Europe’s rescue plan
This week’s summit was supposed to put an end to the euro crisis. It hasn’t... At this summit Europe’s leaders had hoped to prove that their resolve to back the euro was greater than the markets’ capacity to bet against it. For all the backslapping and brave words, they have once again failed. There will be more crises, and further summits. By the time they settle on a solution that works, the costs will have risen still further.
Comment: That was to be expected. Sadly enough, The Economist may again induce investors to make wrong bets.