Today's front pages

According to the Italian employers' union, declining growth in the third quarter of 2011 is expected to continue into the fourth. In 2012, GDP is expected to drop 1.6% and unemployment to reach 9% (now at 8.4%).

There's a recession – Il Riformista

The National Institute of Statistics predicts a decline of 0.2% in GDP at the end of 2011 and 0.1% in the first quarter of 2012. Economies are contracting across the entire eurozone.

France in recession – Les Echos

Christian Noyer, the governor of the Bank of France, calls for the UK to lose its AAA credit rating, as the French finance minister says Britain is in "a very difficult situation".

France declares war of words on Britain – The Daily Telegraph

This week's Spanish bond issue amounting to 11.2 billion euros has been a "success", which "distances us from the difficult situation in Italy."

Spain takes its distance from Italy – El Economista

Frightened by the crisis in Europe, American companies have withdrawn more than $291 billion from U.S. subsidiaries of European banks in the last six months.

America punishes Europe cruelly - $291 billion – Adevărul

Already connected by the Øresund Bridge, the Swedish of Malmö, and the Danish capital Copenhagen are exploring the possibility of building a subway line under the strait, which could open by 2026.

Metro for Denmark on horizon – Dagens Nyheter

In a long exclusive interview, the philosopher Peter Sloterdijk accuses governments and central banks of being at the root of the current crisis and the "demoralisation" of our societies.

"Governments have pawned the very air and banks are breathing in deeply" – Handelsblatt