How the Global Press Views Obama's Victory

Newspapers from around the world assess America's new President-elect: the euphoria, the potential, and the possible disillusionment

By David Rocks

While Americans dance in the streets—or hang their heads in dismay—at Barack Obama's victory, newspapers across the globe are pondering what his election will mean for international business and their own countries' relations with Washington. Although an Obama Presidency will offer a change from the "burden of the Bush years"—as Germany's Handelsblatt put it—many publications worry that the expectations for Obama are so high that disillusionment may quickly follow on the euphoria of election night.

In Madrid, El Pais writes that "the bitter inheritance from Bush" has created formidable challenges for Obama. The foreign policy issues Obama will face, of course, are immense, but just as urgent will be fixing "an economic crisis whose magnitude never can be doubted…Its social and political repercussions could affect the best laid plans…Controlling its effects and trying to rein in runaway capitalism, with the cooperation of his allies, is the most urgent job for the next occupant of the White House."

The Parisian business newspaper Les Echos says Obama's election represents "a new America." The U.S., the paper writes, "suddenly grasps that its model has run out of steam. America long thought it could rely on the unparalleled strength of its military-industrial complex, which flourished under George Bush, to ensure its security and its influence. But even with a defense budget twice those of Europe and China combined, the superpower did not succeed in Iraq. And in relying on debt to finance the country's needs, Washington essentially closed its eyes to financial sleight-of-hand on Wall Street…If this race to the White House has sparked one desire in the world, it is that the new President speak less about arms and more about the 'soft power' of Uncle Sam."

Business as Usual in India

India's Economic Times, a business daily, focuses on Obama's potential relations with New Delhi. While the new Administration will probably "break with the neocon tradition of trampling over international institutions and increasing global strife," the paper writes, there may be relatively little change in the subcontinent. "Even as an Obama Presidency might rethink some foreign policy issues…there is unlikely to be any structural readjustment in Washington's policies. India can hardly get a President as keen as George W. Bush was on cementing strategic partnerships. And there is hardly any variation between the Democrat and Republican positions on critical, and deeply divisive, issues like the larger West Asian policy."

The Business Standard, another Indian daily, says Obama "could be a transformational leader who lifts politics to a higher plane, and addresses with intelligence and commitment the many challenges faced by his country and the world." Obama "has won the goodwill and acclaim of millions of people of other nationalities, which should help him shape foreign policy," the paper writes. "In short, Mr. Obama has the potential to be a great President. In America's and the world's interest, it must be hoped that he realizes that potential."

In Seoul, the JoongAng daily assesses Obama's impact on U.S. policies toward North Korea. Obama's willingness to meet with North Korea's leadership offers a big change from Bush's policy, the paper writes. But since Obama has said he wouldn't engage the North without extensive consultations with Seoul, "South Korea and the U.S. should use this opportunity to strengthen their alliance."