09/07 – Today’s headlines from across the EU

EUROPEAN HEADLINES

FT – China bans big share sales in drastic effort to steady markets. Six-month curb on stakes above 5%. Central bank bolsters liquidity.

WSJE – Beijing tries to halt selloff. The Chinese government struggled to prevent the distress in the stock markets from spreading, as it openly fought market forces it has pledged to give a larger role.

INYT – A defiant Greece seeks new bailout. With no details offered for overhauling economy, nation enters endgame.

FRANCE

Le Monde – The countdown before the divorce with Greece has started. Eurozone leaders have toughened their demands before the next European summit planned on Sunday 12 July.

Les Echos – The Chinese crash makes the whole of Asia tremble. The Shanghai Stock Exchange lost a third of its value in less than one month. A crash that hurts the regime’s credibility and threatens economic growth in the country.

GERMANY

Frankfurter Allgemeine (FAZ) – The AfD founder announces his resignation. Lucke says he believes his “membership no longer makes sense.”

Sueddeutsche Zeitung – The NSA eavesdropped Germany from Kohl to Merkel. Documents show that the US intelligence service has been tapping the German Chancellery for decades.

ITALY

La Repubblica – Tsipras announces he is open to EU proposals. In China, Stock markets plummet. The Greek PM said yesterday in front of the European Parliament that austerity measures have shown their limits but that he is prepared to implement reforms. China’s stock markets are falling and dropped by 32% in three weeks.

Il Sole 24 Ore – Chinese stock markets take a hit, Asian markets follow. Panic today at Shanghai Stock Exchange which has lost 5.9%, a staggering 35% since June 12th. Selling continues despite government restrictions on transactions.

POLAND

Gazeta – To the rescue of holders of CHF-denominated loans. The Government drafts a new law that will enable a currency change-over on preferential terms to holders of CHF-denominated loans. Authors of the report forecast that every tenth holder of such a loan will use this opportunity.

SPAIN

El Pais – Greece to lower its pensions and to waive its debt cancellation. Tsipras made his first compromise in exchange for a €50 billion bailout.

Expansion – Indra restores its balance and soars on Stock Exchange. In addition to the almost 3,000 job cuts it announced, as well as other measures aimed at saving 180 to 200 million euros a year the technological group announced 395 million euros of provisions.

The Times – Higher wages and welfare cuts in Britain’s new deal. Axe falls on billionaires, benefits claimants and buy-to-let landlords.

The Guardian – The chancellor gives…and he takes away. Osborne saves living wage surprise to last. But dismay at decision to curb tax credits. Roads, defence, non-doms, part of broad package.