Martine Orange
Martine Orange is a French journalist specializing in economic affairs who joined Mediapart after working at l'Usine Nouvelle, Le Monde and La Tribune. She is the author of several books, including The Man Who Tried to Buy the World: Jean-Marie Messier and Vivendi Universal.
Updated: 21 June 2011
They may agree on the malaise afflicting the global financial industry and the Eurozone in particular, but European governments, who appear to be unaware of the gravity of the situation, have failed to take concerted action. French news website Mediapart argues that time is running short for the implementation of existing solutions. 
If the results of stress tests published on 15 July are to be believed, European banks are in relatively good health. However, the problem is that the tests do not take into account the possibility of sovereign default, which remains the major fear. Mediapart warns that Europe’s 27 member states will have to do more if they are to resolve the ongoing crisis. 
For many economists, debt restructuring is the only possible outcome of the Greek crisis — an option that the European Central Bank has systematically refused to acknowledge. Médiapart argues that it would at least have the advantage of bringing much needed transparency to the banking sector.