Open

Coming up

Don't miss

Replay


LATEST SHOWS

AFRICA NEWS

Virunga Park chief shot

Read more

MEDIAWATCH

Algerian election: Bouteflika votes in wheelchair

Read more

MEDIAWATCH

Algeria's media: a mixture of censorship and free speech

Read more

DEBATE

Algeria: What's the Choice? Incumbent Bouteflika Votes in Wheelchair

Read more

WEB NEWS

Nigerian web users call for end to violence

Read more

FOCUS

Bitcoin in the US: A monetary revolution?

Read more

ENCORE!

Fast cars and slow trains

Read more

WEB NEWS

Chile: online mobilization to help Valparaiso fire victims

Read more

FACE-OFF

François Hollande: France's most unpopular president

Read more

Live from the newsroom, we provide an overview of the stories making the French and international newspaper headlines. From Monday to Friday at 7.20 am and 9.20 am Paris time.

IN THE PAPERS

IN THE PAPERS

Latest update : 2011-08-05

Financial markets: "this time it's serious"

Plunging share values have raised fears that another roller-coaster ride is underway for the world economy. The papers are full of warnings, with one saying this is the real thing. Don't expect a quiet life, even though it's August. That's the focus for this review of the world papers on Friday August 5th, 2011.

The Wall Street Journal Europe headlines: “Two terrible weeks” and has a photo of European Central Bank President Jean-Claude Trichet staring glumly at plunging stock indexes in the UK, US and Italy. They show sharp declines, nine percent or more since July 25th. A comment piece in the Sydney Morning Herald warns: “This time it’s serious”. “If you thought it was rough three years ago, that was just a dress rehearsal,” says business writer Ian Verrender. “It finally dawned on traders that there is almost no way to avoid economic calamity,” he says.

The Guardian International leads “World markets in turmoil” and has an editorial entitled: “State of Emergency”, which says “the conventional wisdom is that August is a sleepy month with politicians, policymakers and investors all at the beach”, but that conventional wisdom is “wrong”. The paper reminds readers that the credit crunch kicked off four years ago, on August 9th 2007.

One consequence of the turmoil is a surging gold price. The London online paper London 24 has a story entitled: “Gold price spike puts London women in danger of crime”. It reports thefts of jewellery have jumped in recent months in the British capital. Police are warning that women wearing gold in the British capital are at “extra risk”.

And can America handle it? After the 11th-hour brinkmanship on the US debt crisis just last weekend, there’s no respite. The USA Today International edition has a cartoon showing President Barack Obama with the debt deal in his hand, as he falls off the edge of cliff labelled “jobs”, “credit rating” and “recession”. A cartoon in The International Herald Tribune/New York Times shows a couple saying: “So we got the debt ceiling fixed” as they stand in front of a federal government building which does indeed have a ceiling and a roof but no walls. The ceiling is propped by a pile of chairs one of top of the other, labelled “bond rating”.

Italy is on the front line of the turmoil. Il Giornale headlines “Euro in coma” (“Euro in a coma”). The paper is owned by Silvio Berlusconi’s brother Paolo and the message is that the turmoil is due to speculators and “the credibility of the Berlusconi government doesn’t enter into it”. Ireland, too, is vulnerable. The Irish Times headlines: “Market rout as Berlin rejects call for more EU action”. On the inside pages, comment writer Miriam Lord takes a tongue-in-cheek look at the impact of austerity and recession in Ireland with a visit to the Dublin Horse Show. Her headline is: “Flagellation and sock tax on budget agenda as recession fashion proves winner”. Public Expenditure Minister Brendan Howlin was among the judges for the best-dressed lady competition. He chose a dress made of leather and studding. The columnist tells him that with all the spending cuts and his choice of best-dressed lady you are: “Minister for Bondage”. He laughs back saying it is not bondage, “it’s flagellation”. Lord says another judge for the best dress competition interviewed contestants without his socks on. The columnist wonders whether there could even be a tax on men’s socks given the current state of things. And the actual winner of the Dublin Horse Show’s best-dressed lady was...Yvette Byrne from Carlow, who wore a dress designed herself - using Paris lace and curtain material - to become a symbol of recession fashion.

By Nicholas RUSHWORTH

Comments

COMMENT(S)

 
 
Archives

2014-04-17 Ukraine

Google Was Making A Space Elevator And A Hoverboard, But Couldn't Get Them To Work

INTERNATIONAL PAPERS - Thurs. 17.04.14: International papers focus on the South Korean ferry tragedy, tensions in Ukraine, the presidential election in Algeria and failed...

Read more

2014-04-17 Manuel Valls

A bitter pill to swallow

FRENCH PRESS - Thurs. 17.04.14: French papers focus on Prime Minister Manuel Valls and his 50-billion-euro budget savings plan. The general assessment is that it's superficial...

Read more

2014-04-16 Ukraine

'Call it a caretaker government'

INTERNATIONAL PAPERS - Weds. 16.04.14: International papers focus on the upcoming presidential election in Algeria, divisions in Germany over which side to pick in the Ukraine...

Read more

2014-04-16 North Korea

Back to the future

FRENCH PAPERS - Weds. 16.04.14: Le Figaro suspends reality and imagines what would happen if the 2012 presidential race were held today. The conservative paper predicts that...

Read more

2014-04-15 Vladimir Putin

The gloves are off in the Socialist Party

FRENCH PAPERS - Tues. 15.04.14: French papers react to unrest in Ukraine and the upcoming European elections. The Socialists are afraid of another flop at the ballot box while...

Read more