“Are the banks out of danger?” headlines La Tribune, in the run-up to today’s publication of the results of a second wave of stress tests. Europe’s ministries of finance are awaiting the figures “with a mixture of impatience and fear,” and hoping they will prove to be more useful than the 2010 stress tests, “which failed to predict the imminent collapse of the Irish banking sector.” The daily notes that “this time around, European regulators are hoping to provide the markets with a more accurate picture of the solidity of the continent’s banks.” It also warns that “the results will likely highlight disparities between countries,” and points out that “banks in the UK, France and Italy appear to be better equipped to deal with adverse conditions than some of their under-capitalised counterparts in Germany, Ireland, Portugal and Spain.”
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.