The EU heads of state and government clearly want to keep Greece in the Eurozone. But the country's exit is the most reasonable long-term solution even if it means the end of the euro, writes economist Jacques Sapir in a commentary in the left-liberal daily Le Monde. "Either the EU countries affirm their willingness to invest in the Greek economy, enabling it to at least partially recover its competitiveness, which has sunk by 35 per cent since 2002. Or it will be necessary to opt for a Greek exit from the Eurozone and a major devaluation (50 per cent) of the drachma. This solution, as hard as it is, is preferable to continuing the austerity policy agreed on by the troika and Greece. ... Such a solution would probably be a death knell for the euro. But this death knell has already sounded with the Spanish crisis and the return of the Irish crisis." (25/05/2012)

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Above all Germany's crisis policy is endangering the Monetary Union, writes the liberal business magazine The Economist: "Only if Europeans share a sense of common purpose will a grand deal to save the single currency be seen as legitimate. Only if it is legitimate can it last. Most of all, it is a test of Germany. Chancellor Angela Merkel maintains that the threat of the euro's failure is needed to keep wayward governments on the path of reform. But German brinkmanship is corroding the belief that the euro has a future, which raises the cost of a rescue and hastens the very collapse she says she wants to avoid. Ultimately, Europe's choice will be made in Berlin." (25/05/2012)

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A Greek exit from the Eurozone would be a fatal blow to the European project, writes the leftist weekly WOZ: "If Europe decides to make an example of Greece the consequences for the entire continent will be destructive and do lasting damage to the dream of a united Europe. Six decades of European integration would suddenly be on the line. The continent would be thrown back a century to the times of competing nation states with their respective hegemonies. There is a lot at stake. One can only hope that the decision-makers in Athens, Berlin and Brussels are aware of their historical responsibility." (24/05/2012)

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At the EU summit France's President François Holland has reinforced his demand for euro bonds which would enable debtor states to borrow money at advantageous rates on capital markets. But his proposal does nothing to make Europe's crisis countries more competitive, the liberal business paper Les Echos writes: "In seeking to cast himself in a good light, President Hollande risks making the very same mistake he accused his predecessor of making. By obstinately maintaining in the deadlock over euro bonds - as he did yesterday evening in Brussels - that the only way forward is through more public spending, he is opening the door to disappointment. As Michel Barnier, the EU Commissioner for the Internal Market, explained on May 16 in Aachen, such initiatives will fail to stimulate enduring growth in Europe. The only question worth considering, and quickly, is not that of debt mutualisation, but of the global competitiveness of the Eurozone. As well as the preliminary - albeit painful - question of how differences with Germany can be overcome." (24/05/2012)

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The crisis countries in the EU urgently need to boost their competitiveness, the liberal tabloid Expressen advises: "The fundamental problem in the crisis countries is that they have lost their competitiveness, particularly vis-à-vis economic giant Germany. Wages and prices have risen too much, harming foreign trade. There are just two ways out of this dilemma: either a country devalues its own currency or it reduces its costs by for example lowering salaries. Iceland opted for the first approach, Latvia took the second. Both now have the worst patch behind them. There is no third way out of the crisis. Sure, Germany can increase salaries, prices and its demand, but in the end it's up to the crisis countries to improve their competitiveness so that their economies can grow once more." (24/05/2012)

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Austerity and euro bonds are not mutually exclusive, writes the Christian-social daily Trouw commenting on the EU special summit: "A policy aimed at economic stimulus at a European level could quickly lead to EU-financed projects that may be visible, but not very economically productive. The EU heads of government have no alternative but to stick to their agreements for balancing their budgets. Meanwhile they must take advantage of their leeway for investing in future prosperity. This leeway varies from one country to the next. … The weaker countries must benefit from the stronger ones, preferably not through direct money transfers or centrally financed job-creation schemes but perhaps through the issue of European bonds that help reduce the differences in what it costs a country to raise capital." (24/05/2012)

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Chancellor Merkel and President Hollande didn't come any closer to agreement on the subject of euro bonds, the business paper Il Sole 24 Ore laments: "Europe against Europe. This is the worst possible starting point for anything at all to be decided at the next EU summit scheduled for the end of June. It's also the worst possible starting point for closing ranks and keeping crisis-stricken Greece afloat. Instead the country is being given to understand that its partners are preparing for its exit, with each of them working out the costs for itself. … Without euro bonds all other measures are nothing but a stopgap solution. … Particularly since they take time and will probably come to nothing anyway." (24/05/2012)

