Following the US government's decision to use tax money to bail out major financial institutions, the Spanish daily El País advises Europe's decision-makers to observe closely what happens on the US financial market: "This crisis reveals that the US financial system - the most developed and that with the greatest number of large financial institutes - is not necessarily the most closely monitored system. ... Europe should watch carefully, and its authorities should prepare to tackle the same kind of problems we are seeing in the world's main financial system. It is time to intervene in one of the markets that has proved much less efficient than George W. Bush's government claimed it was." (15/07/2008)

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More from the press review on the subject » Fiscal Policy, » Financial Markets, » Europe, » U.S.

The international banking crisis could have repercussions in Europe, too. According to the Dutch daily NRC Handelsblad, the difficulties currently faced by the major Belgian bank Fortis are symptomatic of this: "There are no signs that the crisis in the US will spread to Europe, but the lack of such signs is no guarantee. It is by no means certain that the financial crisis has reached its lowest point. The question now is how big the problems are at Fortis. ... The problems the bank is facing are bad for consumer confidence in financial institutes in general - and this at a time when banks are hunting for unused and poorly-used savings. They are offering high interest rates in the expectation that interest rates will continue to rise. But sadly the Fortis affair has demonstrated that encouraging words and pretty figures can be misleading." (15/07/2008)

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More from the press review on the subject » Fiscal Policy, » Europe, » Global

The Daily Telegraph predicts that the new financial crisis in the US will have harsh consequences for the British banking system: "The need for the US authorities to step in quite so dramatically scuppers hopes that the worst is over. On recent form, that is a sign that the downward slide has even further to go in the UK. ... Despite the structural differences, the end result for both economies looks rather similar. Things are so bad that no financial institution of any significant size can be allowed to fail. In practice, both governments - in other words, taxpayers - are implicitly underwriting big financial institutions. ... The alternative is a potential collapse of confidence in the financial system. But this does not alter the fact that the situation already represents a colossal failure. For now, we are stuck with a system which allows troubled banks to post their keys through the taxpayers' door and walk away." (15/07/2008)

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More from the press review on the subject » Financial Markets, » United Kingdom, » U.S.
All available articles from » Tracy Corrigan

For the business paper Financial Times Deutschland, the US Federal Reserve's plan for saving mortgage financiers Fannie Mae and Freddie Mac is effectively "a declaration of bankruptcy that was urgently necessary and will ease the situation on financial markets. ... It is politically embarrassing because the US government had bitterly rejected assuming this kind of liability in the past, but economically necessary because this official move to protect the financiers from risk has averted the worst disaster scenarios. ... In the best case, this signal will suffice to inspire enough trust in the markets to render government aid unnecessary. In the worst case the government will have to follow up with another cash injection from the state budget and a load of freshly printed, inflationary money." (15/07/2008)

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More from the press review on the subject » Fiscal Policy, » Economic Policy, » U.S.

Following a crisis that lasted over a year, Belgian Prime Minister Yves Leterme resigned on Monday evening. Leterme himself is to blame for the failure of the planned state reform, writes the daily De Morgen: "What remains is chaos. ... Even if the transfer of powers to local government does improve administration, it was irresponsible to allow these topics to dominate the entire political agenda for 400 days while increasingly serious socio-economic problems were left unattended. Leterme kept none of his promises, repeatedly broke his word and was never able to convey an impression of good governance. All that remains for him is to play the role of martyr in a crisis he himself created. No one knows for now what the next step is." (15/07/2008)

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More from the press review on the subject » Domestic Policy, » Belgium
All available articles from » Yves Desmet

Sudanese President Omar al-Bashir has been charged with genocide at the International Criminal Court in The Hague. The Irish Times welcomes the move. "This is the first time a sitting head of state has been indicted. ... The question posed acutely by this indictment is whether its substance and timing will affect the larger agreement between north and south on which Sudan's peaceful future depends, or whether that should take second place to the urgent need for justice to be done on Darfur. ... Systematic delays and disgraceful indecision have characterised international approaches to Sudan's political future and deployment of humanitarian forces in Darfur. This legal jolt should bring its future to greater international attention and prospective action." (15/07/2008)

