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French press review 15 June 2015

Algeria and Greece are the countries dominating this morning's front pages . . . Algeria because the French president is to pay a visit there this Monday, Greece because the countdown to economic chaos at the end of the month has already begun and no one really knows what's going to happen next.

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Under the headline "The Algerian Timebomb," left-leaning paper Libération points to the facts that the north African nation's president, Abdelaziz Bouteflika, is greatly diminished following a stroke and that the economy, hugely dependent on crude oil exports, has been damaged by the recent collapse of world prices.

Algeria has shown itself incapable of adapting either its political or economic systems to the new global realities, says Libération, and is thus on the brink of a major crisis. If vital social reforms could not be made when a barrel of oil was worth 150 dollars, says one specialist, they are hardly going to happen when the price is down to 60 dollars.

A journalist in Algiers says the country is committing suicide.

"We're heading full speed for the abyss," he says. "The only question is how deep it is."

Libération points out that a crisis in Algeria would be likely to have a major destabilising effect on the north African neighbours and that France, as the former colonial power and still important trading partner, will be in the frontline of any fallout, not least because of the danger that Islamic fundamentalism might, once again, attempt to fill any power vacuum.

Libé's editorial wonders at the wisdom of continuing French support for the ailing Bouteflika, symbol of an outdated Algeria riven by clan rivalries, militarism and corruption.

In the absence of real leadership, capable of moving the country forward, Algeria risks a terrible implosion.

Catholic La Croix is a lot more optimistic, choosing to look at the potential of a country that may profit from the current oil-price collapse to finally dislodge the army clans which have ruled the roost for so long.

Algeria has fertile lands, an educated, youthful population, enormous potential for development, says La Croix. It only remains to throw off the shackles of bureaucracy typical of military dictatorships.

Against that background, it is reasonable to wonder why Hollande is so ready to support a puppet president. La Croix says there are two factors to consider: Algeria is an important link in the Sahel security chain, with France deeply involved in Mali. And Franco-Algerian business partnerships would be very useful in the battle to wrest a lion's share of the African market from the Chinese.

"Europe gets ready for Greek default," says the main story in Le Monde. "Europe no longer excludes the possibility of a Greek euro exit," is Le Fiagro's take on the same facts.

Those facts are stark. Greece needs to borrow money to pay its debts. The various lenders are prepared to keep the whole lead balloon in the air for another few weeks, provided the Athens government of Alexis Tsipras agrees to spending cuts and tax reforms. Tsipras won't go back on the socialist promises that got him elected. Dead end.

Greece will go bust at the end of the month, owing the International Monetary Fund 1.6 billion euros.

The eurozone's 19 finance ministers are to meet on Thursday for a last-gasp effort to resolve the standoff.

Le Figaro's editorial is headlined "No surrender". The right-wing paper says the rest of Europe must stand firm against the blackmail and brinksmanship being practised by Tsipras. For two reasons. First of all because we've already wasted enough money trying to bail the bastards out. Secondly because Greece, not Europe, will be the big loser if things go belly-up at the end of the month. Banks will collapse, savings will be wiped out, whole sectors of the economy will go down in flames. That, says Figaro, will teach the Greek people the error of electing a socialist government.

Athens is playing on European nerves, according to the conservative paper, betting that the unpredictablity of a post-default situation will force the finance ministers to top up the Athenian begging bowl. Those ministers must refuse.

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