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François Hollande is straining German-French relations with his call for the introduction of euro bonds, but until the president's campaign for the upcoming elections in his country is over he won't back down on his stance, the liberal business paper Fincancial Times Deutschland writes: "He does not simply drop his ideas when Merkel opposes them, which secures him the secret approval of many European leaders. They are happy that the chancellor no longer calls all the shots in Europe. … Parliamentary elections are scheduled for mid-June in France, meaning it is still too early for the president to go back on his campaign positions. And the chancellor will make no concessions before it is clear which positions he will hold to at all costs. So the euro summit on Wednesday will be marked by discrepancies, which is not a bad thing in itself. Things will only get really dicey if the two fail to find common ground after the French elections. Because without an intact Franco-German axis Europe will be up against a brick wall." (23/05/2012)

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The discussion about euro bonds and a new growth offensive at today's EU summit is a sign of a gradual change in European economic policy according to the daily Público: "A new spectre is hovering over Europe and seems to indicate that Merkel's pointing finger and austerity policy will soon be a thing of the past. … The election in France was enough to make Europe think seriously about the path to chaos it has taken and suddenly start discussing potential alternatives. Let's not fool ourselves, the EU summit won't mark the end of the stringent austerity policy that is smothering the economy and driving up unemployment in Portugal. Nor will the idea of euro bonds be pushed through yet. So it's too soon to pronounce the victory of expansionist economic policy, but at least we can begin to believe that the sanctions imposed by Merkel on weaker countries are doomed to failure." (23/05/2012)

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The Slovakian Prime Minister Robert Fico will back France and speak out in favour of euro bonds at today's EU special summit. But he is in no position to rebel against Germany, writes the liberal daily Sme: "Of course you can't rule out the possibility that common euro bonds would solve the crisis in Europe. Obama is pushing for just such a debt union, as are Cameron, the International Monetary fund and the Mediterranean countries with France in the lead. ... But it's another question altogether whether such mutual liability is sensible. Because with it Hollande is leading Europe into a political crisis, at the height of the economic one it already faces. It is not possible for Merkel to agree to his demand: she simply can't. ... Quite apart from the fact that the truth lies with Merkel, it is clear: Slovakia, which is so to speak part of the German economic sphere, cannot possibly forge an alliance with Paris against Berlin." (23/05/2012)

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As an alternative to the euro bonds propagated by France, Germany has proposed so-called project bonds that would be used to finance cross-border infrastructure projects. But with this proposal the politicians are fleeing reality, economists Alberto Alesina and Francesco Giavazzi argue in the liberal-conservative daily Corriere della Sera: "Never have we been so close to the real threat of a collapse of the Monetary Union as we are now. … Given this historical situation, the idea that Europe needs more infrastructures to grow seems quite honestly preposterous. Europe really doesn't suffer from a lack of roads, trains or airports. Our politicians talk about infrastructure in an attempt to evade the real problems: state influence on the economy and difficult labour market reforms. It's high time Europe's leaders asked themselves whether they really want to save the euro or not. If they do, then they need to take action now, but please don't build more roads or railways." (23/05/2012)

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The new Serbian President Tomislav Nikolić is known as an ultra-nationalist. Yet after his election on Sunday he proclaimed he would pursue the pro-European course of his predecessor Boris Tadić. The liberal-conservative daily Neue Zürcher Zeitung doubts the sincerity of this change of heart: "One can't help thinking that this supposed mood swing does not actually reflect changed convictions but can be put down to his understanding that elections can no longer be won on the basis of extreme nationalism alone. Certainly, everyone is entitled to learn from past mistakes. Nevertheless it remains an open question as to whether Nikolić really is convinced of his present course. For years the former cemetery director has been playing a tricky duplicitous game, seeking the approval of both progressive democrats and diehard nationalists. This may make sense in terms of election mathematics. But it will bury any political credibility Nikolić ever had." (21/05/2012)

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Tomislav Nikolić's success is due to the miserable economic situation in Serbia, the left-liberal daily Delo contends, but doubts that the new president can improve the situation: "In the first round of the super-election Serbia voted for the status quo, and in the second for change. The democrats led by incumbent president Boris Tadić are now being castigated for the pitiful state of the country's economy and the perception that the country is up to its neck in a swamp of corruption. The winner of the presidential election, Tomislav Nikolić, has yet to present a formula that would strengthen the local currency, prevent the return of inflation or reduce the number of unemployed. The quality of life in Serbia is sinking ever more rapidly; this is clear from the fact that one in four Serbs is now jobless and one in three is employed in the public sector. Time will soon tell whether the Serbs haven't shot themselves in the foot by electing Nikolić." (22/05/2012)

