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The compromise deal on political reforms reached in the Ukrainian parliament gives rise to extensive comment in Thursday's papers.
But Europe's press differs over the agreement's implications for the future.
Russian papers take a hard line with the Organization for Security and Co-operation in Europe (OSCE) over its response to the crisis.
Compromise
Germany's Sueddeutsche Zeitung thinks Ukraine's opposition leader Viktor Yushchenko can be pleased with the deal on constitutional and electoral reforms.
The paper points out that the transfer of powers from the presidency to parliament and the government will not be implemented immediately.
It says that if Mr Yushchenko is elected president on 26 December, he should have enough time to lay down the elements of his strategy for the country before the transfer takes place.
But Die Tageszeitung disagrees. Under the headline "Points for Putin", the paper says the compromise will make reforms more difficult.
"This is a success for Moscow, which, after a catastrophic setback, has been able to have it its own way through the back door," the paper says.
"Yushchenko's concession has broken the street protests and means victory has been traded for a draw."
Satisfaction
Berliner Zeitung believes the opposition demonstrators can be pleased with their achievement.
The paper argues that they have gained in "democratic self-assurance" by managing to force their rulers to respect the will of the people.
"Whoever governs Ukraine from now on will have to bear this in mind," it points out.
In Austria, Der Standard says Mr Yushchenko must now show that the demonstrators have not been betrayed.
"This means that he must use the year until the constitutional amendment comes into force for comprehensive reforms," the paper says, warning that if he fails, radical forces will be strengthened at the expense of the opposition.
Spain's El Pais believes that Ukraine itself is "the greatest beneficiary" of Wednesday's compromise, while the Kremlin has emerged as "the biggest loser".
"For President Putin, what has happened in the former Soviet Union's old 'bread basket' represents the greatest humiliation he has suffered during his five years in office."
This is the reason for what the paper calls "the escalation of attacks" levelled by Mr Putin, his ministers, and the Russian parliament at "those who, like the EU and the USA, sided from the outset with the Kiev demonstrators".
"Putin's plans did not include losing Ukraine nor - which amounts to the same - having a vigorous and combative democracy outside his front door."
Threat to OSCE
The papers also discuss the meeting of foreign ministers of the 55-strong OSCE, which ended in Sofia on Tuesday without issuing a joint final declaration.
France's Le Monde notes that Moscow opposed "to the bitter end" a draft on the crisis in Ukraine and on the OSCE's role as the monitoring body for the re-run of the presidential election.
"The impossibility to achieve a consensus with the Russians has called into question the credibility of the OSCE," the paper says.
Le Nouvel Observateur agrees. Under the headline: "Is Vladimir Putin about to change foreign policy?" the paper wonders whether the Russian president, whom it describes as "humbled and weakened by the Ukrainian affair", might turn eastwards in a bid to "renew the old alliance between Russia, India and China".
During his visit to India just days ago, it notes, Mr Putin spoke "more like an anti-globalisation activist than a worthy member of the G-8" group of the world's most developed countries.
The view from Moscow
The Russian press sees the issue in a different light.
Komsomolskaya Pravda notes that, at the meeting, Russian Foreign Minister Sergey Lavrov accused the OSCE leadership of double standards over Ukraine and gave Europe a "stiff talking to".
"A normal routine meeting turned into a major diplomatic scandal: after arguing, the opposing sides could not even agree on a concluding memorandum," it says.
In an article under the headline "They just need to have the plug pulled on them", the paper notes that despite Moscow's contributions to the OSCE's annual budget "we get spokes put in our wheels on the international stage by the bodies maintained by our contributions".
The paper notes the parallel with US unhappiness with the United Nations over the oil-for-food scandal, and the possibility that it will withhold its budget payments as a result.
"There need be no doubt that the threat will work. We think this scenario would suit us in our relations with the OSCE. Let them find someone else to cover 10% of their budget," it states.
Trud sums up the general mood: "Window into Europe: Russia slams the door".
The European press review is compiled by BBC Monitoring from internet editions of the main European newspapers and some early printed editions.
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