Main focus of Wednesday, March 17, 2010

EU may help Athens

The financial ministers of the Eurozone countries have not as it turns out presented a concrete bailout plan for Greece, but merely agreed at the beginning of the week on "technical modalities" for the approval of such a plan. The Eurozone countries lack a strong leadership, say some commentators, while others see progress and call for still more cooperation.

Gazeta Wyborcza - Poland

The meeting of EU finance ministers on whether to aid Greece clearly demonstrates how much they disagree and how little leadership there is among the euro countries, writes the liberal daily Gazeta Wyborcza. "The Greek crisis has become a problem for the Eurozone, and indeed for all of Europe. The investment funds are counting on the euro becoming weaker, in which case the crisis could spread to the entire Union. ... The Greek crisis is the most trying test for European politicians since the introduction of the common currency. Many different views and interests are coming to light. ... In lieu of strong leadership what we're seeing is the strategy of waiting and hoping that problems will somehow sort themselves out." (17/03/2010)

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Delo - Slovenia

The finance ministers of the Eurozone have at least reached agreement on the fundamentals of an emergency plan for Greece, the daily Delo notes approvingly: "This premiere in the 11-year history of the euro group has two goals. The pressure on this member country, which with its lacking budgetary discipline and its 'creative bookkeeping' has caused unimaginable difficulties, must be maintained to radically reduce its deficit with harsh cuts in public spending and more revenues for the public purse. At the same time further speculation on the financial markets must be hindered as it not only destabilises offender Greece but also the foundations of the Eurozone as a whole. ... The difficulties of Greece are a wake-up call for the entire Euroclub. ... Other countries of the Mediterranean area and Ireland could soon find themselves in a similar situation." (17/03/2010)

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Kathimerini - Greece

The EU has been hesitating for too long over whether to offer concrete help to Greece, writes the conservative daily Kathimerini: "For months now the Eurozone has concealed its major contradictions by pointing to Greece's responsibility for the crisis. Now that they can no longer play this game it becomes clear where the fissures lie. ... Greece has made clear that it prefers a European solution. But failing that it will be forced to seek other alternatives. Before turning to the International Monetary Fund, it would be wrong not to consider ... accepting aid from China. If the European 'family' doesn't help when you're threatened by bankruptcy it would be very cheeky for it to blame you for looking elsewhere." (16/03/2010)

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Diário de Notícias - Portugal

In contrast to Greece's austerity programme that of Portugal has met with applause in Brussels. The daily Diário de Notícias takes a look at why: "How to explain this praise, which stands in stark contrast to the scepticism with which Greece's cuts programme was received? Mainly it's because the economic development scenario is not very ambitious: in the coming four years the economy is to grow by an average of 1.15 percent annually, the minister of finance predicts. ... Teixeira dos Santos has been cautious in his prognosis in order to show Brussels that the path to financial stability is not based on improbable tax revenues. If the results surpass expectations, then all the better." (17/03/2010)

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More from the press review on the subject » EU Policy, » Domestic Policy, » Economic Policy, » Greece, » Portugal, » Europe

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