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The election of nationalist Tomislav Nikolić as Serbian president poses additional problems for the crisis-ridden EU, writes the liberal daily Dagens Nyheter: "The crisis in Europe has entered a new phase with Sunday's elections in Serbia. For sixty years and until today cooperation in Europe has developed step by step along two parallel lines: consolidation on the one hand and expansion on the other. At times the two stood in contradiction, but taken together both lines were the political fuel for Europe. Now the project's very core - the common currency - is facing the threat of dissolution. And with nationalists like Nikolić at the head of the list of accession candidates, perhaps there will be no new members. If the EU can neither be consolidated nor enlarged, there is little room for it to develop at all. Europe has good reason to be worried." (22/05/2012)

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With the victory of Tomislav Nikolić in the presidential elections, Serbia's dark past is catching up with it, the business paper Il Sole 24 Ore writes: "Serbia isn't doing a complete U-turn. Yet the country's past, which refuses to go away, is catching up with it. … Behind 'Toma' Nikolić's victory lies an unfathomable, dark Serbia with thousands of unemployed young people who are disappointed with the democratic transition. They move within the grey zone of anti-politics and the rejection of institutions. The underground is controlled by extremist groups with dubious ties to criminal organisations, violent groups that fill the tribunes at football stadiums and express their anger and frustration with hymns to the 'hero' Ratko Mladić, who stood trial last week before the war criminal tribunal in The Hague. These are the truly worrying spectres of the Balkans." (22/05/2012)

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The heads of state and government of the G8 countries have failed to come up with solutions to the pressing problems of the EU, admonishes the left-leaning daily taz: "It's time to rename G8 the B8 – for 'Baffled Eight'. What US President Obama, French head of state Hollande and Chancellor Merkel have produced at the G8 summit in Camp David isn't worth the paper it's printed on. Platitudes and pro forma compromises are meant to hide the fact that the 'big eight' don't agree on any of the most important points - and that they don't have the slightest idea how to go about solving the euro crisis. … What will happen to Greece? What will become of the Spanish banks? What happens if the people in the crisis countries finally lose their trust altogether and plunder their accounts, as has happened in Athens? How can the rating agencies be induced to keep calm, instead of inflaming the crisis - as they did last week - with new downgrades? … The meeting of the Baffled Eight produced above all the following impression: that of a sense of bafflement.” (21/05/2012)

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Cobertura de debates » Salidas a la crisis de endeudamiento

The G8 summit at Camp David was nothing but a display of national egoism that ended without any concrete resolutions, writes the liberal business paper Diário Económico: "The highlight of the G8 summit was that no one did anything. In summary it may be said that Obama, Merkel and Co. just watched the finale of the Champions League together. Otherwise the meeting ended in a void and Europe's fate continues to hang in the balance. Basically each country simply stated its own convictions: The US wants to promote growth with government programmes, Germany wants to stick to austerity while France prefers the idea of euro bonds and England as usual wants none of all this. With weak politicians that appear to live only for their national agendas, it will be difficult to somehow improve the situation." (21/05/2012)

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The new French President François Hollande failed to convince other leaders of his economic policy concepts at the G8 summit, meaning Merkel still has the upper hand, the conservative daily ABC concludes: "It's impossible to talk of winners and losers when it comes to meetings like this last G8 summit because such occasions are designed not to produce winners or losers. But one can certainly talk of those who maintained their position and those who failed to achieve their objectives. And François Hollande fell far short of his. The first to arrive, he managed to secure Obama's support, but even that didn't persuade Angela Merkel to change her opinion. And as everyone knows, her country is the decisive one in Europe. The new French president wants to reverse Europe's economic policy with concerted measures that put stimulus before cuts and growth before austerity. But a glance at the lengthy, confused, redundant and ultimately insubstantial final declaration of the summit is enough to see that he wasn't successful." (21/05/2012)

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Barack Obama and François Hollande both focus on growth as the prime impetus for reviving the European economic policy, and will hence be acting in tandem in the time to come, writes the left-liberal daily Le Soir: "The compliments Obama paid to the new French president during their first meeting were not at all meant to make up for his having snubbed Hollande during the electoral campaign. Seen objectively, in calling for a European growth policy François Hollande has become Obama's closest ally. With Sarkozy's departure all eyes were on the difficult emergence of the Merkollande tandem. But instead what we will see in the time to come is Obamollande. And as was the case with Sarkozy and Merkel, this is not a question of personal affinity." (21/05/2012)

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