Today's front pages

Barack Obama is to put pressure on Germany to ease the pain of austerity with policies to boost growth. He will warn Europe, during two days of talks with the G8 industrialized nations this weekend, that it needs to act swiftly to avoid plunging the world economy into a second deep recession.

Boost growth now or face a global crisis, Obama tells EU – The Guardian

The need for growth has been confirmed in the course of a telephone conference between European leaders, however, no specific measures have been announced. In the meantime, the International Monetary Fund has asked the European Central Bank to cut interest rates.

Crisis, Europe gains time – La Stampa

The government insists that restructuring and mandatory provisions of 84 billion euros for property write-downs will be enough to enable the country’s banking sector to overcome the crisis. However, it has not dismissed the possibility of a plan B with aid from Europe. On 17 May, Moody’s downgraded the credit ratings of four of Spain’s regions and large number of Spanish banks.

Europe, last resort for banking system reform – El Periódico de Catalunya

The budget deal concluded on 26 April between the outgoing minority coalition and the opposition has changed the balance of power in The Hague, where preparations are now underway for early general elections slated for 12 September. Discord over the reforms to be implemented persist in the wake of the populist PVV’s decision not to support an austerity package, which brought down the government, and opened a breach for left-wing opposition parties.

“Spring agreement” creates new political divide – De Volkskrant

The German Minister for Finance has been recognised by the annual award, which acknowledges exceptional contributions to the cause of European unification. In his acceptance speech, Schäuble pleaded for the election of a European Union President through universal suffrage and a Commission President to be nominated by the best performing parties in European elections.

Schäuble receives Charlemagne Prize – Luxemburger Wort

The opening of Berlin’s new BER airport, which was planned for 2012, will now be postponed until March of next year. In response to the news, Mayor of Berlin, Klaus Wowereit, and the Minister-President of Brandenburg, Matthias Platzeck, have complained of the “enormous damage to the image of the region”, which may be forced to pay millions of euros in compensation to airlines.

Airport to open next year – Berliner Zeitung

New evidence has emerged about the disappearance of Raoul Wallenberg in Hungary in 1945. According to information recently published by a Swedish expert on Russia, the diplomat was carrying 15 kilos of gold and jewelry, which he had received from Jews, in his car. This cargo was enough to convince the Russians that he was working for the Nazis. We still do not know what became of the diplomat following his arrest.

"15 kilos of gold and jewelry were his downfall" – Svenska Dagbladet