National Press Review, 10 August

"The New Financial Crisis", the Adevărul headlines. Economic experts expect a rougher financial crash than that in 2008, brought about by the extremely high debts in Europe and by the budgetary issues in the United States.

Journalists write not only about the concern related to stock market which yesterday registered a dramatic breakdown despite the American President Barack Obama's speech, but also about "the guilty one on duty", namely the rating agencies.

The Adevărul also turns its attention to the faith of the Romanian millionaires listed on the stock market; even though the climate seems to be one of panic, they are not affected because they are long-term investors.

Moreover, the daily writes that "they think about increasing their portfolios by trading on low prices". This means that the "new financial crisis" can be one man's meat and another man's poison.

According to the România Liberă, the second category comprises those fifty thousand Romanians who have loans in Swiss francs.

Yesterday, the aforementioned currency was traded against over four lei which means that for the last four years its value has doubled. In addition, journalists note that "the Swiss currency has turned to be a rarity not only for exchange offices but also for banks in Bucharest".

The România Liberă wonders about the way the Swiss currency is heading for. The answer is given by an influent economist quoted by the daily: "If I were to know how it works I would be billionaire".

There is panic and uncertainty in Great Britain, too. "London burns as in war", the Jurnalul Naţional headlines. "England: Barbarism in the Heart of Civilisation", the Adevărul quotes. "Caught in the Hall of London: British People Die and Romanians Fear", the Evenimentul Zilei adds.

The street events in London became more serious after a young man in Tottenham district was shot to death by police officers, last week. All national newspapers give forth to the testimonies of those who took part in the violent scenes in the street.

Yesterday, Prime Minister David Cameron announced that police men power would increase from six thousand to sixteen thousand people and mentioned that authorities would do "all the necessary to bring under control not only London but also other cities where violent incidents have been registered".

Let's get back to our own business related to bankers and President Traian Băsescu, taking into account the aforementioned circumstances of the economic churn.

The Jurnalul Naţional writes: "the meeting began with a joke". This happened after Prime Minister Emil Boc had declared that the second quarter might not meet expectations due to slowing down exports and industrial production. President's message: "There has not been a financial crisis yet, but the Romanian government must be cautious and keep on cutting back jobs".

We shall not end the National Press Review without emphasising that we seem to face an all-level economic crisis. At least that is what appears from all the newspaper headlines brought out today: "Most Outrageous Forgery: Ten Year Old Girl Certified Revolutionary" or "K1 Fighter Kills a Man", the Adevărul. "Robbery on the A1 Motorway: 22 kilos of Gold Stolen from a Car" or "Gore, the Ripper", the România Liberă. "Padina – from Love for Mountain to Poor Quality Music and Barbecues", the Evenimentul Zilei.

The Adevărul crosses the t’s and dots the i’s and writes: "The Wild East – Crimes, Robberies and Mugging".

Translated by: Cristina Anamaria Maricescu
MA Student, MTTLC, Bucharest University