European editorial reaction to Greek aid request

European editorial reaction to Greek aid request

BERLIN, April 24 (Reuters) - Below are excerpts from editorials and articles in leading European newspapers on Saturday in reaction to Greece's request for financial aid from the European Union and International Monetary Fund (IMF):

GERMANY

* FRANKFURTER ALLGEMEINE ZEITUNG "The breaking of the no-bailout clause in the Maastricht treaty (risks) turning into a nightmare: the first billions-loan followed by another tranche and after the rescue of Greece, help for Portugal, Italy, Spain."

The paper calls for a restructuring of Greek debt and says the country can only emerge from its fiscal woes by exiting the euro-zone and devaluing.

* SUEDDEUTSCHE ZEITUNG

"It is in the interests of the other countries to help. If the Greek financial system collapses, the chain reaction will be uncontrollable. Banks would collapse worldwide, other countries in southern Europe would be pulled into the abyss and the single currency system could break apart"

"The EU and IMF must take responsibility and not tolerate any compromises ... A tough (Greek) restructuring could prove a model for other EU states."

* TAGESSPIEGEL (BERLIN)

"Whether the euro zone will still have 16 members at the end of this crisis is an open question. The last way out for the Greeks, if the aid doesn't work, is to leave (the currency bloc)."

* BILD

"The only real solution is a clean break: Greece must leave the euro, voluntarily, for its own good. It is quite clear that the single currency is too much of a burden for the country. Without the euro, which brings with it tight restrictions, the Greeks would be in a better postion to clean up their economy."

FRANCE

* LE MONDE "There's only one hope when it comes to breaking the vicious circle: European solidarity. But as the aid package is activated, that solidarity is once more threatened by cacophony. As usual, Germany is dragging its feet."

* LIBERATION

"Berlin was continuously sending contradictory signals to the markets because the chancellor was not on the same wave-length as her finance minister ...

"In the end, Germany, which didn't have the slightest inclination to pay for the Greek bad boy, will now have to lend it more than 8 billion euros at the comfortable rate if 5 percent anyway. All this when a clear show of solidarity would have been enough to calm markets three months ago. What a great display of incoherence and shooting oneself in the foot."

ITALY

* LA REPUBBLICA

"In the end little Greece will be the Trojan horse for the interference of the United States in the euro zone."

"Faced with the SOS from Papandreou the only one that reacted without hesitation and foot-dragging was an institution based in Washington."

* IL SOLE 24 ORE

"What better occasion could there have been for the EU to say, 'Not this time'. Now is clearly not the right moment, with markets confident in an almost certain deal, but it's a film we've already seen: the optimism will fade fast and and all of Greece's problems will return."

* CORRIERE DELLA SERA

A column suggests help for Greece will be insufficient and "is only useful to buy time, to allow Spain and Portugal to strengthen their position and avoid contagion".

SPAIN

* EXPANSION

The financial newspaper lamented what it described as the Spanish government's failure to provide a convincing solution for the country's high budget deficit

"The problems are still the same. In fact, once Greece is removed as a target of investor concern, they'll look for another victim."

THE NETHERLANDS

* HET FINANCIEELE DAGBLAD

In an editorial headlined 'Set tough conditions', the leading Dutch financial newspaper argued that Greece should feel the "pain" of austerity measures all at once, rather than spread them out over a longer period of time.

"The markets show that Greece no longer has a choice. If Athens wants to reduce the risk of a 'bankruptcy' as much as possible, than it needs to take most of the pain this year. That offers the biggest chance of restoring confidence."

As you can see this is a very complex problem and there is no single answer to helping Greece out of it. I want to help Greece and it will be prudent to do so because of a possible chain reaction if they collapse.

It is very telling that the two biggest countries who are pro-EU (France and Germany) are the ones making the most noise about it. That isn't on. We succeed together, we fail together and now they are reaping what they sow. They can't have it both ways.