"100 billion euros of blood and tears," headlines Ta Nea, after the green light given by the government to the latest "economic recovery" package which will be applied from 2012-2015. The package "will certainly voted in after the European Council meeting scheduled for 23 June" claims the newspaper, which has details on the scale of the measures involved: these include "wage cuts, public service layoffs, new taxes that will also apply to pensioners and those on low incomes, a VAT increase, a reinforced drive to eradicate the black economy, and last but least, a massive and immediate privatisation of sports facilities, airports, water and electricity utilities, casinos, race tracks, telecoms companies and many other assets.” The Greeks can also look forward to “job cuts and strikes,” like the one planned for 15 June.

Headlining with “Napolitano outraged by Battisti’s release,” La Repubblica reports that the Brazilian authorities’ decision to refuse to extradite former Italian terrorist Cesare Battisti has met with a chorus of indignation led by Italian President Giorgio Napolitano. Napolitano accuses Brasilia of breaching international agreements by freeing Battisti, who has been sentenced in absentia to life in prison for four murders commited during the "Years of Lead" – charges that Battisti denies.

For its part, the Italian government has announced that it will file an appeal against Brazil’s decision with the International Court of Justice in The Hague. "The Brazilians believe they have struck a blow for the left," remarks a columnist for the Milan daily: "they think they have saved a heroic freedom fighter like Garibaldi or Che Guevara, whereas Battisti was simply a trigger-happy assassin" whose release "is an affront to the memory of his victims and the history of our country."

The daily’s main front-page headline focuses on the referendums to be held on 12 and 13 June, which will rule on the reintroduction of nuclear power, the privatisation of water utilities and the "legitimate impediment" that will prevent high-ranking state officials (including the head of government) from attending trials where they face charges. While Silvio Berlusconi has campaigned for abstention, La Repubblica remarks that “the Fukushima effect" could result in a sufficient turnout for the votes to be valid. As Espresso points out, a victory for the "yes" voters would mark the end of "the cycle of Berlusconism."

On Wedneday 19, Air-France KLM Group, Europe's largest airline, withdrew from negotiations to buy the state-owned company Czech Airlines (CSA).  The front page of Hospodářské Noviny leads with the headline "CSA: failed deal." The report in the daily points out that Czech authorities have already turned down offers from Aeroflot and the Odien investment group. As result, there is only one remaining potential buyer, the consortium formed by Unimex and Travel Service. The duo may be able to gain control of the 91.5% of CSA's capital without having to bid against the competition. In an editorial, the business daily emphasizes that "from the outset this privatization has been an attempt to sell a company that is relatively unattractive" in a period of financial crisis.