French press review 18 April 2015

The future of democracy in Europe is threatened by the Greek debt crisis, all is not well in the world of big business and things are not getting any better for President François Hollande, three years in the top job and still deeply unpopular in the opinion polls.

Libération's main story says that nothing less than the future of democracy in Europe is at stake in the battle between Brussels and Athens on the question of Greek debt.

The left-wing paper wonders which is more important, a popular vote against European rules or blind adherence to treaties signed by long-forgotten governments.

The fundamental question is posed by Libé's main headline: "Does Europe mean the end of democracy?"

The daily offers two points of view. The technocrats in Brussels would say "no", arguing that the 19-state federation which runs the euro is itself a fully democratic organisation and one which has poured 240 billion euros into attempting to refloat the Greek economy. A change of government in Athens is not enough to wipe that slate clean.

But that's not how things look for many in Greece, particularly in the new Syriza government, elected on a wave of anti-austerity feeling. According to the Greek Culture Minister Nikos Xydakis, a former economic commentator, the money given to Athens by Brussels had nothing to do with saving Greece and everything to do with saving the German and French commercial banks which loaned billions to a series of corrupt Greek governments.

The American magazine Foreign Policy would seem to agree, at least in part, saying in its latest edition that "eurozone politicians are largely responsible for the sufferings endured by the Greeks over the past five years, because of the way they increased the Greek debt burden in 2010 to save the French and German banks".

Libération's editorial says all the arguments - treaties, loans, legitimacy - are in favour of Brussels. All except intelligence. Because, says the Libé leading article, Greece has been treated with stupid brutality or brutal stupidity, causing an already struggling economy to lose a further 25 per cent of annual production, reducing many Greeks to living conditions not seen since the end of the last war.

Those facts led, directly, to the election of the Syriza government, which is determined to get the national economy moving again by ending austerity. Europe now faces a stark choice: either help the Greeks to help themselves or insist on a ridiculous cure which is clearly killing the patient and encouraging the dark armies of the far right, a policy which will see democracy die in the very country which gave us that political system in the first place.

Le Monde reports that all is not well in the world of big business.

The boss of car manufacturer Renault is unhappy at state plans to enforce a law which gives long-term shareholders twice the voting rights of more recent arrivals. This would mean, for example, that the state, a major shareholder in many of the top French companies, could sell off huge chunks of its current holdings without losing any of its influence on company boards.

A majority of the companies seem to be against the law, insisting on the principle of one share, one vote.

Le Monde notes that big international investors tend not to like any regulations which increase state influence on the way companies are run.

Three years in the top job and things are not getting any better for President François Hollande. According to the main story in this morning's right-wing daily Le Figaro, nearly 80 per cent of French voters describe themselves as either "dissatisfied" or "very dissatisfied" with the leader's actions since his election.

Figaro's editorial is scathing: Hollande has achieve two things, according to the conservative daily: he has increased taxes and boosted unemployment. That's it. The rest is silence. The president will address the nation on TV on Sunday night. Will anyone be watching?