French press review 15 September 2011

France and Europe's continuing economic woes dominate the headlines this morning, not least because of the downgrading of two leading French banks by the ratings agency Moody's, while Greece, and what other Eurozone members regard as its fiscal irresponsibility, remains at centre stage.

Under the headline "Euro Crisis Sarkozy and Merkel increase pressure on Greece", Le Figaro says that French President Nicolas Sarkozy and German Chancellor Angela Merkel have reaffirmed that Greece should stay in the 17-member Eurozone. The condition is that Athens quickly curbs government spending and directs its economy towards balanced and sustainable growth.

Sounds familiar? It certainly does to Le Monde. In a front page editorial, the paper takes a cynical view of Europe's efforts to rescue Greece from financial melt-down. "Every day the powerlessness of European Union leaders becomes more cruelly evident" Le Monde declares. While irresponsible speculators profit, public debt increases.

The choice is clear Le Monde says. Countries incapable of accepting constraints, that's to say not spending money like drunken sailors, should be excluded from the Eurozone. It's that or the road to federalism - economic, financial, budgetary and political.

Alas, it concludes, both would require a courage and determination which is lacking today.

Le Monde and several other papers reflect on the likelihood that emerging nations might come to the rescue of the euro.

Chinese Prime Minister Wen Jiabao looks to have taken the lead and is quoted as saying Beijing has confidence in the European economy and is ready to help indebted countries , provided they put their house in order.

Precisely when cash-rich China, or other growing economies such as Brazil, Russia or India, might deliver is another matter. Les Echos reports that China is extremely prudent in navigating through these troubled economic times. The Chinese view is that not all Europe's problems have been idenitified and it is too soon to invest.

L'Humanité's view on Greece and the Eurozone's problems is by far the most bleak. "Europe in the Claws of Vultures" screams it's front page. European leaders want to impose an authoritarian government on the peoples of the Union. Greece, it says, is their laboratory, a test-bed for cut-backs and austerity.

Libération, the left-wing daily, leads on the race to become the candidate of France's Socialist Party in next year's Presidential elections. "Before the first debate among the six candidates this evening, polls are distorting an unprecedented democratic exercise with many unknowns". Now there's a snappy headline guaranteed to make one turn the page.

La Croix examines both the style and the substance of all six candidates. To date, the paper says, no single candidate has really shone. That's to say none has shown star quality. Tonight is their opportunity.

Aujourd'hui en France says that the live television debate, the first of three, is filled with risks. The candidates must outline their ideas while avoiding violent attacks on their rivals. Sounds like fun.

Inside, Aujourd'hui looks at a French success story that, unlike the interminable scramble for the Socialist leadership, it says is on everyone's lips. The mystery man, or woman, who scooped 162 million euros in the latest Europe-wide lottery - EuroMillions.

The organizers have vowed to protect the anonymity of the winner of what is the biggest lottery win in the nation's history. All we know is that the ticket was sold in Calvados, in Normandy. Evidently, the winner will become the 247th richest person in France.

Still to put that into perspective, says Aujourd'hui, the cash is the equivalent of eight years earning by the world's best paid footballer, the Cameroonian Samuel Eto'o.

But not a detail that will concern the lucky winner I'm sure.