Today's front pages

In its audit of the country’s finances, the French court of auditors has estimated that spending will have to be cut by 8 billion euros in 2012 and 33 billion euros in 2013 if the budget deficit is to be reduced to 3% of GDP.

Deficit: France condemned to unprecedented austerity – Les Echos

Heinz Fromm, the head of the Federal Office for the Protection of the Constitution, Germany’s domestic intelligence agency, has resigned in the wake of a series of revelations of mismanagement. Last week, it was reported that the agency destroyed files with data from infiltrators in neo-Nazi groups, which could have prevented the murders of ten Germans of foreign origin whose deaths shocked the country in 2011.

12 years, 10 assassinations, 1 resignation – Die Tageszeitung

On July 3, the emissaries of the EU, the ECB and the IMF arrive in Cyprus where they will begin negotiations with the central bank and the Ministry of Finance to prepare the bailout which the government in Nicosia requested last week.

Contact with the troika begins – Politis

Representatives of Greece’s creditors will be in Athens this week to meet with the leaders of the country’s new government. But real negotiations on possible changes to the country’s international aid package will not begin before 24 July.

Troika audit to start, key talks not till late July – I Kathimerini

The Justice department wants to know if there was unlawful use of EU money in the reconstruction of a railway in the country’s North-West. Slovakia could lose millions of euros in European cash if the money was not not properly used.

Multi-million euro contract investigated by prosecutor's office – Hospodárske Noviny

David Cameron announced a quick parliamentary inquiry into professional and cultural standards in the banking industry after the chief executive of Barclays bank, Bob Diamond, and the chairman, Marcus Agius, resigned following a scandal involving bank manipulation of interest rates.

PM orders speedy banks inquiry – The Guardian

“The biggest tender in country’s history is about to start”, writes the economic daily, the day after three contenders, Russia’s Rosatom, France’s Areva and the US firm Westinghouse, presented their bids to construct two additional reactors at the Temelín nuclear power plant. A team of experts from national electricity company ČEZ will assess their candidacy for this controversial project.

Closely scrutinised “Temelín team” to assess bids – Hospodářské Noviny