Spain will have no choice but to seek help from the bailout fund, writes the liberal-conservative daily Die Presse. Unlike with Greece this rescue operation may actually be worthwhile for Europe, the newspaper surmises: "The chances that the whole thing will work out are … much better than for instance in Greece. Because Spain has a strong industrial base, at least in the north-east of the country, and it has a government that is introducing major reforms (the labour market reform for example). It also has less of a public debt problem than a private debt problem. The banking woes that are weighing so heavily on the government's purse now are largely due to the fact that many jobless Spaniards can no longer pay the over-sized mortgages they took out during the boom. Leaping to the rescue with bailout money here will therefore pay off for Europe. Provided the Spanish themselves want this." (06/06/2012)

» full article (external link, German)
More from the press review on the subject » Fiscal Policy, » Banks, » Spain, » Europe
All available articles from » Josef Urschitz
Who's saying what » Ways out of the debt crisis

After Tuesday's G7 telephone conference on the subject of the euro debt crisis, several Spanish newspapers have quoted an anonymous participant from Germany who described the Spanish as too proud to ask Europe for help. Germany is clinging to old prejudices and overlooking the fact that the situation in Spain is quite different to that in Greece, the conservative daily El Mundo complains: "The wording used by this government representative reveals that Germany sees us according to the old stereotype as a country of impoverished aristocrats that is too proud to ask for the help it is generously being offered. But things aren't that simple. The Rajoy government wants to avoid taking this step [of resorting to the bailout fund] because it could convey the impression on the international stage that Spain is treading the same path as Greece, Portugal and Ireland. And this is not the case because there is an important difference between receiving money to recapitalise a few banks in crisis and being rescued as an entire country. This is why Rajoy is wise to demand that the money should go directly to the banks, without the whole country suffering the stigma of being domineered or bailed out." (06/06/2012)

» more information (external link, Spanish)
More from the press review on the subject » EU Policy, » Fiscal Policy, » Banks, » Germany, » Spain
Who's saying what » Ways out of the debt crisis

After the Spanish government admitted on Tuesday that it was having trouble raising money on the financial markets the daily Público is pessimistic about the future: "The worst nightmare has come true. There seems to be no doubt any more that Spain will have to receive help. Too big to fail? Nowadays this no longer applies. The government has conceded that is has no choice but to seek Europe's support. According to the president of Santander bank, the Spanish banks need around 40 billion euros in additional capital in the short term. But far worse is the estimate of the Institute of International Finance, which fears that Spanish banks may be facing astronomic losses of up to 260 billion euros in the next two years. The EU and G7 reaffirmed on Monday that under no circumstances will they abandon Spain. But they must hurry. We need an end to the nightmare we are currently experiencing - and we need it tomorrow." (06/06/2012)

» more information (external link, Portuguese)
More from the press review on the subject » EU Policy, » Fiscal Policy, » Banks, » Portugal
Who's saying what » Ways out of the debt crisis

In the discussion about solutions to the banking crisis in Spain the country's Prime Minister Mariano Rajoy for the first time spoke out in favour of introducing euro bonds on Tuesday in Madrid. But for this project to go ahead France and Germany would have to sacrifice their most precious treasures, the left-liberal daily Süddeutsche Zeitung explains: "Without stronger unity and democratisation in Europe … there should be no euro bonds for financing sovereign debt. Why should the Germans be liable for the debts of other states if they can't have a say in the fiscal, economic and structural policies of those states? To put it rather drastically: If the French have a 35-hour working week, retire at 60 and appoint tens of thousands of new civil servants, should the Germans have to pay for the resulting deficits? Neither the German constitutional court nor the German voters will go along with this. … If the euro and the unprecedented project of a united Europe are to be saved, its two strongest states must sacrifice their most precious assets: Germany its money and France its sovereignty." (06/06/2012)

» more information (external link, German)
More from the press review on the subject » EU Policy, » Germany, » France, » Europe
All available articles from » Stefan Ulrich
Who's saying what » Ways out of the debt crisis

The Russian parliament on Tuesday tightened the laws governing the right to assembly in the country. For the conservative daily Frankfurter Allgemeine Zeitung the step "is typical of Vladimir Putin's style of rule: namely despotism in a legalistic guise. While the pro-regime media are touting the fact that on their way through parliament the maximum penalties contained in the original draft law were considerably reduced as proof of liberality, a mass of regulations were added that de facto abolish the right to assembly. This right had already been more a matter of theory than practice, but even that is obviously too much of a risk for Putin after he was forced to see how quickly theory can become practice in the months preceding his re-election. The judiciary now has an instrument at its disposal with which it can even hold the organisers of demonstrations accountable for drunken demonstrators." (06/06/2012)

