17th December 2010
"European Union leaders have agreed to create a permanent financial safety net from 2013 and the European Central Bank moved to increase its firepower to fight the debt crisis that has rocked the euro zone."
"Europe's leaders endorsed plans for a new fund to rescue indebted euro-zone countries, and proposed treaty changes to make that possible, but failed to resolve deepening disagreements over whether more radical action is needed to quell a debt crisis that has raged on the region's fringe for more than a year."
Peter Marlow writes: "If Europe's governments fail to put their bickering aside, they risk triggering the unthinkable: the implosion of the euro." No, the "implosion of the euro" is very thinkable. And not because leaders fail to stop bickering, but because there's simply too much debt (sovereign and bank) relative to cash flows and GDP.