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The paper clip, 9 May

Wednesday 9 May 2012

New elections are becoming more and more likely in Greece, writes Kathimerini. The leaders of both the centre-right New Democracy and the far-left Syriza failed to form coalitions with other parties Monday and Tuesday, the paper writes. Alexis Tsipras, leader of Syriza, has said that the outcome of Sunday's general election is that Greece's commitments to austerity are no longer valid, the Irish Times writes. Tsipras said voters had rejected the stance of New Democracy and the centre-left Pasok. Greece's radical left is “snubbing” Europe, according to Süddeutsche Zeitung, which describes the country's post-election situation as a “mess”.

Greece's rescue is now “in danger”, says Frankfurter Allgemeine Zeitung. The paper thinks that it is now a real possibility that, without a government in place, Greece will fail to approve the next round of austerity measures, which are a condition of the next portion of bail-out cash. Financial Times Deutschland reports that the mission of the ‘troika' of European Commission, European Central Bank and the International Monetary Fund (IMF), which was planned to go to Athens in mid-May, has been cancelled and new dates have not been set.

Yulia Tymoshenko, the jailed former prime minister of Ukraine, has halted her hunger strike after almost three weeks, writes Der Standard. Tymoshenko has been brought to a hospital in the city of Kharkiv and is now under the supervision of a German doctor. Poland's Gazeta Wyborcza gives a large amount of coverage to the story. Authorities in Ukraine have been forced to abandon a major summit because of international outrage at the treatment of Tymoshenko, the UK's Guardian writes. Gazeta Wyborcza reports that Poland's justice minister, Jaroslaw Gowin, has called the boycotters “hypocrites”.

The Guardian writes that the European Commission has moved to “loosen the grip of austerity” in the wake of the election results in France and Greece. Spain's El País and Hungary's Népszabadság write that pro-growth policies will be the centrepiece of discussion at an extra EU summit called for 23 May. A commentator in the Financial Times sets out what François Hollande must tell Germany: austerity has to be matched to the realistic pace of adjustment and structural reform.

A commentator in the Guardian calls on the UK's finance minister to change tack, arguing that George Osborne's growth policy is turning British cities into Detroit UK. Britain's economy needs smart growth, not dumb policies that have delivered a double-dip recession, he writes.
 
Resistance to ratification of the EU's fiscal compact is growing among Socialist parliamentarians in Austria, writes Der Standard. The Socialists, who are part of Austria's ruling coalition of centre-right and centre-left, are hoping that the election of François Hollande to the French presidency will lead to amendments.

Mario Monti, Italy's prime minister, has accused previous governments of being responsible for the “human consequences” of the economic crisis, writes La Stampa.

Corriere della Sera is among the Italian papers digesting the results of local elections on Monday, which severely hurt the centre-right party of former prime minister Silvio Berlusconi.

The Financial Times and Spain's El Mundo look at the financial markets' concerns about Spain's banks.

Binyamin Netanyahu, Israel's prime minister, has struck a surprise deal with the opposition Kadima party led by Shaul Mofaz to form a unity government, averting the need for an early election already called for 6 September, writes Ha'aretz.

The UK's Daily Telegraph says that the world's richest man is “betting on European recovery”. Mexican billionaire Carlos Slim plans to buy almost one-third of the Netherlands' biggest phone company, Royal KPN.

The Czech daily Lidové noviny writes that the EU's early-warning system, Rapex, has found that every other dangerous product in the EU originates in China.

Slovakia's Hospodárske noviny writes that the EU may fine the incumbent Slovak telecom operator for breaching competition rules.

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