Don't miss

Replay


LATEST SHOWS

ENCORE!

Paris's Louis Vuitton Foundation showcases contemporary African art

Read more

#THE 51%

Sparking an outrage: Saudi Arabia elected to UN commission on women's rights

Read more

THE CAMPAIGN BEAT

National Front's new leader steps down over Holocaust remark

Read more

DOWN TO EARTH

How green is ecotourism?

Read more

BUSINESS DAILY

Trump says he won't scrap NAFTA right away, opens negotiations

Read more

IN THE PAPERS

Barack Obama under fire over $400,000 speaking gig

Read more

IN THE PAPERS

Teacher's pet vs party girl: Macron and Le Pen's younger years

Read more

EYE ON AFRICA

Hissene Habré trial: Senegal court upholds life sentence for Chad's ex-leader

Read more

MEDIAWATCH

Trump's first 100 days, Simpsons style

Read more

IN THE PAPERS

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.

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

2017-04-28 Barack Obama

Barack Obama under fire over $400,000 speaking gig

IN THE WORLD PAPERS - Friday, April 28: The media battle heats up: France's presidential hopefuls Emmanuel Macron and Marine Le Pen are accused by the Russian and French press of...

Read more

2017-04-28 French Presidential Elections 2017

Teacher's pet vs party girl: Macron and Le Pen's younger years

IN THE FRENCH PAPERS - Friday, April 28: Le Parisien headlines on the public image battle between Emmanuel Macron and Marine Le Pen, both using campaign photo opportunities to...

Read more

2017-04-27 Donald Trump

Trump's tax reform: A 'home run' or 'laughable stunt'?

IN THE WORLD PAPERS - Thursday, April 27: It's the classic divide: the left-leaning press rip apart Donald Trump's tax reform, but the conservative press call it a "home run"....

Read more

2017-04-27 Emmanuel Macron

'It's War!' Le Pen and Macron in showdown at Whirlpool factory

IN THE FRENCH PAPERS - Thursday, April 27: "It's war": that's how the papers are reporting an epic photo op showdown between presidential hopefuls Marine Le Pen and Emmanuel...

Read more

2017-04-26 French Presidential Elections 2017

Marine Le Pen, a 'normal' candidate?

IN THE FRENCH PAPERS - Wednesday, April 26: Far-right candidate Marine Le Pen continues her aggressive campaigning by courting those who may abstain from voting in the...

Read more