Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Leading human rights activist shot in Burundi's capital

Read more

MEDIAWATCH

Migrant Crisis: The Blame Game

Read more

THE DEBATE

Kerry Middle East Tour

Read more

BUSINESS DAILY

Greek shares plunge as trading resumes in Athens

Read more

IN THE PAPERS

'Gulf countries need proof and guarantees'

Read more

IN THE PAPERS

'The deadly French-English border'

Read more

EYE ON AFRICA

Experimental Ebola vaccine could stop virus in West Africa

Read more

MEDIAWATCH

#CecilTheLion : Hunter Becomes The Hunted

Read more

THE WORLD THIS WEEK

Erdogan’s gamble: Turkey launches offensives on PKK and Islamic State Group (part 2)

Read more

An overview of the stories making the French and international newspaper headlines. From Monday to Friday live 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

COMMENT(S)

Archives

2015-08-03 migrants

'Gulf countries need proof and guarantees'

INTERNATIONAL PRESS - Mon. 03.08.15: John Kerry's visit to Qatar does little to reassure the Gulf press on the Iran nuclear deal. The migrant crisis continues to dominate the...

Read more

2015-08-03 migrants

'The deadly French-English border'

FRENCH PAPERS - Mon. 03.08.15: Migrants top the agenda with a harrowing list of those killed this year attempting the crossing from Calais to the UK. Online petitions are the new...

Read more

2015-07-31 Israeli-Palestinian conflict

Indian execution like a 'Hollywood courtroom drama'

IN THE WORLD PAPERS - Fri. 31.07.15: Newspaper websites begin to react to an attack that left a Palestinian baby dead in the West Bank. Yesterday's attack on a gay pride march in...

Read more

2015-07-31 Syria

A new player in Syria's war

FRENCH PAPERS - Fri. 31.07.15: A new group fighting both Assad and the Islamic State group in Syria is at the heart of an in-depth investigation by Libération. Also, François...

Read more

2015-07-30 Calais

'Close down Calais until the French get a grip'

INTERNATIONAL PRESS - Thurs. 30.07.15: Newspapers on both sides of the Channel react to a fresh migrant crisis in Calais - with startling headlines. Also, the Pakistani press...

Read more