French press review 6 August 2011

The tumbling of the stock markets and growing concerns about the debt crisis dominate Saturday’s French newspapers.

Le Monde headlines on “the great fright of another western economic crash” explaining that fears of a recession in the United States are feeding the panic of investors.

Le Figaro welcomes the move to the frontline of European leaders, as they held a full day of intense consultations as the stock markets continued being held up in volatile trade.

According to the conservative newspaper, French President Nicolas Sarkozy is keen on holding an emergency meeting of G7 finance ministers of leading world economies in a few days. France holds the presidency of the G7, G8 and G20 economic powers and he wants them to discuss the debt crisis ahead of a possible G8 summit.

Le Figaro argues that from a French point of view, the heavy atmosphere is food for thought for the country, just nine months away from presidential elections. The paper hopes that the grave situation will enlighten voters to disqualify demagogues who are campaigning to restore a welfare state in France.

Libération’s cover story is the “bankruptcy of states". The left-leaning paper says the black Friday doesn’t augur well for the financial planet which has already lost credit in the ability of political leaders to tackle the threat of global recession.

Aujourd’hui en France/Le Parisien says Europe is sick of its debts, explaining that while the CAC 40 plunged to its lowest trading since 2009, the markets are rocked by continuing scepticism about the ability of Italy, Spain and Portugal to resolve their “phenomenal” debt crisis.

As the stock market storm looms on, France Soir offers investors interesting tips about how to stop losing money.

La République des Pyrénées examines the tragic food crisis that has broken out in the Horn of Africa. It points to the paradox that the news headlines are being dominated by the plunge of the CAC 40, the Eurozone debt crisis, while 11 million people in Somalia, Kenya, Ethiopia and Djibouti are on death row.

The regional newspaper also underlines that 29,000 Somali children have died of hunger over the past three months. It welcomes France’s decision to triple its aide to Oxfam France, one the NGOs active in the conflict and drought-hit region.

La Charente Libre regrets the discouraging global response to food aid. Less than half of the 1.6 billion euros needed to feed the refugees, has been raised so far.

That’s peanuts claims La Charente Libre, compared to the 400 billion euros splashed out by the EU and IMF to bail Greece out of bankruptcy and the 419 billion dollar budget of the Pentagon.

Le Monde raises the paradox of poverty facing Nigeria after the UN released a damning report on oil pollution.

The newspaper highlights excerpts from the study stating that it may require the world’s biggest ever clean up to repair devastating pollution in Ogoniland. That is part of the oil-producing Niger Delta region where Shell and the state-owned petroleum company have operated for close to 50 years.

Le Monde says the findings are a sad reminder of a well-know phenomenon that only a few oligarchs and petroleum autocrats have enriched themselves at the detriment of their people.

The paper wonders how many more studies it will take before the oil companies and the local elite supporting them accept responsibility for the damage caused and start improving the living conditions in the oil-producing communities.