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As Spain's economic situation worsens and uncertainties linger over Greece's future in the eurozone, it seems that "after two and a half years of debt crisis, European leaders have made an awful mess of things," writes the Dutch daily. They "create complicated constructions whose consequences are almost impossible to predict. And the euro continues to grope around in the dark."
Euro totters in uncharted territory – NRC Handelsblad
According to Britain's Office for National Statistics, the UK economy shrank by 0.7 per cent between April and June. It is now smaller than when the Conservative-liberal coalition came to power in 2010. Chancellor of the Exchequer George Osborne now faces calls from business leaders to do more to kick-start Britain’s economy.
Osborne attacked as recession deepens – The Daily Telegraph
Catalonia's regional parliament voted yesterday to renegotiate the region's tax status, with 63% in favor. The nationalist led regional government is seeking to limit the transfers it sends to central government in Madrid. The vote coincided with its request for financial assistance from the Spanish capital.
Parliament supports fiscal pact for Catalonia – La Vanguardia
Despite successive EU plans, Spain is sinking ever deeper into crisis and is preparing to call on Brussels to fund a massive bailout. The situation is such that Italy and the eurozone could be dragged into the mire of financial chaos, remarks the Parisian daily.
¡Perdidos! [Lost] – Libération
Roberto Formigoni, the governor of the northern region of Lombardy, and ally of former PM Silvio Berlusconi, is accused of having received bribes amounting of €8.5 million. In addition to money transferred to Swiss bank accounts, the governor also enjoyed trips, yachts and dinners in exchange for favourable deals to a group of businessmen in the health sector.
Corruption, Formigoni under investigation – La Repubblica
The German Constitutional Court has declared the government's electoral reform unconstitutional. The court ruled that while the reform favoured a more equitable form of proportional representation, it mainly benefited large political parties such as Chancellor Angela Merkel's Christian Democrats. The law must now be redrafted ahead of the general election in September 2013.
Germany without electoral law – Berliner Zeitung
ArcelorMittal is suffering from a decline in demand for steel from European companies, especially in the automotive sector. In the first half of 2012, the global steel giant lost €340 million. With nine of its 25 European blast furnaces shut down, it does not rule out further closures.
Europe in crisis stays in Mittal's sights – La Libre Belgique
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