Given the incompetence of the governments in managing the euro crisis, the ECB must assume a key role, a course of action that is not without its risks, writes the liberal-conservative business paper Il Sole 24 Ore: "Compared with the indecision, slowness and dilettantism displayed by national governments, the ECB's professionalism and credibility is impressive. This is why we must now put our last hopes in the Eurotower in Frankfurt. Placing unconditional trust in the ECB is however not without its risks. Expecting a single meeting to decide everything is dangerous and could turn into a test of nerves for the institution and its credibility. All too often in this crisis we have seen steps announced only to be retracted in the ensuing press conference. But this time there's no going back. And Mario Draghi knows it. ... The main thing is that the ECB council is also clear on the fact that it can't retract a decision with later announcements once it has been made." (02/08/2012)

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All available articles from » Alessandro Leipold

Greater responsibility in solving the euro crisis is what the liberal-conservative daily Diário de Notícias hopes today's meeting of the ECB governing council will produce: "On the table is the proposal to grant the ESM bailout mechanism a banking licence, even though thanks to Germany's constitutional court the mechanism is not even in force yet. ... Its current firing power of 500 billion euros (which can be boosted to a maximum of 700 billion euros) won't be enough if Spain or Italy need help. ... As expected, the German bookkeepers, pointing to the danger of inflation, are against an unlimited euro bailout fund. They should be reminded that inflation is only a potential risk whereas the damage Berlin has done with its austerity dictates is real. Giving the ESM a banking license would only be a temporary solution anyway. The main thing would be to turn the ECB into a proper central bank that doesn't hesitate to use financial instruments when the public welfare is at stake - as is unquestionably the case here." (02/08/2012)

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More from the press review on the subject » EU Policy, » Fiscal Policy, » Economic Policy, » Portugal
All available articles from » Viriato Soromenho-Marques
Who's saying what » Ways out of the debt crisis

ECB chief Mario Draghi must live up to the high expectations he fuelled last week at the meeting of the governing council today, warns the liberal daily La Vanguardia: "The main weapon of the ECB is its credibility. The president of the ECB is therefore obliged today to fulfil the expectations he awakened last week when he said the institution would do whatever it takes to save the euro and that what it does will be enough. All political and economic observers interpreted these words to the effect that the monetary authority is willing to fire up mechanisms to stabilise the debt market and allow reasonable financing for the members of the monetary union, in particular Spain and Italy. Both countries, which are suffering from the distrust of the financial markets, could see their current financing problems worsen to the point where they are unsustainable if Mario Draghi doesn't get a grip on the situation today." (02/08/2012)

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Who's saying what » Ways out of the debt crisis, » Spain in the banking crisis

Germany must finally commit to a concrete strategy for fighting the debt crisis even though it faces a choice between bad and even worse options, writes the left-liberal daily Süddeutsche Zeitung: "Some of these are calculable in euro and cents, some are not, because political costs bear no price tags. A fleeting feeling of national triumph can end in bitter political isolation and a dangerous European political balancing act. ... The really bad option would be the collapse of the European currency system. Whether Greece's exit from the Eurozone is already part of this makes for a splendid debate. ... The bad option involves the intervention of the Central Bank. Since a banking license [for the permanent ESM bailout fund] can only be introduced through contractual changes for which there is neither the time nor the political energy, the ECB will have to intervene directly. Politicians will have to exploit all possible mechanisms to avoid letting the crisis states off the hook when it comes to implementing reforms that are so crucial to Europe's long-term recovery. This however calls for trust among states. The nations of Europe and their leaders should at least be able to come up with that much." (02/08/2012)

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All available articles from » Stefan Kornelius
Who's saying what » Ways out of the debt crisis

After a round of tough negotiations, the Greek government agreed on a new austerity package on Wednesday evening. The aim is to cut spending by 11.5 billion euros so that the country can continue to receive support from international creditors. The left-liberal online paper To Vima explains the circumstances of the deal: "Greece is under major pressure from abroad, and its hands are tied. At the same time the situation within the country is growing increasingly tense. The experts of the troika must compile a report on Greece's efforts to economise which will then decide whether the country will continue to receive financial support. ... The government can no longer take risks and play with the fate of the country. It is therefore hoping that it won't be forced to make even tougher compromises. This is a major dilemma to which no end is in sight. ... Greece can't free itself of the pressure without great pain and effort, and must prepare for further difficulties." (02/08/2012)

