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And yes, it was the only good, valuable, useful website of information on the internet. It was a collection of translated articles from the best journals of Europe - from Le Monde diplomatique to El Pais to Courrier international...

You can (and probably should) sign a petition about it here :

http://www.change.org/petitions/to-vivianeredingeu-save-presseurop

Although I'm pessimistic. Presseurop was such a "too good to be true" sort of thing.
What a shame, I like Presseurop quite a lot.
This is despite the European Parliament voting for an increase in the EU's 2014 budget so that the Commission would have additional resources to finance media projects, including Presseurop. The Commission apparently prefers to use the funds for other initiatives.
Have to wonder where the Commission is going to allocate the increased resources to.