European leaders “have risen to the challenge,” German Chancellor Angela Merkel said. French President Nicolas Sarkozy proclaimed their July 21 summit a “historic turning point” and Luxembourg Prime Minister Jean-Claude Juncker called it the “final package, of course,” to extinguish the debt inferno.
Then they went on vacation. Before they returned to work, the deal fizzled.
The euro's stewards are back in Brussels today for an emergency summit struggling to heed the world's calls to once and for all eradicate what U.S. Treasury Secretary Timothy F. Geithner called the “catastrophic risk” of the debt crisis. A potential Greek default threatens shockwaves that could engulf Italy and France, jolt the banking system and spell havoc for the global economy.
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