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Who's saying what » Greece puts the Eurozone to the test

The Russian judiciary charged the prominent blogger and opposition leader Alexei Navalny with embezzlement on Tuesday. He allegedly cheated on the state as a consultant for a timber company. If he is found guilty he faces up to ten years in prison. But ultimately this bullying of the opposition could hurt President Vladimir Putin the most, writes the liberal daily Kainuun Sanomat: "It's quite possible that Navalny is to made an example of as a warning to Putin's critics and opponents. Three members of the feminist punk band Pussy Riot have also been charged with disturbing the peace in a strange show trial. ... The young women face up to seven years in prison. According to surveys half of Russia's citizens are against the trial, only a third support it and only one in ten wants the women to be put behind bars. The harsh treatment of the musicians is arousing sympathy - after all, they have already apologised for offending religious sentiment. But in the end tough sentences against Pussy Riot and Navalny could backfire on Putin." (02/08/2012)

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More from the press review on the subject » Human rights, » Unrest / Riots, » Russia

The acting governor and chairman of the populist far-right party Freedomites in Carinthia (FPK), Uwe Scheuch, stepped down unexpectedly on Wednesday only to be replaced by his brother. Lawsuits are pending against both politicians. For the liberal-conservative daily Die Presse, this brazen shuffling of posts in Carinthia's strongest regional party is politics Russian-style: "When Uwe Scheuch threw a photographer out of the room while announcing his alleged resignation 'on the grounds of media harassment, claiming that the man had taken 'compromising photos', the true colours of this populist Carinthinan party were on display. Vladimir Putin and Dmitri Medvedev simply swapped positions and carried on ruling. The Scheuch version looks a little different but the outcome is the same: the younger brother may be resigning from politics after being convicted by a court of first instance, but the former group chairman and older brother is taking over as head of the party and acting governor, so we can safely assume that both will continue to lead the party." (02/08/2012)

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All available articles from » Rainer Nowak

Writing on the blog of the London School of Economics Hugo Brady of the Center for European Reform proposes the idea of a 15-year political union that would span three legislative periods of the European Parliament, starting in 2014. This, he says, would give the EU members time to implement reforms and make the monetary union sustainable: "At present, Eurozone voters neither want a collapse of the euro (which would be catastrophic) nor a federal super-state. But they might be persuaded of the merits of a third option - a temporary loss of economic sovereignty for three electoral cycles, which could secure their living standards for a generation. This would buy the kind of time from the markets that governments really need to fix Europe's broken banking system, re-design the common currency and realise the slow-burning benefits of wide-ranging economic reform. It would boost the confidence of businesses, banks and consumers in Europe that are currently too scared to invest, lend and spend as normal. And it would help free the global economy from introspection, in turn creating new export demand to brighten Europe's growth outlook and make its debt burden more manageable." (01/08/2012)

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All available articles from » Hugo Brady
Who's saying what » Ways out of the debt crisis

Europe still hasn't come up with a solution to the euro crisis, writes the left-liberal daily Delo in disbelief: "The discussions about the euro crisis increasingly resemble those about global warming. All the politicians are warning of a catastrophe of biblical proportions which we won't escape if we don't act immediately. We watch on as words and threats inflate, one fateful summit after another produces ever new solutions, all of which fail - and meanwhile the monetary union is melting away like the glaciers. ... We have to ask ourselves whether all the fears - as with the environmental problems - are pure speculation. One simply refuses to believe that the accumulated global intelligence of the 21st century can't find a solution to the problem it itself refers to as the debt crisis of the Eurozone." (02/08/2012)

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All available articles from » Damijan Slabe
Who's saying what » Ways out of the debt crisis, » The row over debt mutualisation