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More from the press review on the subject » International Relations, » Security Policy / Crises / War, » Crime and Law, » Africa, » Global

The Polish government is planning to compensate Jewish proprietors whose belongings were confiscated by the German occupying forces and then appropriated by Poland's communist government after World War II. The conservative newspaper Rzeczpospolita defends the law, which has been criticised by Jewish organisations on the grounds that it does not go far enough. "Poland is struggling to meet the social requirements of thousands of needy. Accusations that we have not introduced reprivatisation as other countries have done fail to grasp the reasons for the delay. ... The draft law ... does not provide for the restitution of property as the Jewish organisations demand. Instead it stipulates compensation for a percentage of the lost property. ... That will certainly not satisfy those concerned. But we must bear in mind both the possibilities of the state budget and the attitude of ... many Poles, who fail to see why today's generation must bear the costs of Communist injustice." (15/07/2008)

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More from the press review on the subject » International Relations, » Domestic Policy, » Minorities, » History, » Poland, » U.S.
All available articles from » Danuta Frey

Lithuania's president Valdas Adamkus has presented a draft law to parliament for renegotiation. The law would allow children born to Lithuanians living abroad to hold two passports. The daily Lietuvos Rytas argues that the law would be pointless: "Will the children of emigrants save Lithuania? After all, a Lithuanian passport is just a piece of paper issued by the authorities. Can it really strengthen the bond between people with Lithuanian roots and their country? ... It is time we understood that citizenship is not the same as nationality. Lithuania is not created by emigrants, no matter how much money they send home, but by the people who live in Lithuania. And among these are Russians, Poles and in future perhaps Chinese and Turks as well. There is nothing wrong with dual citizenship in the 21st century, but we should not fool ourselves into believing it can save the nation." (15/07/2008)

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More from the press review on the subject » Domestic Policy, » Migration, » Demographics, » Lithuania
All available articles from » Rimvydas Valatka

US presidential candidate Barack Obama presents in the International Herald Tribune his plans for ending the American military engagement in Iraq: "The call by Prime Minister Nuri Kamal al-Maliki for a timetable for the removal of American troops from Iraq presents an enormous opportunity. The United States should seize this moment to begin the phased redeployment of combat troops that I have long advocated. ... Only by redeploying our troops can we press the Iraqis to reach comprehensive political accommodation and achieve a successful transition to Iraqis' taking responsibility for the security and stability of their country. ... That is why, on my first day in office, I would give the military a new mission: ending this war. ... Ending the war is essential to meeting our broader strategic goals, starting in Afghanistan and Pakistan, where the Taliban is resurgent and Al Qaeda has a safe haven. ... As president, I would pursue a new strategy, and begin by providing at least two additional combat brigades to support our effort in Afghanistan." (15/07/2008)

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More from the press review on the subject » Security Policy / Crises / War, » Domestic Policy, » U.S., » Iraq
All available articles from » Barack Obama

In his column for the online financial daily Taloussanomat, Hans-Werner Sinn, Director of the Ifo Institute for Economic Research, discusses problems posed by migration in Europe today: "In the last four years more than 800,000 Eastern Europeans, primarily Poles, have gone to the UK to look for work. ... Most migrants are either entrepreneurs or unemployed. .. In principle, migration is useful both for immigrants and for the country of immigration. Immigrants earn more than at home, and the receiving country has access to cheap labour. ... [But] in practice, ... immigration is not as worthwhile as it could be, primarily because there are many obstacles to employing migrants. ... The receiving countries often try to limit migration to qualified labour. ... Destinations ... that attract qualified labour are above all ... countries where English is spoken, like Canada, Ireland, Australia, the US and the UK, but also Denmark and Norway. ... The European landscape is changing in this century just as quickly as in the Migration Period at the dawn of the Middle Ages." (15/07/2008)

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More from the press review on the subject » Migration, » Minorities, » Social movements, » Europe, » Eastern Europe
All available articles from » Hans-Werner Sinn

