When the world gets closer.

We help you see farther.

Sign up to our expressly international daily newsletter.

Categories

HomeGeopoliticsEconomyFuture
GreenSocietyWeirdIdeas

Focus

Ukraine WarGreen or GoneCoronavirusThe New Now
Paris CallingTrumpMigrant LivesChina 2.0

Countries

FranceUSAGermanyUnited-Kingdom
ItalyRussiaChinaNew-Zealand

Sources

Die WeltLa StampaThe ConversationThe WireKayhan-London
Les EchosEl EspectadorLivy BeregWorldcrunchBrowse all sources >

More about Worldcrunch

About usEditorial MissionEqual OpportunityCorporate Services

Follow us on social media

FlipboardTwitterFacebookInstagramLinkedIn
Sources
Belgium

Did Germany Lose Twice In One Night? The Weight Of European Soccer And Euro Zone Debt

SourcesWORLDCRUNCHSocietyBelgiumCountries

Worldcrunch

IL SOLE 24 ORE (Italy), DIE WELT (Germany) BBC NEWS (UK), LE MONDE (France)

BRUSSELS - Spain and Italy...Spain and Italy.

Sports junkies know by now the lineup for the finals of the 2012 European Soccer Championship, after Italy defeated the favored Germans 2-1 in Warsaw on Thursday night, following Spain's semifinal win over Portugal in a shootout.

But political junkies saw the real European showdown taking shape at a key Brussels summit where German Chancellor Angela Merkel was facing growing pressures into the wee hours of Friday to cede to demands of euro-zone partners -- notably Spain and Italy -- on restructuring of a massive bailout fund.

Le Monde reports that Italian Prime Minister Mario Monti and Spanish Prime Minister Mariano Rajoy told their partners they would refuse to go forth with the overall 120 billlon euro growth package until they obtained guarantees on limiting their borrowing costs.

In exchange for the deal, the countries agreed on a European Central Bank supervision of banks, conforming to Merkel's wish that Brussels have more control over euro-zone country finances. Once the supervisory system is set in place by the end of this year, the European Stability Mechanism will be able to directly recapitalize banks without passing through governments, thus avoiding additional national debt.

Still, German daily Die Welt concluded that the German leader had been outflanked, posting the Friday morning headline "Merkel's Defeat On A Historic Night."

French President François Hollande provided key support for Italy and Spain, according to BBC News. "I'm here to try to find rapid solutions for those countries facing pressure from the market, despite having made huge efforts to balance their budgets," Hollande said.

The euro rose against the dollar Friday on Asian markets after the summit, as did stocks in Germany and the United Kingdom.

Milan financial daily Il Sole 24 Ore reported that the Brussels summit was a clear victory for Italian Prime Minister Mario Monti. But most of Italy was focused on the other "Super Mario" - 21-year-old striker Mario Balotelli - who scored twice (see below) on the way to the Italian team's 2 - 1 victory over Germany. Italy will meet Spain in the finals Sunday in Kiev.

Photo Credit: Emanuele Dal Carlo - http://www.emanuele.dalcarlo.it/

Badge
WORLDCRUNCH
Premium stories from Worldcrunch's own network of multi-lingual journalists in over 30 countries.
WORLDCRUNCHWORLDCRUNCH Logo

You've reached your limit of free articles.

To read the full story, start your free trial today.

Get unlimited access. Cancel anytime.

Exclusive coverage from the world's top sources, in English for the first time.

Insights from the widest range of perspectives, languages and countries.

Geopolitics
taiwan elections

D.C. Or Beijing? Two High-Stakes Trips — And Taiwan's Divided Future On The Line

Two presidents of Taiwan, the current serving president, Tsai Ing-wen, and her predecessor, Ma Ying-jeou from the opposition Kuomintang party, are traveling in opposite directions these days. Taiwan must choose whom to follow.

Photo of Taiwan President Tsai Ing-wen

Tsai Ing-wen, the President of Taiwan

Simon Liu / Office of the President
GeopoliticsTaiwanChinaSourcesFRANCE INTERfeatured-postCountries
Pierre Haski

-Analysis-

PARIS — Tsai Ing-wen, the President of Taiwan, is traveling to the United States today. Not on an official trip because Taiwan is not a state recognized by Washington, but in transit, en route to Central America, a strategy that allows her to pass through New York and California.

Ma Ying-jeou, a former president of Taiwan, arrived yesterday in Shanghai: he is making a 12-day visit at the invitation of the Chinese authorities at a time of high tension between China and the United States, particularly over the fate of Taiwan.

It would be difficult to make these two trips more contrasting, as both have the merit of summarizing at a glance the decisive political battle that is coming. Presidential and legislative elections will be held in January 2024 in Taiwan, which could well determine Beijing's attitude towards the island that China claims by all means, including force.

Keep reading...Show less
View article in original language
English edition • Worldcrunch
FRANCE INTERFRANCE INTER Logo

You've reached your limit of free articles.

To read the full story, start your free trial today.

Get unlimited access. Cancel anytime.

Exclusive coverage from the world's top sources, in English for the first time.

Insights from the widest range of perspectives, languages and countries.

The latest