Facebook's value is based simply on the expectations of the advertising sector, writes the liberal daily Kurier and fears that the speculation bubble may quickly burst: "Whereas previously the Internet was used to sell pretty conventional products and services, ingeniously the product of Facebook is the user himself. This user, who allows himself to be stored in a database, scanned, analysed and marketed for free, has practically no fear of data theft, Big Brother or the dictatorship of machines. … This all sounds like 28-year-old Mark Zuckerberg has reinvented the money printing machine. But more and more experts are saying that the gigantic Facebook speculation bubble that has put the company's value at 100 billion dollars could soon burst - indeed as soon as the advertising sector is forced to admit that no one is interested in its own messages on Facebook." (18/05/2012)

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All available articles from » Bachner, Michael

According to a study by the news agency AP, many users doubt the reliability of Facebook and don't react to advertising. The long-term success of the network remains questionable even after its gigantic floatation, the Christian-social daily Trouw warns: "It wouldn't be the first Internet company to drift to the edge of the virtual world simply because its sole pillar of success collapsed with time. … Naturally things could turn out differently for the company, and perhaps they're already working on the next big strike. Or Facebook will be the next big bubble. In view of all the current hype about Facebook, the euphoria of the investors, the issuing of more shares and the rise in its issue price the worst is to be feared. You would think the financial world would have had enough of expensive adventures after the dotcom bubble and the bank crisis and play it safe for a while. But real products and long-term strategies are obviously still far more boring than the hunt for a real stock exchange hit." (18/05/2012)

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In view of the IPO of the social network Facebook, the conservative daily The Times praises the revolutionary era of the Internet: "The Facebook initial public offering is a landmark moment. But it probably represents only the beginning of many further phases of innovation. It is already possible to imagine how the web may change the way that people will learn and acquire new skills. It is already clear that technology will transform access to medical advice and health monitoring. There will be more developments, as yet unknown. It would be churlish not to be inspired by Mark Zuckerberg, Facebook's founder. His intellect, personality and aspirations are compelling. So is the idea of global communities bound by technology and interests, free from the constraints of geography." (18/05/2012)

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Facebook's IPO is big news for all Facebook users, writes the Portal 15min: "Even if you use Facebook only as an instrument for your virtual socialisation and aren't interested in investments or the commercial aspects of the company, the fact that Facebook's floatation will turn its stockholders from billionaires on paper into real billionaires could influence your everyday life. The billions of dollars accumulated on the stock exchange will be used for the development of new Facebook products. … So we can reckon with more innovations and improvements in the near future. … The other, not entirely welcome change for us will be the increased amount of advertising when using Facebook on mobile devices." (18/05/2012)

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All available articles from » Daumantas Mikučionis

The new cabinet of French President François Hollande began its official business on Thursday. Now foreign policy will be dictated by politicians who spoke out against a European treaty in 2005, writes the left-liberal daily El País: "It is paradoxical that the current foreign minister, Laurent Fabius, and his colleague responsible for EU policy, Bernard Cazeneuve, were the most outspoken supporters of the No that sunk the European constitution in the 2005 referendum. Today they're all for Europe; for a different Europe, as new Finance Minister Pierre Moscovici explained yesterday. In a double sense: on the one hand they want a growth agenda to complement the fiscal compact. On the other they promise that under the Franco-German leadership the Union will once again become a community in which all the member states and institutions have their say. In other words, they are distancing themselves from the idea of a board of directors."  (18/05/2012)

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Who's saying what » Ways out of the debt crisis

The heads of state and government of the G8 will convene at Camp David in the US on Friday evening. The main topic at the summit will be economic and financial policy. The rustic setting of the meeting will provide a fitting backdrop for its drama, speculates the liberal-conservative daily Corriere della Sera: "When Obama receives the heads of state and government of the G8 at rustic-chic Camp David this evening, the sherpas and diplomats will experience the delights of the boy scout lifestyle as they will be accommodated in wooden bungalows with three-bed rooms under the treetops of the president's Maryland retreat. Some already see this as a metaphor for the fact that the summit brings together an ex-leadership that must adjust to a more Spartan lifestyle now that a deep and enduring crisis is already evoking memories of a war economy. … The summit may take a dramatic turn, not because of the decisions that are made there but because of the things that may be said: for the first time the potential collapse of the Monetary Union will be openly discussed." (18/05/2012)

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

The UN Tribunal in the Hague on Thursday postponed the trial against the presumed Serbian war criminal Ratko Mladić for an indefinite period, accusing the prosecution of having denied the defence lawyers access to certain documents. The conservative daily Lidové noviny is highly critical of the court: "Normal people can only wonder it could come to this. After all, Ratko Mladić was arrested in May 2011, the prosecution has had a full year to gather evidence. How can it be that their arguments are so weak that the trial can't even start? The situation is doubly embarrassing because the Tribunal for the former Yugoslavia sits in The Hague, in the Netherlands. It was Dutch troops that were supposed to protect Srebrenica in 1995, and who ultimately delivered the people there into Mladić's hands. Years later, the Dutch government got into difficulties over these events. That should have been lesson enough, but now the International Criminal Tribunal in the Dutch city of The Hague has shown us that no lesson whatsoever has been learned from this experience." (18/05/2012)

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All available articles from » Zbyněk Petráček