The Belgian brewer InBev has bought out the American brewery Anheuser-Bush. The conservative newspaper Lidové noviny is surprised that more European firms have not crossed the Atlantic to profit from the advantageous euro-dollar exchange rate: "Tens of thousands of Europeans are taking advantage of the exchange rate and buying massively in the US. Foreign purchases over the Internet are already noticeably influencing American retail trade statistics. But European companies are far more reserved when it comes to buying up American firms. From this perspective InBev is an exception. Europeans are concentrating more on China, India and Brazil. But in so doing they are missing out on a once-in-a-lifetime chance." (15/07/2008)

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More from the press review on the subject » Corporations, » Europe, » U.S.
All available articles from » Jaroslav Plesl

The Tribune de Genève comments on the poor showings of traditional Swiss businesses on the stock market: "Just as the price of fuel and empty tills caused Swissair to crash, so now rising interest rates and the real estate crisis are ruining UBS Bank. ... On the one hand we have these dramatic developments. On the other, it is clear that the Swiss identity is becoming increasingly eroded with the advent of European unification and globalisation. For nostalgics this may be alarming, but it gives hope to the young generation. ... The true Switzerland will continue to be distinguished by its territory, its diligent inhabitants, its expert knowledge, its culture, its long tradition of peace and its customary hospitality. Our country has a lot going for it, but in the context of international competition where size is everything, it is no longer sufficient to allow a country to dominate the market. Small is still beautiful, but from now on the key word is big." (14/07/2008)

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More from the press review on the subject » Corporations, » Financial Markets, » Switzerland
All available articles from » Marian Stepczynski

The Leopoldina in the eastern German city of Halle was yesterday appointed as Germany's National Academy of Sciences. It is Germany's answer to the renowned institutions of other European countries such as the British Royal Society and the French Academy des sciences. The eastern German regional newspaper the Märkische Allgemeine is delighted with the move: "Science is an international enterprise. The Leopoldina's appointment as the National Academy of Sciences yesterday underlines this. The long-standing debate about how to create a higher profile for Germany in the sciences ended yesterday with the selection of this deserving candidate. ... [The Leopoldina] can serve as a guide here and strengthen the network with other institutions abroad. ... In this respect, the day of celebration in Halle is one for sciences as a whole." (15/07/2008)

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More from the press review on the subject » Science / Research, » Germany
All available articles from » Rüdiger Braun

Delo newspaper writes about the upcoming visit to Germany by US presidential candidate Barack Obama, whose plans to deliver a speech at Berlin's Brandenburg Gate have divided opinion among German politicians. "The unaccustomed confusion surrounding Obama's speech has strained relations within the 'black-red' - or CDU-SPD - coalition. ... Berlin's highly popular mayor Klaus Wowereit and Foreign Minister Frank-Walter Steinmeier approve of Obama's giving a speech in the heart of Berlin, but Chancellor Merkel does not. ... As in the US, the German press is also writing that in raising hackles over his planned speech in Berlin, Obama has demonstrated his diplomatic immaturity. ... He will have to show more tact in his dealings with other countries." (15/07/2008)

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More from the press review on the subject » International Relations, » Domestic Policy, » Germany, » U.S.
All available articles from » Peter Žerjavič

After Spanish cyclist Manuel Beltran tested positive for a performance-boosting drug at the Tour de France, the Portuguese daily Diário de Notícias bids farewell to fair competition in cycling: "Since the Festina affair - when Richard Virenque's team was disqualified for doping in 1998 - it has become a regular occurrence for the police to raid a hotel between two stages of the race and arrest a cyclist. Although they have only one saddle, the cycles in the Tour have become tandems: the cyclist and the drugs push the pedals together. The Tour de France and cycling in general is a champions' sport in which those who do not dope are like handicapped competitors in an Olympic athletics competition. They take part but can never win. ... People accuse the dopers of killing the athletes, but this is not so bad - after all, suicide is voluntary. The worst thing is that these champions of the laboratory deprive 'clean' cyclists of any chance of becoming champions." (15/07/2008)

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More from the press review on the subject » Sport, » France, » Europe
All available articles from » Ferreira Fernandes