Commentators across the world express concern that the world is facing a global recession and consider the possible fallout from it.
In the Middle East, newspapers continue to blame the USA for the crisis; one daily warns that the poor must not pay the price for the excessive wealth of the rich.
Several newspapers suggest that Europe should use the opportunity to take the lead in the reform of the global financial system while in China papers continue to call for developing countries to be given a greater say in the process.
HASHIM ABDU HASHIM IN SAUDI AL-RIYADH
All signs indicate that the coming years will witness a comprehensive economic recession and that the outcome of individuals, institutions and states will deteriorate to a great extent. The only solution for everybody is to take harsh and unprecedented decisions to lower expenses.
SULAYMAN ARABIYAT IN JORDAN'S AL-RA'Y
No matter what decision makers throughout the world try to do, billions of dollars and euros and other currencies have evaporated because the banking system and the stock market in particular are in fact a hypothetical world, just like science fiction ... Financial markets have started to flourish slowly and gradually, however, we cannot predict what will happen.
ABDULLAH BIN ABDUL MUHS IN SAUDI AL-FARAJ
One of the results of the current global financial crisis might be the emergence of new international currencies to contend with the dollar.
EDITORIAL IN IRAN'S JOMHURI-YE-ESLAMI
Bush and his administrative team have injected $7.25bn into the American bankrupt banks and it means that they have taken this money from the pocket of American tax-payers and put it in the pocket of American capitalists ... This has formed a crisis of mistrust among the poor people in America because they think that even in critical times the government is helping the rich.
ADIL RAMADAN IN SYRIA'S AL-BA'TH
Will the poor pay the price for the excessive wealth of the rich? ... No doubt, the world is currently facing numerous economic and social problems resulting from the successive crises, with the US financial crisis in the lead. This has created a generation of the poor which requires that all international parties unite their efforts to achieve justice and allocate the necessary funding to provide food for the needy and support development programmes and plans in developing countries.
KHALID AL-ASHHAB IN SYRIA'S AL-THAWRAH
The European Union (EU) can now restore a great deal of its role and effectiveness in drawing up international policies ... and compensate for the US inability to manage such policies in cooperation with Russia and China
DANIEL VERNET IN FRANCE'S LE MONDE
'It is the hour of Europe!' This exclamation has been heard twice in recent weeks - first time when Nicolas Sarkozy, as president of the European Council negotiated with Moscow the cease-fire between Russia and Georgia and second time when he brought his peers together to 'reshape capitalism' ... If the financial crisis started across the Atlantic, the authorities there delayed, initially underestimating the scope of the disaster, which led them to make bad decisions ... Europe has several assets. It is a major economic power; it has a strong currency; it has embraced (sometimes reluctantly) the rules of globalization, but has nonetheless preserved areas of this welfare state ... The Europeans can draw on a rich theoretical and political arsenal to propose to all their partners, in the words of an old title of the Italian writer Ignazio Silone, an Emergency Exit.
PORTUGAL'S DIARIO DE NOTICIAS
Today political and financial leaders speak of a recreation of capitalism and the need for different regulations - stricter and more encompassing internationally. Europe appears to be taking the lead on this without the help of the Lisbon Treaty.
XIN BENJIAN IN RENMIN RIBAO (OVERSEAS EDITION)
The excessive financial speculation and excessive consumption of the US, Europe and other developed countries is no doubt the root of this current global financial crisis ... If developing countries no longer want to be reduced to targets of exploitation by developed countries, they must use this crisis as an opportunity to carry out a thorough reconstruction of the existing global financial, trade and monetary systems.
LU HO IN BEIJING'S RENMIN RIBAO (DOMESTIC EDITION)
The US government's latest record budget deficit of $455bn shows that the US does indeed lack the strength to rescue the market ... The road to economic recovery will not be short.
BBC Monitoring selects and translates news from radio, television, press, news agencies and the internet from 150 countries in more than 70 languages. It is based in Caversham, UK, and has several bureaux abroad.
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