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Brussels and Paris are backing the refinancing method pursued by Madrid. EU Commissioner Olli Rehn stated yesterday that the idea of aiding the banks through ESM funding without troika intervention is being considered, contradicting what he said the week before. This method will be tackled at the European summit of June 28 and 29th.
EU supports direct bank rescue – Expansión
On the eve of a conference in Riga, IMF chief Christine Lagarde has attributed the Latvian economy's rapid recovery (GDP +5.5% in 2011) to the responsiveness and courage of its politicians "who understood the need to make structural reforms and to act quickly. A lesson for Greece and other countries in difficulty."
“Countries in crisis should learn from Latvia” – Svenska Dagbladet
German Finance minister Wolfgang Schäuble has rejected changing austerity policies in southern countries. He supports the idea that the recession is a crisis caused by failing elites. For the rest, he is available to chair the Eurogroup on condition that he keeps his ministry in Berlin.
“Europe needs principles” – Handelsblatt
Although Portugal’s quarterly evaluation was positive, the EU/ECB/IMF troika maintains that its labour laws are too rigid and that energy costs should be lower. Meanwhile, the government “announced that the banking system is ready to finance the economy".
Troika calls for more changes in energy and labour law – Público
Herman Van Rompuy, along his 'superquartet' colleagues European Commission President José Manuel Barroso, Eurogroup chief Jean-Claude Juncker and ECB President Mario Draghi, is "making every effort to save the single currency," writes the Brussels daily. In St. Petersburg, the European Council President said that EU leaders will present a comprehensive plan. "There is no turning back for the euro," said Van Rompuy.
Masterplan must save euro – De Morgen
White House spokesman Jay Carney declared that "markets are sceptical about the fact that the measures adopted so far are sufficient to ensure recovery in Europe and to avoid the risk that the crisis worsens". A "clear message for the EU summit in late June," writes La Repubblica.
Crisis — United States slaps Europe – La Repubblica
The Queen’s 4-day long Diamond Jubilee celebrations ended with a concert attended by more than half a million people outside Buckingham Palace.
Proud to be British – The Daily Telegraph
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