Here are the ending week’s select articles on (mostly) the euro crisis from the ‘big three’ Der Spiegel, The Telegraph and The Economist.DER SPIEGEL
Nazi flags are hardly a rarity at Greek demonstrations these days. Anti-German tirades on primetime television have likewise become a staple. In Greece, a consensus has developed as to who is to blame for the country's economic misery. Age old stereotypes are flourishing.
'The Greatest Danger to Merkel Bears the Name Hollande' – Spiegel
Angela Merkel's decision to campaign on behalf of French President Sarkozy has infuriated the German opposition, with some warning that it could damage German-French ties. But German commentators say that the bigger threat is posed by Sarkozy's Socialist challenger Francois Hollande.
There is a widespread belief that Germany is the big winner of the euro crisis, as investors stash their money in the euro zone's last safe haven, driving interest rates on German bonds down to record lows. But the idea is just a myth. Indeed, the crisis could end up costing Berlin dearly.
Crisis Desperation Drives Merkel to Campaign for Sarkozy – Spiegel
Chancellor Angela Merkel's move to help President Nicolas Sarkozy in his bid for re-election is unprecedented. But so too is the European debt crisis. Berlin is driven by the fear that a Socialist president in Paris may overturn its strategy to rescue the euro. But Merkel's campaign assistance poses risks
In a SPIEGEL interview, Luxembourg Prime Minister Jean-Claude Juncker, head of the Euro Group, talks about the need for Greece to push ahead with economic reforms. If the country doesn't meet Europe's demands, it will have to declare bankruptcy in March, he says.
Time is running out for the Greek government, which needs to reach a deal on unpopular austerity measures if it is to secure a second EU/IMF bailout. German commentators argue the country has already suffered enough, saying what are needed now are measures to stimulate growth.
It's Time To End the Greek Rescue Farce – Spiegel
Whether it be an escrow account or a budget commissioner, the latest demands by Germany show just how absurd negotiations over Greece's future have become. It is high time to bring an end to this tragicomedy.
THE TELEGRAPH
Euro crisis averted? Don’t believe a word of it – The Telegraph
Greece may be clinging on, but the eurozone’s real problems remain resolutely unaddressed.
If someone is insolvent, you should not lend him more money. That's an old truth, but a sound one.
Greek death spiral accelerates – The Telegraph
It is what can happen if you join a fixed exchange system, then take out very large debts in what amounts to a foreign currency, and then have simultaneous monetary and fiscal contraction imposed upon you.
So what happens in the April elections? Does anybody think that the new government will comply with the Merkel-Troika Diktat, and continue complying until 2020 when the country will still be prostrate with a public debt of 120pc of GDP – if all goes perfectly?
An orderly EMU break-up, à la Française – The Telegraph
Euro break-up plan drafted by French economists: "The obstinate determination of governments to take us by forced march deeper into the euro impasse can only lead to the general aggravation of the economic situation in Europe."… "National currencies should be recreated in each eurozone country".
Debt crisis: as it happened
February 10 (online later)
THE ECONOMIST
Sovereign bonds: Oat cuisine – The Economist
A stodgy asset class has become more complex and more dangerous
Buttonwood: Keep on trucking – The Economist
Why the old should not make way for the young
Short-selling: Getting to the naked truth – The Economist
A regulatory probe sheds light on manipulative shorting
Tough fiscal negotiations run into hard political reality
Charlemagne: 1789 and all that – The Economist
The history of fiscal federalism may offer the euro zone some lessons
Swiss banking secrecy: Don’t ask, won’t tell – The Economist
Amid a global squeeze on tax evasion, Switzerland is the prime target