"Has Europe run out of steam? – No. Not unless Spain, Portugal and Italy are drawn into the crisis)." Profil reports that divergences in agency ratings or GDP debt ratios could emerge as fault-lines in a future two-speed Europe. According to the Austrian weekly's analysis: risk one, the collapse of one of the larger PIGS (Portugal, Italy and Spain) where the accumulation of debt is outpacing economic growth, could prompt a shake-up that would result in a split in the euro or even the EU. Evidence of weakness in these countries could play a pivotal role in triggering risk two: an illegal but nonetheless possible attack by speculators gambling on the probablity that an EU state will become insolvent, which can only be countered by the establishment of a European ratings system. According to experts cited by the weekly, risk three – German withdrawal from the euro – remains unlikely in view of Berlin's enduring commitment to the single currency. However, risk four – the absence of a European mechanism to regulate financial crises – will remain until national governments review their selfish objections to politcal and fiscal harmonisation within the eurozone. Without a common economic policy, Profil believes that the eurozone will eventually be replaced by an "E-Mark" area formed by the stronger EU economies, which would put an end to the European project as we know it.
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.