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According to the IMF, EU-based banks will deleverage by up to €2 trillion by end 2013 (7% of their combined balance sheets). This will lead to a reduced supply of credit of approximately 1.7% over two years.
Credit threat remains massive in Europe – Les Echos
The centre-right ruling coalition between the ODS, TOP O9 and the Public Affairs party (VV) is teetering due a split within VV, whose leader was recently convicted of corruption. If PM Petr Nečas does not manage to secure a parliamentary majority next week, the oppositon will call for early elections. Opinion polls show the ČSSD (Social Democrats) winning with the support of the Communist party.
Government on the brink – Lidové noviny
Just 3 days before the first round of the French presidential election, 23% of voters have yet to make a choice. The Socialist party's François Hollande and outgoing president Nicolas Sarkozy are neck and neck in the polls. And there is much speculation about the scores of the Front National (Marine Le Pen), the centre (François Bayrou) and the Radical Left (Jean-Luc Melenchon).
One in four French voters still undecided – Le Figaro
The outcome of the European stability treaty referendum on May 31st is wide open, according to the latest Irish Times/Ipsos MRBI poll. Asked whether they were likely to vote Yes or No to the treaty, 30 per cent of voters said Yes, 23 per cent said No, 39 per cent were undecided and 8 per cent said they would not vote.
Undecided voters hold key to outcome of referendum – The Irish Times
"I'm very sorry. I made a mistake and it will not happen again," said King Juan Carlos of Spain over a lavish elephant hunting expedition in Bostwana while his country is in crisis. This trip came to light after he was involved in an accident.
The humility of a king – ABC
Renowned theatre directors Krzysztof Warlikowski and Grzegorz Jarzyna are contemplating emigration together with their companies. Both Warlikowski and Jarzyna’s theatres, owned by the city of Warsaw, no longer have the funds to stage their productions in Poland due to budget cuts.
The best Polish theatres. Condemned to emigrate – Gazeta Wyborcza
Britain’s relationship with the European Court of Human Rights was put on notice last night after the court halted deportation proceedings against the radical Islamist cleric Abu Qatada.
Europe’s court jesters – The Times
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