With European coverage today about to confirm with absolutely certainty that the only option for Europe is to baffle everyone with intolerable and ridiculous amounts of bullshit, and failing that, to delay, delay, delay (we are already hearing of another summit in 4 days), probably what is most indicative of what to expect out of Europe is what incoming ECB president Mario Draghi said is the situation in Italy which he called is "confused and dramatic." That pretty much sums it up. Anyone expecting any actionable result out of the drama queen country or continent, will be disappointed. In the meantime here are sporadic news which attempt to paint a picture of the total confusion in Europe...
Merkel Says EU Treaties Must Be Changed, via BBG - this is Germany showing everyone who is boss.
- Not looking for a rerun of Lisbon Treaty changes
- Changes intended to target chronic debt offenders
- Lawsuits must be possible against EU debt offenders
- Too little regulation led to crisis
- Reiterates backing for financial transaction tax, Germany will do ‘everything’ to push EU plan on tax
Merkel Says Will Also Look at Regulation of Hedge Funds
- Says German short-selling ban was successful
When all else fails: use diversion, scapegoat the one you hope to bail you out:
- MERKEL SAYS U.S., JAPAN ALSO SUFFER UNDER EXCESS DEBT
- MERKEL SAYS `EUROPE IS NOT ALONE' IN SHOULDERING DEBTS
- MERKEL SAYS CRISIS `WILL OCCUPY US FOR YEARS'
And when you cut down to the chase, it is really the G20's fault:
- MERKEL SAYS G-20 HAS ROLE TO PATROL EXCESS DEBT AMONG MEMBERS
Merkel says European leaders will have to go beyond measures introduced at today’s summit to resolve the debt crisis in order to calm international markets concerned about a breakup of the euro: so some measures will be introduced
- “They want to see what the development of the European Union looks like in the medium term, because they need certainty that the euro area will stay together”
And the understatement of the day:
- MERKEL SAYS 'WORLD IS WATCHING EUROPE,' GERMANY