ANTIQUES SHOPS

The newspaper also reported that France has accepted Germany's rejection of its call to issue mutualised debt in the euro bloc and now agreed that so-called euro bonds were a project to be looked at over a 10-year time frame.

The 120 billion euros are to come from a combination of short-term growth instruments such as project bonds, reallocated EU structural funds and fresh investment capital from the European Investment Bank.

French President Francois Hollande submitted his ideas to EU partners and the European Council a few days ago ahead of a Group of 20 summit in Mexico on Monday and Tuesday and four-way talks with the leaders of Germany, Italy and Spain in Rome on Friday.

"From June, the European Council should adopt growth measures having a rapid impact and totalling 120 billion euros," the newspaper cited Hollande as saying in the document, entitled "European growth pact."

Hollande said the measures should be enlarged upon before the end of 2012 with the creation of a financial transaction tax and measures to create jobs, especially for young people.

The 120 billion euros would be made up of some 55 billion euros of unused EU structural development funds, some 4.5 billion euros in project bonds for infrastructure projects and 60 billion euros in capital that could be raised by the EIB if it were given an extra 10 billion euros in financing, the newspaper said.

Hollande, France's first Socialist leader in 17 years, is demanding that Europe complement a budget discipline pact agreed earlier this year with a growth pact, an idea so widely supported that Berlin has come around to it.

Hollande has put himself on a collision course with the German government, however, with his push for the euro zone to adopt new mechanisms to insulate member states and their banks from market turmoil, such as a joint fund to pay down debt.

Hollande discussed his ideas with Italian Prime Minister Mario Monti in Rome on Thursday and also circulated them to European Council President Herman Van Rompuy and others two weeks before the crucial June 28-29 summit.

The French president also wants the euro zone's ESM permanent rescue fund to be given a banking licence to allow it to borrow money from the European Central Bank to bolster its firepower.

German Chancellor Angela Merkel strongly opposes creating euro bonds in the near term or having Germany underwrite debt or guarantee bank deposits in the euro zone. (Reporting by Jean-Baptiste Vey; writing by Gus Trompiz; editing by Mohammad Zargham)

The former world number one, bidding to end a four-year title drought in major championships, started the day tied for the lead at one under par with fellow Americans Jim Furyk and David Toms.

But the pacesetting trio all bogeyed the 509-yard first hole to drop back to even.

That left them one stroke clear of a group of four players - Americans Michael Thompson and John Peterson, 2010 champion Graeme McDowell of Northern Ireland and Belgian Nicolas Colsaerts.

McDowell, Peterson and Colsaerts all safely parred the first two holes while Thompson, who led after the first round, made a birdie at the first to join the leaders but handed the shot back when he bogeyed the par-three third.

Conditions on the notoriously difficult course were slightly easier in the morning, allowing a handful of early starters to break par, but were expected to get harder in the afternoon once the winds picked up and the greens began to quicken.

American Casey Wittenberg, who teed off five hours before Woods, made an eagle at the seventh hole, then birdied the last two to sign for a three-under 67 to move to five over.

"By the time Tiger and those guys tee off, I think it's going to be a brick," Wittenberg told reporters of the firm and fast-running layout at the Olympic Club.

"There are a lot of front pin placements out there and it's hard to get to those front pin placements when it gets a little crusty in the afternoon.

"I'm sure with the sun being out and everybody walking on those greens it's going to be a challenge." (Editing by Mark Lamport-Stokes)