The euro - too big to fail

Merkel, Sarkozy Find ‘Common’ Position on Greece Debt Crisis After Talks
German Chancellor Angela Merkel and French President Nicolas Sarkozy reached a “joint position on Greece’s debt situation” after seven hours of talks at the Chancellery in Berlin today, Steffen Seibert, Merkel’s spokesman, said in an e-mailed statement.
The two leaders “listened to” arguments brought forward by Jean-Claude Trichet, president of the European Central Bank, who attended part of the meeting, Seibert said. They exchanged views with European Union President Herman Van Rompuy by telephone, Seibert said.
The joint Franco-German position will be presented to leaders at today’s summit in Brussels by Van Rompuy, Seibert said.
To contact the editor responsible for this story: Rainer Buergin at rbuergin1@bloomberg.net
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Comment: The "new deal" does not come out of the blue but was carefully prepared over the past couple of months. Euro bears beware.