I have this feeling like Europe was a sinking ship with great hole in its hull and the crew is throwing out the water with pots and bottles. Meanwhile captain and his officers are trying to secure the breach with dozens of cannonballs.
Geithner Plan for Europe is last chance to avoid global catastrophe
The threat of cascading default, bank runs, and catastrophic risk must be taken off the table," said US Treasury Secretary Tim Geithner over the weekend. "Sovereign and banking stresses in Europe are the most serious risk now confronting the world economy. Decisions cannot wait until the crisis gets more severe." Euroland's dysfunctional arrangements are no longer a local affair. As the European Central Bank's Jean-Claude Trichet said in Washington, EMU is at the epicentre of a global sovereign debt crisis that risks engulfing all, and is more intractable than 2008 because governments themselves are now crippled. ... (full story)