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After two consecutive quarters of negative growth, Belgium is now officially in recession. Since the beginning of the year, 2,000 jobs have been lost.
The recession hurts – De Standaard
Concerning the prospect of a Greek exit from the euro, Josef Ackermann, influential Deutsche Bank chief and chairman of the IIF Banking Federation, has said " "Better not try." He has suggested that the private creditors to accept a haircut on Greek debt of up to 70%, against the 50% initially planned.
Ackermann warns against Greek bust – Süddeutsche Zeitung
The Spanish government has given itself a year to reform the Spanish banking sector which has severely affected by the crisis. In order to revive the economy, the objective is to increase bank capital, restart lending and lower real estate prices.
Great banking reform – Expansión
Established in 1913, the laboratory of Swedish-British pharmaceutical company AstraZeneca, located in Södertälje near Stockholm, is to close. 1,200 people are to be laid off.
Knockdown blow for Swedish research – Dagens Nyheter
The pro-Berlusconi newspaper celebrates an amendment voted by MPs on February 2 concerning legal fees and damages. The amendment makes judge liable for prejudices caused to the accused if cleared. The Senate has yet to vote on the issue.
Judges, the good life is over – Il Giornale
A cold weather front coming from the east has led to record sub-zero temperatures across Europe, and the death from hypothermia of dozens of people. 63 homeless people have so far died in Ukraine, and 29 in Poland. The Finnish daily notes that Russian manufactured Ladas are resistant to the cold.
Russia produces cold and Ladas – Aamulehti
During German Chancellor Angela Merkel's visit to Beijing, Premier Wen Jiabao said China is willing to "involve itself more" in efforts to resolve Europe's debt issues through the International Monetary Fund, the European Financial Stability Facility and the European Stability Mechanism.
Chinese bailout funding for Europe possible – China Daily
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