'Tis eyelid testing time but, afore we go, it should not escape notice that Merkel actually said the word - not "fiscal" union but the s-word.
Leaders must restore "credibility" to the euro currency, she said. "It is important for me that the euro regains its credibility, that the treaties are changed in such a way that we head towards a stability union". So it's official. We are not getting fiscal union. It is a stability union.
But, says Ambrose, "There is no clean way out of this". And now watch what is going on round the edges. There has been too much attention on the Merkozy, and far too much on The Boy. It should be remembered that everybody else has a vote, even humble little Sweden.
And, says Swedish prime minister Fredrik Reinfeldt, "I have no support for a treaty change in Sweden as of now. We are of course willing to discuss different measures, but I think the core of the problems that we have in Europe is economic and need to be dealt with now, and in that capacity a treaty change could be too time-consuming, that's not the short (term) solution".
"I want to make clear", he continues, "that treaty change or not, I think that's actually not at the heart of what we need to do here tonight. I think we need to push on reforms in the most indebted countries, I think we need to increase the firewall to regain confidence from financial markets, and enhance growth in Europe. That's the three main things we need to deliver".
But they are not going to happen, so when is someone going to pull the plug, while we still have some choice? At the moment, says Ambrose, we can have a horrible end, or endless horror. If the "colleagues" push their luck too far, we are at risk of getting both.
And please make no mistake … that is all that is left to us. Says ZeroHedge, the world is in a total mess and there is absolutely no solution to this unprecedented crisis.
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