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“Europe looks for help from China and Russia to bail itself out,” leads Spanish business daily Expansión, writing that “European leaders are fighting against the clock to come up with a watertight umbrella” that can help the European countries in the storm. The Madrid newspaper notes that the EU is negotiating “preventive credits that could help Italy and Spain,” the countries most likely to suffer from a partial Greek default, which could rise to as much as 60 percent of its sovereign debt.
For the daily, the loans from countries like China, Russia and perhaps Norway and the IMF, channelled through a “Special Purpose Vehicle”, may help beef up the European Financial Stability Facility, which could get as big as two trillion euros. This solution would not have to be approved by the German Parliament, which would come as “a relief” to Angela Merkel, remarks Expansión. “Some analysts are worried”, however, “that this money would be coming from countries like China and Russia,” which could be looking for political gain, the paper concludes.
A conversation with investigative reporters Stefano Valentino and Giorgio Michalopoulos, who have dissected the dark underbelly of green finance for Voxeurop and won several awards for their work.
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