Financial crisis: World round-up

The US needs support from emerging economies according to Xinhua

Newspapers around the world express concern that the problems of the financial crisis cannot be prevented from spilling into the real economy, causing a protracted and far-reaching global economic downturn.

Commentators in the Middle East and China continue to blame the US for the increasingly international crisis. Many voice the opinion that the current situation signals the end of American hegemony and the emergence of a new, multi-polar world order.

Reaction to the Eurogroup's collaborative bailout plan was largely positive in the European press.

English-language newspapers in India and Pakistan noted the potential for domestic economic trouble, though the crisis was not widely reported in the vernacular press.

CHINA'S XINHUA NEWS AGENCY

The US urgently needs the support of emerging economies to deal with the current financial crisis... If developed countries often 'wagged their fingers' at emerging economies on financial issues in past Group of 20 [G20] meetings, the financial crisis, which has ravaged the US and other developed countries, has completely changed everything... As an international organisation that includes major developed countries and emerging economies, the G20 will no doubt be able to play an active role in dealing with this crisis and creating a new international economic and financial order.

CHINA'S SOUTH CHINA MORNING POST

The West, and especially the US, needs to recognise the realities of shifting world economic power. It can no longer pick and choose when poorer nations are allowed to participate and when to exclude them.

FRANCE'S LE FIGARO

It was not in Washington, but in Paris that the most important scene of the weekend was played out. The Europeans are at the controls.

RUSSIA'S NEZAVISIMAYA GAZETA

So far all the efforts of the authorities to overcome the financial crisis have not really stopped the country from slipping further into a critical pit. The past week will be remembered not just for new shocks in the financial markets and the authorities' additional measures to rescue the situation, but also for the crisis increasingly overflowing from the financial sphere into the real sector of the economy.

JORDAN'S AL-DUSTAR

The US administration is the prime side responsible for the current financial tsunami... What we witness today is actually the resounding demise of the US Empire.

SYRIA'S AL-THAWRAH

It is not important that many major countries admit that the USA has failed to lead the world; but what is important is that these states prevent the USA in the future from implicating them in serious crises which would threaten their security and stability for a long time. There is an opportunity now to build a multi-force world which does not allow any super power to control it in the future.

DEMOCRATIC REPUBLIC OF CONGO'S LE POTENTIEL

The emerging economies may not fear a banking crisis. But much as they are not connected to this 'banking system', they remain aware that the international financial crisis will lead to a brutal and generalised economic slowdown. What is more, this slowdown is bound to affect their exports. This, precisely, is what the African countries are afraid of.

INDONESIA'S SUARA KARYA

The financial crisis, which began in the United States and then spread to Europe and Asia, will have a negative impact on other sectors, particularly the real sector... Thus, there are two kinds of major homework which must be done by the United States, Europe and possibly Japan, namely, to re-manage the financial sector and restrengthen the banking system...

INDIA'S INDIA EXPRESS

It is important that the government and policy-makers... be ready to take any steps that are needed to save the crisis from deepening, however unconventional they may be.