A panacea it is not; Angela Merkel, the German Chancellor and one of the key strategists of today’s emergency E.U. summit, made that perfectly clear during a recent interview. If investors had any hopes that the outcome of the summit would result in a quick and lasting solution to the ever-evolving Greek debt crisis, Chancellor Merkel’s candor likely quashed them. In a show of support, President Barack Obama took the time away from his “own” debt crisis to call the German Chancellor. The significance of his call is clear; for the sake of the global economy a credible plan to prevent contagion to Spain and Italy must ... (full story)