“Greek tragedy without a final act,” headlines Die Presse. With nerves in the euro zone on edge, some reputable media are seriously suggesting that Greece may go back to the drachma, while the rating agency Standard & Poor’s has lowered the sovereign debt rating of the country further into junk territory. And now the Vienna daily is wondering: “Is Greece leaving the single currency? No. In truth, something else is on the horizon. After a year of stubborn denial, European governments are going to have to admit that the Greek nightmare can end only if some of Athens’ debt, which amounts to 150 percent of its GDP, is forgiven” – and that by the summer of 2013, notes Die Presse. A simple expropriation of investors being virtually impossible, Europe is likely to adopt the model used to handle the South American crisis of the 1990s: exchanging Greek securities for European Financial Stability Facility securities. The only catch: this solution requires unanimity among the 27 member states, and notably a yes from Angela Merkel.
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.