  Using the XMM-Newton X-ray observatory to monitor the nearest star to the
Sun, Proxima Centauri, we recorded the weakest X-ray flares on a magnetically
active star ever observed. Correlated X-ray and optical variability provide
strong support for coronal energy and mass supply by a nearly continuous
sequence of rapid explosive energy releases. Variable emission line fluxes were
observed in the He-like triplets of OVII and NeIX during a giant flare. They
give direct X-ray evidence for density variations, implying densities between
2x10^{10} - 4x10^{11} cm^{-3} and providing estimates of the mass and the
volume of the line-emitting plasma. We discuss the data in the context of the
chromospheric evaporation scenario.
