"Merkel bows to pressure from Italy and Spain“. This is the title of the Austrian newspaper Der Standart. In the German-speaking world, the condition posed by the two Latin countries - which have linked their adherence to the growth pact to the green light to the anti-spread shield – was seen as German Chancellor Angela Merkel giving in to Italian-Spanish pressure. According to the German version of the Financial Times the "euro-zone agrees to help Italy and Spain". And while Merkel is “irritated” (or rather definitely embittered by the football defeat), practically all the newspapers praise Mario Monti's satisfaction.
The French press prefers to see a victory for the euro rather than a defeat for the Chancellor. "The agreement was in everyone's interest" said President François Hollande who managed to obtain the growth package he "strongly wanted", as he writes the world. For Le Figaro, “the markets can breathe again” but “lItaly and Spain have succeeded in imposing their will“, while Hollande remained “in the background”.
In Spain, a general satisfaction is inevitable. “Merkel has finally accepted that the bailout fund can directly recapitalize Spanish banks,” she writes el Pais. El Mundo quotes Monti's words: “It was a difficult negotiation but it was worth it”.
Across the ocean, the New York Times outlines a more complex picture. Echoing the words of the director general of the European Research Centre, Charles Grant, the newspaper writes that "the lack of connection between Paris and Berlin in recent times is destabilizing the euro" and has led to focus on the short-term solutions imposed by Italy and Spain. “Merkel gave Hollande the growth package she asked for during her election campaign but this is largely made up of already existing funds”. The victory of Italy and Spain is therefore temporary, and without a more far-sighted agreement and without a greater understanding between France and Germany, the euro will not be saved. The Guardian reiterates that "it was a victory for Italy and Spain", while the Wall Street Journal points out that they come from the EU summit “good news for the markets”.
Finally, many report the satisfied words of the ECB president Mario Draghi: "We are very satisfied with the decisions taken yesterday, and today we will continue the discussions".
