October 31, 2011

Europe Is Beyond Rescue

David Warren, Ottawa Citizen

AP Photo

There will be a fourth European summit-to- end -all-summits, almost certainly, before the end of the year. Like the previous ones, it will try to save the short-term situation, at the cost of mounding the accumulated slag-pile higher. The solutions are, in every case so far as I can see, of a piece with the background causes of the problem. They are paper solutions, and worse, paper solutions the markets can now see through.

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TAGGED: Spain, Portugal, Italy, UK, Germany, Greece, Eurozone

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