For the first time in 12 years the German cabinet raised its own pay on Wednesday. The salaries of its members will increase 5.7 percent in three steps by August 2013. The liberal daily Phileleftheros sees this as unbearably arrogant of Merkel given the current crisis: "The chancellor's monthly pay will go up by 930 (!) euros to a total of 18,104 euros! So the chancellor will receive a pay rise that amounts to many times the average pay of employees in the EU. At this point we should recall a statement made by Frau Merkel two weeks ago. She said that if people want to lead a bearable life they must get along with what they earn. … It seems as if she has lost all sense of money. The provocations and arrogance of Frau Merkel are boundless. It's almost as if Germany had decided to make itself cosy in the crisis." (17/05/2012)

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All available articles from » Marios Christodoulou

Greece must leave the Eurozone as soon as possible, writes US economist Nouriel Roubini in the business paper Jornal de Negócios: "The Greek euro tragedy is reaching its final act: it is clear that either this year or next, Greece is highly likely to default on its debt and exit the Eurozone. Postponing the exit after the June election with a new government committed to a variant of the same failed policies (recessionary austerity and structural reforms) will not restore growth and competitiveness. Greece is stuck in a vicious cycle. … The only way to stop it is to begin an orderly default and exit, co-ordinated and financed by the European Central Bank, the European Union and the International Monetary Fund (the 'troika'), that minimizes collateral damage to Greece and the rest of the Eurozone. … Like a doomed marriage, it is better to have rules for the inevitable divorce that make separation less costly to both sides. Make no mistake: an orderly euro exit by Greece implies significant economic pain. But watching the slow, disorderly implosion of the Greek economy and society would be much worse." (18/05/2012)

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

The right-wing conservative Hungarian government led by Viktor Orbán is increasingly coming under fire both at home and abroad for its economic policy. The pro-government conservative weekly Heti Válasz points out that the government doesn't agree with traditional approaches and is putting its faith in creativity instead: "In reality the agents of the global economy are competing with each other when it comes to creative ideas. The well-being and woes of the nations depend to no small degree on their creative energy. … It may be that our steps in economic policy don't comply with the old logic and deviate from tradition, but they are new and fulfil their purpose. Besides, the traditional patterns of economic policy behaviour aren't working in other nations, either: of the 27 governments in the EU, 16 have already failed as a result of the old approaches. The creative character of Hungary's economic policy is no longer doubted by anyone today. … Within a short period of time our fight for freedom in the economy has already produced more advantages than disadvantages. … Although renewal is painful, it leads to national prosperity. So trying out new approaches is worthwhile." (17/05/2012)

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All available articles from » György Matolcsy

The US carmaker General Motors decided on Thursday to cease production of the Opel Astra in the German plant at Rüsselsheim and shift it to plants in Ellesmere Port (UK) and Gliwice in Poland. The decision against Rüsselsheim is fully justified, the conservative daily Rzeczpospolita writes: "The Opel bosses have consistently praised the plant in Gliwice. And all of them have promised that the quality of production there would be rewarded with contracts for additional models. ... Poland's success with Opel is at the same time a defeat for the German plants. The German unions focused much effort on the new Astra, making threats and demanding wage increases, on the basis that this would be beneficial to the German economy. Now we have learned that Gliwice has been given the chance to develop and create new jobs. Something the city entirely deserves." (18/05/2012)

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All available articles from » Danuta Walewska

The Finnish city of Turku's year as European Culture Capital 2011 has also paid off in economic terms, according to a report published by the Turku School of Economics. The experience gathered in the last year must now be put to use for the future, writes the liberal daily Turun Sanomat: "Turku has no reason to rest on the laurels of its success; it's time it rolled up its sleeves again. The year as Culture Capital is particularly promising for the creative economy. The positive climate for culture, the citizens' activities, the experience that was gained and the networks that were created must be put to good use. ... The creative economy could be a new pillar of support for Turku. Especially now that the trend in the traditionally successful sectors of biotechnology and IT is leaving much to be desired." (18/05/2012)

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Smoking is to be banned in all public spaces in Bulgaria as of June 1, the parliament in Sofia legislated on Thursday. However a law alone will not deter the stubborn Bulgarians from smoking, the daily Novinar writes, calling for strict punishment for offenders: "Until now the rights of non-smokers have been violated, who against their will were subjected to smoke and the smell of tobacco. ... So it is now high time that Bulgaria follows the trend in the civilised West and also bans smoking. Even our 'oriental' neighbours in Turkey have introduced a total ban on smoking and are implementing it strictly. ... But for the smoking ban to function here it cannot just remain on paper: it must also be enforced. The Bulgarians use every means at their disposal to hoodwink the state. And as this behaviour is deeply rooted in their psyches, we need stronger controls and hefty fines for all those who fail to heed the ban." (17/05/2012)

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All available articles from » Peter Chergarov

The relegation game between Fortuna Düsseldorf and Hertha BSC for a spot in German football's first division Bundesliga in Berlin on Tuesday was interrupted for several minutes when fans on both sides set off fireworks in the stadium. Football has a violence problem, writes the left-liberal daily Süddeutsche Zeitung: "It is the backdrop for ever more brutal, often life-threatening incidents that find their place in the crime statistics. Sometimes there is an extreme right-wing background, but in many cases it's just sheer excessiveness when buses, trains and roadside service areas are left destroyed. ... The true act of violence, also in Düsseldorf, was the use of pyrotechnics, fireworks that were smuggled into the stadium by rowdies. The game was interrupted for seven minutes. ... This fan culture fascinates many youths, and the participation of extremist groups increases with the significance of the event. To adequately tackle this phenomenon the clubs must expand their social-pedagogical competence and invest in fan projects. The activities must go beyond the limits of the stadium, to gain a better understanding of who's involved." (18/05/2012)

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All available articles from » Klaus Hoeltzenbein