Richard North, 10/07/2012  


Now that the eurogroup's formal communiqué has been issued, Die Welt is sounding the alarm. The only thing we have got, the paper says, is a confirmation of the agreement made at the European Council, but no one is able to work out what it means.

The purpose of the rescue plan, however, was to "tame the markets". Even though "the toothpaste is out of the tube", the markets are not going to be satisfied. This is a result that promises a turbulent summer, the paper concludes.

For its picture (above), it shows the lettering at the Academy of Fine Arts in Berlin: "If the euro fails, then Europe fails". These are the words of Chancellor Merkel, who has used them repeatedly during the crisis in her policy statements. The message the paper is sending is unmistakable.


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