This is a perfect time to instill my proposal for these types of meetings. If the U.S. is serious about making these summits productive for the rest of the world, it will ship 100 cases of Bourbon and Rye American Whiskey and demand a 3 drink minimum for any meeting between 2 or more EU officials.
This is because it is clear EU members are quite happy to reap the benefits of currency union, and quite unwilling to face any reckoning that results. This is natural, and is what is expected from sovereign nations in a competitive world. Realpolitik is back. Volatility is back. Conflict is back.
In this article, the below quote is illuminating as it is too obvious. A mash-up of Lehman quotes regarding its financial position and quotes from these meetings would be an amusing exercise.
Officials hope the loan guarantees would prevent the crisis in Greece spreading to other eurozone countries with high deficits or debts as well as low economic growth, most notably Portugal, Spain and Ireland.
"Between now and Sunday night we will have a watertight line of defence," Eurogroup Chairman Jean-Claude Juncker said on Saturday.
"We have to make it clear that all eurozone countries are ready to defend each and every eurozone country, because they want to defend the eurozone as a whole," he added.
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