Despite the economic crisis and high unemployment figures the US central bank, the Fed, left the base interest rate at its historical three-year low of 0 to 0.25 percent on Wednesday. The protectors of the currency nonetheless reserved the right to give the economy a boost if needed. With this decision the US wants to help the Eurozone out of the crisis, writes the chief economist of the Polish subsidiary of Nordea Bank, Piotr Bujak, in the liberal daily Gazeta Wyborcza: "From a European perspective it's good that the Fed is not acting prematurely. … Had it decided to ease its monetary policy this would have triggered a brief wave of euphoria on the market, but would also have strengthened the euro. A weaker euro increases the competitiveness of the European economy and helps the southern countries to overcome the crisis. It also helps Germany's economy, and the credibility of the entire Eurozone depends on the state of Germany's finances. The macroeconomic situation in the US is not that bad at present, which is why the Fed can afford such a cautious approach." (02/08/2012)

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All available articles from » Piotr Bujak

The American writer Gore Vidal died on Tuesday at the age of 86. The liberal-conservative daily Neue Zürcher Zeitung praises his sharp tongue and political engagement: "Like no other American writer Vidal stood for brains and glitz, he was as at home on New York's intellectual stage as on the political dance floor in Washington or in Hollywood's hall of mirrors. Never at a loss for words, never concerned about his popularity, Gore Vidal was America's cheekiest critic. ... Vidal was among the most furious opponents of the American intervention and war in Vietnam, he founded the left-liberal People's Party in 1970, and ran for Congress and later for the Senate in a campaign that was as loved by the media as it was doomed to fail. Whether engaged in a battle of words with conservative journalist William Buckley Jr. or in a real fist-fight with fellow writer Norman Mailer, Vidal always had the sharpest tongue and the wittiest retorts." (02/08/2012)

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All available articles from » Stefana Sabin

In the biggest Swedish trial since the investigation into the assassination of Prime Minister Olof Palme in 1986, several members of the so-called Södertälje network have been condemned to long prison sentences. The gang kept the city of Södertälje, not far from Stockholm, in a state of terror for years with a spate of murders, kidnappings and blackmailing. The liberal daily Dagens Nyheter calls for consistent action against such groups by police and judiciary: "Police officers in Södertälje reported several cases of operations being suspended and inconsistent management. If resolute action [as in recent years] had been taken at an earlier point the parallel societies in Södertälje would never have developed in the first place. Now we will see what conclusions are drawn in Malmö und Gothenburg. There, too, are areas where the distribution of power between the state and gangs remains unregulated [and which are ruled by the gangs]. ... Södertälje teaches us a clear lesson: the constitutional state must never yield - not even by a millimetre." (02/08/2012)

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The alleged drug boss Yosko Yossifov has been on trial since March 2011 after killing two people in a traffic accident while under the influence of drugs. However the court allowed him out on bail after the court doctors testified that he was severely paralysed. Now a video has emerged showing Yossifov running through Sofia and getting into his car. The daily Standart is outraged: "As soon as they come to trial the big-time bandits who otherwise are teeming with health, who run round with a  bunch of girls in tow, pushing heroin, suddenly become chronically ill. ... In the courtroom they pull faces and wet their pants. But as soon as they are released on bail they are back in business, grinning arrogantly behind the tinted windows of their luxury limos. The stupid ones are the Bulgarian citizens whose tax money pays judges and medical experts to act objectively in the interests of society at large." (01/08/2012)

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All available articles from » Dimitar Iliev

In the Olympic Games athletes from lesser-known disciplines are finally getting some of the limelight, the regional paper L'Est Républicain is pleased to report: "Every day the competitions bring refreshing new insights. The top athletes are indifferent to the pressure and the Olympic hullabaloo, some of them have waited four years for their little place in the sun. Who is interested in fencing outside the Olympics, a sport from a bygone era that is hard to judge; or judo, which is all about grabbing your opponent's arm; or white-water canoeing, or the ten-metre air pistol, a discipline almost no one had heard of before these games? Let us enjoy the talents of athletes like Flessel, Estanguet, Agnel and Décosse [who are competing for France in London], their determination, their brilliance and their modesty. Such qualities set them apart from the spoiled children of football whose pride and purses are as inflated as carnival balloons." (02/08/2012)

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