At their meeting in Brussels the finance ministers of the Euro Group passed an emergency rescue package of 30 billion euros for Spain's banks, with help for Greece and Cyprus soon to follow. However this assistance does not relieve the governments of the task of implementing drastic austerity measures, the liberal daily Corriere del Ticino writes: "It is still up to the governments of the individual states to implement the summit's resolutions, especially as regards balancing their budgets. And precisely here there are problems. Because unfortunately some governments still have taboos about this, including about drastic cuts in spending. The emerging intention of the Euro Group to use the bailout fund for buying government bonds and helping banks directly doesn't change the fact that balancing budgets must be a national priority. Nor does it justify the postponement of such measures." (10/07/2012)

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Más de la revista de prensa sobre el tema » Política de la UE, » Política financiera, » España, » Europa
Todos los textos disponible de » Lino Terlizzi
Cobertura de debates » The row over debt mutualisation

The rescue programme of up to 100 billion euros for Spain's banks agreed by the finance ministers of the Eurozone on Monday is a sensible step, according to the liberal weekly Profil, which notes that billions were spent on bailing out German banks in 2009 "while Spain's banks didn't need to be rescued back then because they had bought hardly any toxic papers from the US. … That Spanish banks deemed too big to fail will receive money from the ESM is objectively no less justified than the cash injections for major banks in Germany. Anyone who sees the Eurozone as an economic unit cannot act otherwise. Only if the ESM was used to 'rescue' Spain's many small and superfluous financial institutes would this be as foolish as the rescue of the 'co-operative credit banks' was here in Austria. Essentially, the ESM and the fiscal compact are constructed in such a way that they offer the possibility to prevent such pointless bailouts." (09/07/2012)

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Más de la revista de prensa sobre el tema » Política de la UE, » Política financiera, » Alemania, » España, » Europa
Todos los textos disponible de » Peter Michael Lingens
Cobertura de debates » The row over debt mutualisation

Despite the immediate help for Spain's banks the yield on Spanish bonds reached a critical level at over seven percent on Monday. On the same day Germany benefited from negative interest rates on its own government bonds. Obviously the crisis is not hurting everyone, and this is why the meeting's basic agenda has been postponed, the liberal-conservative Il Sole 24 Ore concludes: "In the week that passed between the EU summit in Brussels and yesterday's meeting of the Euro Group, the markets have once again gone on the offensive. This is because the impact of the positive and encouraging signals the heads of government gave on the subjects of a banking union, recapitalisation of the banks, ECB, bank supervision and bailout funds was immediately cancelled out by the objections from Finland, the Netherlands and Germany. The current accumulation of summits is also having a negative effect. Instead of putting the resolutions taken by the heads of government into concrete terms, the Euro Group has convened yet another summit for July 20 and there is even talk of another EU summit on the 25th. The growing indecision is fuelling doubts that the EU will manage to jointly overcome the crisis." (10/07/2012)

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Todos los textos disponible de » Adriana Cerretelli
Cobertura de debates » The row over debt mutualisation

The Finnish Finance Minister Jutta Urpilainen declared in an interview in the run-up to the meeting with her European colleagues that Finland would rather quit the Eurozone than pay for the debts of other countries. Although Helsinki is unlikely to carry out its threats unilaterally, the fact is that Finland and Germany will have trouble tolerating the next steps planned for solving the crisis, the liberal daily Kainuun Sanomat argues: "Finland will certainly not attempt to dissolve the Eurozone on its own, but once the process starts, Finland will have to go along with it. So much political and economic capital has been invested in the euro over the decades that the Monetary Union won't be so easy to abolish. Its failure would lead to discord in Europe, to competition between states and would deal a powerful blow to the entire global economy that would reverberate for a long time to come. The people of the debtor states would suffer the most. ... It is also problematic that the internationalisation of the world of finance demands such urgent and convincing solutions for the economic and banking union that they are almost impossible politically. Especially for the Finns and Germans." (10/07/2012)

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Más de la revista de prensa sobre el tema » Política de la UE, » Alemania, » Finlandia, » Europa
Cobertura de debates » The row over debt mutualisation

Egypt's new President Mohammed Mursi has convened for today a meeting of the parliament that the military council dissolved in June. The liberal daily NRC Handelsblad sees this a countercoup on Mursi's part: "This could be the first of many confrontations between the president and the army. It could also be part of a strategic game in which both parties establish their positions. For the military, much is hanging in the balance. They control a large part of the Egyptian economy. Mursi is a representative of the Muslim Brotherhood, which doesn't make him hugely popular in the West. ... The fact is, however, that he was elected by the Egyptian people, even if it was a narrow victory and the voter turnout was low. ... Of course Mursi has the law on his side when he ignores the army's decrees. But it will take a good deal of tactical savvy to have this right recognised. Because something that sounds like a matter of course hasn't been the reality in Egypt for years: namely that soldiers belong in barracks and nowhere else." (10/07/2012)

