As many local papers are under the threat of closure. Any arguments that journalism's woes are just a North American problem is silly. Different countries, different governance, different economies...same problem.
It is the reason that bailouts will not help -- journalism is completely out of tune with today's realities.
A new model is needed. An alternative to journalism is needed. We can listen to justifications and defensive excuses all we want, but until we admit the problem is the actual model of journalism, nothing will change.