"The ticking bomb of national debts" headlines the Handelsblatt, announcing an end to the encouraging signs of recovery in Europe, as a collective case of jittery nerves sets in. "Bit by bit, the most troubled states are slipping down (into the danger zone)". In Portugal, Greece and Ireland, interest rates in government bonds to the EU have reached record highs, at respectively, 5.7%, 11.6% and 5.8%. These member states are in the firing line of the European Commissioner for economic and financial affairs, Olli Rehn, who is prepared to publicly call on them to respect their austerity goals for 2011. However, notes the German daily, in Portugal "the harsh cuts in the 2011 budget may not be approved by parliament". And in Ireland, "the cost of saving the banks is skyrocketing", making the country a potential candidate for a portion of the 750 billion euro European bailout fund. For its part, Greece "has still not managed to get its budget in order".
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.