Breaking News: BRUSSELS (AP) -- The head of an international banking lobby that has been leading negotiations on giving Greece easier terms on its debt says the private sector and the eurozone are far from reaching a deal to cut Greece's debt load.
Charles Dallara, the head of the Institute of International Finance, said Saturday "we're nowhere near a deal."
Continue reading at : Banks nowhere near deal on Greece
It has to be said that up until now we - and most of the rest of the world - have blithely assumed that, confronted with catastrophe, European leaders will overcome their differences and solve Europe's problems by printing up a few trillion euros to paper over the cracks, US style, and keep the show on the road for a year or two longer, but it is now becoming increasingly apparent that the scale of the problem is so gargantuan that there may be no credible or workable solution. The sad fact of the matter is that the bungling, discordant self-serving buffoons who run Europe may well have left it too late. If Europe should fail - and the markets look set to pass judgement on it next week, after a weekend of crucial meetings, then the consequences will be unthinkable, yet think about them we must.
Continue reading at : If Europe Should Fail
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