"Einstürzende Neubauten" (New building collapses): under this headline borrowed from the legendary German industrial punk band, Handelsblatt warns of an imminent worldwide property crisis, which will be particularly damaging for banks that are heavily invested in the highly speculative industrial building market. The 5.4 billion dollars written off by investment bank Morgan Stanley are only the tip of the iceberg, reports the business daily. This market, which includes shopping centres, office space, and large scale building developments is worth 6,700 billion dollars in the United States. The subprime mortgage market, which triggered the crisis in 2007, was only worth 1,300 billion. "No one has acknowledged this danger," reports Handelsblatt, which also notes that European banks like Crédit Suisse and Deutsche Bank have major exposure in the industrial building sector.
The leader of Greece’s leftist alliance SYRIZA is the new bright hope of Greek politics. Steering a course between pragmatism and the rhetoric of class warfare, he has unsettled Berlin, and not just those who back Angela Merkel's austerity policies. 
Europe’s economic woes have forced us to try to understand the secret Olympian world of global finance. But now that we pay more attention to bond yields and stability mechanisms, isn’t it clear that the experts up on their lofty peaks don’t know what’s going on either? 
This year’s Eurovision Song Contest is hosted by Azerbaijan, a country that is far from being a model democracy. An Estonian journalist takes a critical look at the deferential treatment enjoyed by the regime in Baku.