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Más de la revista de prensa sobre el tema » Política interior, » Egipto
Cobertura de debates » El mundo árabe lucha por la libertad

According to projections the National Forces Alliance under Mahmoud Jibril has emerged the victor of the Lybian parliamentary elections. This would mean it defeated the Muslim Brotherhood, which has risen to power in Tunisia and in Egypt after the first free elections in these countries. But the liberal election winners also plan to strengthen the Muslim identity, the conservative daily Le Figaro fears: "Even if it is not pleasing to the beautiful minds, the signals coming from the southern coast of the Mediterranean bear more the mark of Koranic rigour than the shine of human rights. People will say that democracy is the result of a long learning process and a persistent struggle, and that like Christianity, Islam will ultimately get used to the idea of dissolving into democracy. ... For now, all of the countries that deposed their despots are reaffirming their Muslim identity. In that way they believe they can develop their own identities independently of the West." (09/07/2012)

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Más de la revista de prensa sobre el tema » Religión, » Elecciones, » Derechos humanos, » Libia, » África del Norte
Todos los textos disponible de » Yves Thréard

In a televised interview broadcast on Sunday, German President Joachim Gauck challenged Chancellor Angela Merkel to do a better job explaining to the people her policies on the euro crisis. In normal times Gauck would be regarded as a pain in the neck but today he is a godsend for democracy, writes Jakob Augstein in his column for the news portal Spiegel Online: "Never has the German president been as valuable as he is today. When things were grim at Bellevue Palace the idea made the rounds that the office of president should be abolished. Because Wulff, the bargain hunter, had become firmly ensconced there. People asked: why do we need a president in the first place? After 100 days in office, Joachim Gauck has provided the answer: the president is the corrective in the crisis. … What Gauck brings to the business of politics is a resource in short supply right now: trust. The country now has a couple of Protestants at its helm. Gauck is the strict father and Merkel the shrewd mother. Democracy can only benefit from the tensions between the two." (10/07/2012)

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Más de la revista de prensa sobre el tema » Política de la UE, » Política financiera, » Alemania
Todos los textos disponible de » Jakob Augstein
Cobertura de debates » Salidas a la crisis de endeudamiento

The Greek Labour Minister Nikos Nikolopoulos stood down on Monday in "resignation" over the talks on the country's austerity package, becoming the third member the new government has lost in the three weeks since it took office. The left-liberal online paper To Vima criticises Nikolopoulos's decision and warns the remaining members of government: "Nikolopoulos has proven with his behaviour that he doesn't realise the gravity of the country's situation and that the only thing he's interested in is his own political survival. … It is unacceptable for this government to be repeatedly rocked by internal crises just because certain members are incapable of fulfilling difficult tasks. The government faces the challenge of solving the crisis, rebuilding the economy and boosting the country's productivity - no matter what the cost, even in political terms. All politicians will be measured by their success in this endeavour. Both those who made a real effort and those who preferred to abandon ship in the hope of saving themselves politically." (10/07/2012)

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Más de la revista de prensa sobre el tema » Política de la UE, » Política interior, » Política financiera, » Grecia
Cobertura de debates » Greece puts the Eurozone to the test

In a British parliamentary hearing, the deputy governor of the Bank of England, Paul Tucker, has denied any involvement in manipulations of the Libor interbank interest rate and allegations that the government pressured him to do so. The left-liberal daily The Independent urges politicians to draw the necessary conclusions from the scandal: "There is no question that Barclays behaved shamefully and that [former Barclays CEO] Mr Diamond had no option but to resign. Of greater concern for the future is that the political class immediately descended into unimaginative point-scoring. Such behaviour suggests not only a failure to comprehend the full implications of the Financial Services Authority's revelations. More worryingly, it also indicates a marked lack of the statesmanship that will be required to steer one of Britain's most important industries through the difficult times ahead." (10/07/2012)

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Más de la revista de prensa sobre el tema » Política financiera, » Bancos, » Gran Bretaña

German Chancellor Angela Merkel's European policy is based on one-sided political interests, author Stephan Hebel writes in the left-liberal daily Frankfurter Rundschau: "The euro crisis tells us one thing above all, and that's precisely what the German chancellor does not tell us: the common currency has always borne the traits of an imperialist, primarily nationally-oriented policy on the part of the German government. And it is exactly this German dominance that Merkel is attempting to salvage when she says she's bailing out the euro. ... If what she wanted was to implement a policy that she can explain in all honesty, she'd have to start working right away on a Europe that can withstand the passage of time, a Europe of solidarity. She would have to represent those who are developing strategies and democratic institutions for a true common economic policy. For a Europe in which the battle for balanced budgets and against profligacy have a firmly established place. And one where the strongest cannot enrich themselves at the expense of the weakest. But she has decided on a different course. Merkel's policy is based on special interests - without regard for losses and for as long as she can get away with it, until France or the Federal Constitutional Court slow her down somewhat. And she tells us that this playing with fire is in the interest of Germany. That is Angela Merkel's lie."  (10/07/2012)