» more information (external link, German)
More from the press review on the subject » Human rights, » Russia
All available articles from » Reinhard Veser

Serbia's new President Tomislav Nikolić trivialised the Srebrenica massacre on Friday, sparking a wave of discontent in neighbouring Bosnia. Nikolić is destroying the good work of his predecessor Boris Tadić, writes the liberal-conservative daily Neue Zürcher Zeitung: "The general normalisation of relations between the former wartime enemies is one of Boris Tadić's greatest achievements. Within a short space of time his successor Nikolić, who is still proud to have fought for a Greater Serbia, has managed to jeopardise all the progress that has been made. To mark their disapproval Bakir Izetbegović, the Bosniak member of the Presidency of Bosnia and Herzegovina, and the Croatian president Ivo Josipović will be absent from the new president's inauguration in Belgrade. Nikolić is unrepentant, on the contrary: according to his own admissions he is responsible for what he will do as new president but not for what he has said in the past. Nationalism is still virulent in EU candidate country Serbia." (05/06/2012)

» more information (external link, German)
More from the press review on the subject » International Relations, » Serbia, » Bosnien
All available articles from » Cyrill Stieger

The Czech parliament lifted the immunity of former health minister David Rath on Tuesday. Rath, who has been in custody for the last three weeks, had made a televised speech prior to his being arraigned in which he attempted to clear himself of allegations of corruption and blamed the police for scheming to cut short his political career. The liberal daily Mladá fronta Dnes comments: "Rath proceeded according to the motto: stop thief! That was an agonising experience. The prosecution, police and judiciary should now take action without further ado. All the evidence has come to light. The members of parliament should change the law so that a spectacle of this sort cannot be repeated. A member of parliament is a man like any other. When a judge sends him behind bars, he should not have the privilege of being able to make a public address. And Rath? He should drop his conspiracy theories, admit his guilt and repent." (06/06/2012)

» more information (external link, Czech)
More from the press review on the subject » Domestic Policy, » Crime, » Justice, » Czech Republic
All available articles from » Martin Komárek

The European Football Championship kicks off in Poland and Ukraine on Friday. But whereas Poland has a high standing in the EU both economically and politically, the event has hardly benefited Ukraine, the left-liberal daily Le Monde writes: "The only country in the EU not to have suffered a recession since 2008, Poland has modernised and opened up to a remarkable degree over the past two decades, acquiring an unprecedented weight within the EU. Ukraine, by contrast, has disappointed and irritated the European leaders. Instead of approaching the EU, embracing its values and taking the path to becoming a constitutional democracy and a market economy, it has become more entrenched in its ways. In this respect Euro 2012, which could have docked Ukraine on the continent and extracted it from its post-Soviet roots, is a failure." (05/06/2012)

» full article (external link, French)
More from the press review on the subject » Sport, » Economy, » Poland, » Ukraine

The US has warned repeatedly in recent months of the threat posed by the euro crisis to the global economy and called for growth-stimulating measures. These demands conceal the US's fear of Germany growing too strong, the liberal daily La Stampa contends: "It's true that the crisis affects all Europe, but it is no less true that Germany is swimming against the current in a flailing Europe. Its industry is thriving, its budget is healthy and the inflation rate is low. Thanks to the weak euro, Germany is also enjoying the benefits of a currency devaluation that can only work to the advantage of the world's second-largest exporter, without tarnishing its image. So Washington is beginning to ask whether Germany's predominance in Europe is really compatible with an 'Atlantic West'. … And whether there is perhaps a danger that Germany under Angela Merkel could be tempted to follow in the footsteps of today's China and set itself up as the world champion in exports, spurred on by a weak euro." (06/06/2012)

» full article (external link, Italian)
More from the press review on the subject » EU Policy, » Fiscal Policy, » Economic Policy, » Germany, » U.S.
All available articles from » Vittorio Emanuele Parsi
Who's saying what » Ways out of the debt crisis

