Today's front pages

European Commissioner for Economic and Financial Affairs Olli Rehn has said that London's refusal to participate in the Stability Union will not prevent Brussels from introducing new regulation for the City of London.

EU plots revenge against Britain – Daily Express

"Fire 40,000 public sector employees by December and 150,000 by 2015, cut private sector salaries. The orders are strict," writes the Athens daily as Finance Minister Evangelos Venizelos negotiates with the IMF, EC and ECB.

The orders of the Troika – Ta Nea

The rating agency has warned that the European bank crisis could affect subsidiaries of major institutions based in countries like Romania.

The apocalypse according to Moody's – Jurnalul Naţional

"In France and Italy, unions are seeking to organize a response to government austerity budgets. But building support is difficult as alternative solutions are lacking."

Europe - Resigned to austerity – La Tribune

Czech PM Petr Nečas and a number of directors of the Czech Republic's Central Bank wish to contribute to the euro rescue fund only if really necessary.

Government does not want to lend 90bn crowns [€3.5bn] to eurozone – Lidové noviny

Forced to resign after cyberactivists revealed that he had plagiarized part of his doctoral thesis, the former defense minister returns as advisor on freedom of internet access to European Commissioner for Digital Agenda Neelie Kroes.

Web won't let Guttenberg go – Die Welt

Iñaki Urdangarin, the son-in-law of King Juan Carlos I of Spain has been forced to relinquish his royal duties amid a corruption scandal. He is being investigated over claims for misuse of public funds donated to a foundation he ran. The palace has also announced that the royal family's budget will from now on be made public.

Repudiated – El Periódico de Catalunya