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Cobertura de debates » The row over debt mutualisation

The Spanish government announced a rise in VAT for the coming weeks on Monday. For the left-liberal daily El País this is a necessary evil: "Given the poor state of the economy, a rise in VAT is doubtless the measure that will cause the least damage. The negative effects are well known: it will reduce consumption and hamper economic stimuli. But without tax increases it would be impossible to reach the deficit targets for this and the coming three years. The Euro Group has [according to a decision made at its meeting on Monday] postponed the 3 percent deficit target until 2014 and accepted six percent for 2012, and this added flexibility gives the government more room for manoeuvre. But the lack of control over spending and the plummeting revenues are forcing it to resort to indirect taxes, including alcohol and tobacco taxes." (10/07/2012)

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Más de la revista de prensa sobre el tema » Política financiera, » España, » Europa
Cobertura de debates » Spain in the banking crisis

The German Constitutional Court will start examining the question of whether the ESM euro bailout fund and the fiscal compact for budgetary discipline are compatible with Germany's Basic Law today, Tuesday. A decision is expected in a few weeks. The liberal daily Sme talks of the approach of a "predetermined breaking point" for the euro: "We have reached the point where Germany must declare whether it agrees with the joint approach to solving the crisis. By gradually presenting her voters with the long-term vision of a banking union that develops into a fiscal union and then a political union, Chancellor Merkel has secured her popularity in her own country. But the south of Europe needs something more than long-term projects. It needs to be relieved of its debts - urgently. … Even if the Constitutional Court does vote in favour of the euro rescue, changes to the Basic Law and a referendum to that effect will be inevitable. We'll know more at the end of July." (10/07/2012)

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Más de la revista de prensa sobre el tema » Política de la UE, » Política interior, » Política financiera, » Justicia, » Alemania
Todos los textos disponible de » Peter Schutz
Cobertura de debates » The row over debt mutualisation

Wednesday is a national holiday in Flanders. Political scientist Marc Hooghe writes in the left-liberal daily De Morgen that the politicians forget Flemish culture in their speeches on Flemish identity: "If Flemish politicians really do take Flemish identity seriously they should come up with more than just boring speeches and tough demands. They should also take culture policy seriously and endow it with the necessary resources. … It's easy to make negative remarks: there are always plenty of excuses to complain about the Francophones, the people in Brussels or the foreigners. But is this the Flemish identity we represent and with which we want to play a leading role in tomorrow's Europe? Or do we have enough confidence in the appeal and power of our culture to make a valuable contribution to this united Europe? The Flemish identity exists, but it is far too valuable to place it in the hands of politicians who are driven mainly by their own interests and party politics." (10/07/2012)

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Más de la revista de prensa sobre el tema » Política interior, » Cultura, » Bélgica
Todos los textos disponible de » Marc Hooghe

The police recovered the Codex Calixtinus which dates back to the 12th century last week. The manuscript is considered to be the first guide for those following the pilgrimage route to Santiago in Spain. An electrician is suspected of having stolen the book as well as over two million euros in cash. Left-wing blogger Ignacio Escolar questions the special status of the Catholic Church in Spain: "How much money does the Catholic Church make through the offertory box at Santiago de Compostela cathedral (whose numerous restorations we all pay for with taxes)? Enough to enable an electrician to steal hundreds of thousands of euros (1.8 million euros and 300,000 dollars in cash have been discovered at his home) without anyone even noticing? Does the Church declare this income? … What is a bibliographical treasure like the Codex Calixtinus doing in a cathedral without any kind of protection against theft or decay? Wouldn't it be better protected in a museum or a national library?" (09/07/2012)

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Más de la revista de prensa sobre el tema » Literatura, » Religión, » Delincuencia, » España
Todos los textos disponible de » Ignacio Escolar

The Polish Episcopal Conference has criticised plans by the Polish government to sign the Council of Europe's 2011 Convention on Preventing and Combating Violence against Women and Domestic Violence. The bishops interpret the document as interfering with the natural institution of marriage. The liberal daily Gazeta Wyborcza disagrees: "Somehow you get the impression that the bishops and clergymen find it more important to preserve the myth of the Holy Family (after Church weddings) than to really help women. They say violence only takes place among unmarried couples, and not within the bonds of wedlock. ... Basically we're in a battle against a certain mentality and set of prejudices. And here the Council of Europe's Convention can indeed help us. And it certainly won't harm the Catholic family." (10/07/2012)

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Más de la revista de prensa sobre el tema » Religión, » Ideología, » Igualdad de derechos, » Polonia
Todos los textos disponible de » Katarzyna Wiśniewska