EU and the International Monetary Fund. This corresponds to 33,600 euros per capita Greek, and 177% of gross domestic product of Greece, says the European Commission, who made a point Wednesday on its proposals to boost growth in the country.

Brussels reiterated its plans to use European funds to help support the Greek SMEs and youth employment. The Commission has 4 billion euros to help businesses. She also wants to focus on better control of public finances and a recapitalization of banks to support lending to individuals and businesses, particularly SMEs.

The Commission has a mission of experts ("Task Force") which together with the Greek authorities to implement the reforms necessary to resolve the crisis. Around the task force, member countries of the Union offer their expertise to help Athens to complete his reforms.

According Caixin.com, citing a source close to Sinopec, the Asian oil company has found a non-binding agreement to take control of YPF for more than 15 billion dollars (11.4 billion euros).

A Sinopec spokesman declined to comment on "market rumors".

For its part, the president of Repsol Antonio Brufau said at a press conference that the tanker had received many expressions of interest from international groups to take a stake in YPF but did not comment on the information on Sinopec. 

Also according to the site Caixin.com, Sinopec estimated oil reserves of YPF in Argentina have a potential for development. The group ensures to meet the requirements of the Argentine government to accelerate the development and production.

The Argentine President Cristina Fernandez announced Monday it would ask Congress for the expropriation of 51% of YPF's energy group, immediately attracting the warnings of important trading partners and in particular a strong reaction from Spain.

The first estimate of the deficit is to be published by INSEE Friday morning.

The objective of the Finance Act was 5.7% and the government indicated it could be 5.3%.

Asked by Reuters, the Budget Ministry did not wish to comment.

The government and the two main candidates in the presidential election, the socialist Francois Hollande and Past President Nicolas Sarkozy pledged to reduce the deficit (which includes State, local and social security) to 4.5% of GDP at end 2012 and 3% in late 2013.

"This is not a rejection of nuclear energy, just a decision on how we are investing," said Johannes Teyssen in an interview published Friday by the German newspaper Handelsblatt.

RWE and E.ON announced on Thursday to abandon their plan of 18 billion euros to build new nuclear plants in the UK, which could undermine the objective of London for renewal of the reactor pool. 

Both groups have justified this decision by the choice of Germany to break with nuclear energy, high operating costs of their joint venture and the dice Horizon ; lais required by the construction of new nuclear plants.

E.ON also said Thursday it would continue its project to build a nuclear reactor in Finland through the consortium Fennovoima, in which the German group owns 34% through its Finnish subsidiary.

CaixaBank offers the equivalent of 1.97 euro per share Banca Civica via a public exchange offer (the offer) that values ​​the target at 980 million euros.

A second wave of consolidation is underway in the Spanish banking sector. This is for banks to rebuild capital after losses from the bursting of the speculative real estate bubble in late 2007.

With total assets of 285 billion euros, CaixaBank is about four times larger than the Civic.

The shareholders of Banca Civica CaixaBank will receive five shares for every eight shares held. This represents a discount of 11% over the closing price Friday of Banca Civica. Quotations CaixaBank and Banca Civica were suspended Monday before the markets open.

The banks hope to have the approval of their shareholders by June 30.

Sources close to CaixaBank, it is not excluded that the institution has used a capital increase to finance its acquisition.

The government of Mariano Rajoy wants to reduce the number of banking groups to ten when they were over 40 before the crisis.

The new alignment will bring more difficult to find a partner for Bankia, particularly exposed to real estate, say observers.

Caixa said in a statement it would maintain its dividend to 0.231 euros per share in 2012.

In March 2010, financial storm, the government launched the national loan to support the economy: the key to an envelope of 35 billion euros to finance research and innovation. Two years later, the device has already helped to select and provide funding to 880 projects on 3,000 proposals received.  

"Today it is 25 billion spent, but in a few days, there will be 27 billion," says Alain Juppe, who was with Michel Rocard, co-chairman of the Supervisory Commission and Great Loan Rene Ricol, Commissioner General investment, a press conference-record March 20.

€ 6 billion for education

Among the 880 projects already selected, higher education is carving the lion's share. 8 and excellence initiatives, designed to bring out the poles leading academics, have been funded for more than 6 billion euros. In addition, eight technology research institutes combining private and public research have received a total of 2 billion.  

In industry, it is aviation, and in this case EADS, with its two subsidiaries Airbus and Eurocopter, which has hit the jackpot: € 1.4 billion for two demonstrators, one of composite airplane, another helicopter of the future. The banking industry, announced in February by Nicolas Sarkozy, should also benefit from a contribution of one billion euros through the big loan.

In sustainable development and the digital economy, the budget allocated to the various projects are less important. They concern, for the first, low-carbon or renewable energies, for the second, the digitization of content, cloud computing, e-health or e-education.

No doubt, the teams have carbureted big loan. They still have two new programs announced yesterday university hospital oncology in Ile de France and Toulouse. But it is still early to assess the impact of these investments for the future of the economy and the role of France in international competition.

The company in financial difficulty, does not meet its turnaround plan, said the minister who was speaking to reporters.

Kingfisher Airlines is now operating more than 18 aircraft, barely more than a quarter of its fleet.

The company, whose debt stands at $ 1.3 billion (995 million), could file for bankruptcy if banks continue to refuse to lend money for its operations rations from day to day. 

A massive decrease in thefts has reduced the turnover of the group and the carrier has almost no money to defray the salaries and meet its tax liabilities and its airport charges.

The chairman of Kingfisher, Vijay Mallya, will meet the civil aviation authorities Tuesday or Wednesday to discuss the Group's recovery, the minister added.

According to data from Airbus, current orders Kingfisher deal 32 single-aisle A320 Family, 20 A330s, five long-haul A350 and five A380 super-jumbo.

The majority of the capital should remain controlled by regional banks, which will 230 million euros on the table while the state plans to provide at least 250 million.

A financial source said that the state would recover the direct participation of over 40% in Volksbanken after the recapitalization.

The capital of the bank is currently owned 60.8% by sixty Austrian credit institutions, to 23.4% by the German DZ Bank, to 9.4 by the insurer Ergo% and 5.7% by Raiffeisen Zentralbank. 

Volksbanken had received in 2009 one billion euros from the state but failed to meet its deadlines for repayments on time, providing the government Austria the opportunity to turn his loan into securities.

The Austrian Minister of Finance, Maria Fekter, however, said they wanted to avoid this scenario, Vienna has already had to nationalize Kommunalkredit and Hypo Group Alpe Adria since the outbreak of the financial crisis .