The crisis in Greece is affecting the country's healthcare system. Many pharmacies are only selling medications for cash. As of this Wednesday cancer patients who cannot afford to pay cash in advance are to receive their medication once again. Blogger Giannis Albanis is amazed at the third-world conditions in his country and mourns the lost Europe of his parents' generation: "The plight of the cancer patients is irrefutable proof that Nigeria (the country Madame Lagarde feels so much pity for) is not somewhere far away but here in our very own country, within the Eurozone. … If for our parents Europe meant prosperity, democracy and the welfare state and Nigeria represented poverty, corruption and authoritarianism, we must now admit that things have changed dramatically for our generation. Here there is misery, corruption and authoritarianism while elsewhere there is a social welfare state and democracy - where, precisely, we don't know. A country where there is no medication for cancer patients does not belong in Europe, certainly not the fantastic Europe of our parents. Greece in 2012 belongs to a different Europe: the continent of the EU and the IMF, that has been destroyed by the markets."  (05/06/2012)

» full article (external link, Greek)
More from the press review on the subject » EU Policy, » Domestic Policy, » Health Policy, » Greece, » Europe
All available articles from » Giannis Albanis
Who's saying what » Ways out of the debt crisis

For approximately two years now the EU has been implementing a stringent austerity policy. But with its growth-oriented economic policy the US is faring much better than Europe, which is getting nowhere right now, writes economist István Dedák in the conservative daily Magyar Nemzet: "As far as the near future is concerned there is no sign of a recovery and we can even assume that economic growth will slow down within the EU. … By contrast the US economy is growing once more. … The economic policymakers in the US didn't succumb to the siren song of those who talked of the need to make cuts. They were wiser and put their faith in a growth-oriented policy. … Austerity and economic recovery are mutually exclusive. Those who refuse to believe this should take a look at the economic performance in Spain, Italy and Ireland, where rigorous austerity programmes are being implemented, not to mention the youth unemployment figures there. … If the austerity policy continues in Europe it will bring bitter disappointment." (06/06/2012)

» more information (external link, Hungarian)
More from the press review on the subject » Fiscal Policy, » Economic Policy, » Europe, » U.S.
All available articles from » István Dedák
Who's saying what » Ways out of the debt crisis

According to estimates by the Polish government, Poland will have caught up with the standard of living in the West in 20 to 30 years. Nonsense, writes the conservative daily Rzeczpospolita: "Practically every former cabinet has raised this process to the level of a dogma, with the result that the idea has become firmly lodged in our heads. The average Pole is sure that sooner or later his living standard will be on a par with that of the British, Germans and French. Nevertheless it has become clear that this belief that we will gradually catch up with the rich countries of the West has little to do with reality. On the contrary, there is a distinct danger that we will even grow far poorer than our neighbours on the other side of the Oder and on the Seine. The reason: drastic demographic changes, a lack of jobs and the unwillingness to implement necessary reforms." (06/06/2012)

» full article (external link, Polish)
More from the press review on the subject » Domestic Policy, » Economy, » Poland, » Western Europe
All available articles from » Bartosz Marczuk

The Yes vote by the Irish in the referendum on the EU fiscal compact last Thursday has shown how fragile Ireland's society is, writes the liberal daily the Irish Examiner: "[T]he way we apply austerity is by cutting services to those whose protests won't amount to more than a whimper, and by applying bureaucratic techniques to the delivery of what's left. We say no to those without a voice, and we whisper yes to those with power and influence. Despite everything, we've managed to preserve entitlement for some. So if we can't end austerity, let's put it to work instead, in ending entitlement and in ensuring fairer and more equal shares of a humbler cake. We've done what we can for the fragile economy. We must start concentrating, before it's too late, on our fragile society. At least let's start talking about it." (06/06/2012)

» full article (external link, German)
More from the press review on the subject » Economic Policy, » Society, » Ireland
All available articles from » Fergus Finlay
Who's saying what » Ways out of the debt crisis

In Romania a highly placed cleric from the Iaşi Diocese was caught on film discussing with Prime Minister Victor Ponta how the Church could help Ponta's Social Democratic Party in the upcoming local elections on Sunday. This sort of interference by the Church in politics is dangerous, writes Elena Vijulie in the blog portal Voxpublica: "All the more so in a society like Romania that has yet to solve its traumas and major identity crisis. ... Certainly, Romania is currently going through huge structural transformations, but the Church wants nothing to do with them even if they are having an enormous impact on the lives of churchgoers. ... For example, the Church leadership never gets involved in controversies that the people are caught up in. It tries not to annoy those in power, and hence it embodies the pejorative word 'byzantine' [sycophantic]. Paradoxically, its major strengths are power and authority, rather than compassion. So it's no coincidence that the Church is so stuck in its ways, and so fawned over by those in power." (06/06/2012)

» full article (external link, Romanian)
More from the press review on the subject » Domestic Policy, » Religion, » Elections, » Romania
All available articles from » Elena Vijulie