The "Sunday Bazooka" Dud: Complete European Council (Lack Of) Conclusions... And Libya Scapegoating

Tyler Durden's picture

Remember this from Sarkozy on Wednesday: "If there isn't a solution by Sunday, everything is going to collapse." Well, judging by the "conclusions" just released by the European Council, everything is about to collapse, because the only "solution" reached is the following: "The death of Muammar Gaddafi marks the end of an era of despotism and repression from which the Libyan people have suffered for too long. Today Libya can turn a page in its history, pursue national reconciliation, and embrace a new democratic future." This is a statement written by the Golum on the left in the picture below.

But at least everything else is taken care of:

Determined action is necessary to maintain financial stability, restore confidence and support growth and job creation. The G20 should approve an ambitious action plan containing specific commitments and measures from all G20 countries to respond to the  serious challenges emanating from the current economic slowdown and to ensure strong, sustainable and balanced growth while implementing credible fiscal consolidation

But, but, didn't the G20 itself say eight days ago, "in unusually direct language, say they expected an October 23 European Union summit to "decisively address the current challenges through a comprehensive plan"."

So the latest plan to avoid doing anything is to keep throwing the live grande between the EU, the Council, the G20 and the IMF with hopes it explaodes in someone else's hands?

Brilliant.

Below is all we are going to get from Europe today. There will be no statement.

Cons Ilium