European Council President Herman Van Rompuy said in Berlin on Tuesday,
"In every member state, there are people who believe their country can survive alone in the globalised world.
It is more than an illusion -
it is a lie."
Open Europe's Siân Herbert is quoted in the Mail saying "
The EU needs to act on citizens' concerns rather than dismissing them".
Telegraph El Mundo Mail Mail: Johnson Mail: Synon's blog Mail: Leader Van Rompuy's speech
Rocketing borrowing costs for Ireland and Portugal reignite fears of new eurozone debt crisis;
Barroso: EU is ready to bailout Ireland
European Commission President José Manuel Barroso said yesterday in Seoul that the EU has "all the necessary instruments in place now to support Ireland if necessary". Barroso's statement came after Ireland's borrowing costs on 10-year-bonds reached a record 8.64% - the highest level recorded since Ireland joined the single currency. In the Irish Times, columnist Sarah Carey writes: "We made mistakes, but the Germans haven't really helped - and keeping them happy has made things worse."
Meanwhile, EUobserver notes that fears of a new eurozone debt crisis have also been fuelled by Portugal, whose yield on 10-year-bonds has reached a record 6.8%. El País quotes Francesco Garzarelli, chief interest-rate strategist at Goldman Sachs, warning: "The likelihood of Ireland and Portugal entering an IMF-designed adjustment program funded by the European Financial Stability Facility has, in our view, increased". An article in the WSJ notes that the Greek government is lagging behind its targets on deficit reduction because of "anemic" tax revenue.
Writing in Die Zeit, ECB board member Lorenzo Bini-Smaghi criticises German Finance Minister Wolfgang Schäuble's plans to automatically punish bondholders in the event of future bailouts for ailing eurozone countries, arguing that such an arrangement "would lead to destabilisation of the markets in practice which will have serious consequences for the economies in the eurozone".
EUobserver Guardian Guardian 2 Irish Times WSJ WSJ 2 Handelsblatt Die Zeit Le Figaro La Repubblica El País
Posts
