The conference of Europe’s leaders concluded with little results, a failure judged by the expectations they had set. They don’t have time for many more such failures as conditions worsen, the financial contagion spreads across Europe, and their credibility diminishes. Here we conduct a post-mortem on the Summit.Today the leaders of Europe concluded their 14th meeting during the 21-month-long crisis, their last opportunity to produce specific proposals for the G-20 meeting at Cannes on November 3-5. They failed to agree upon specific and substantial measures to contain the growing economic stress — now reaching Italy (which has the world’s 3rd largest government debt) – and treat Greece’s problems (now the most afflicted sick man of Europe). The few measures they did agree upon are of dubious effect, much like the austerity programs they have prescribed for the PIIGS (now pushing most of them into long-term contractions).Does anyone give much weight to their expressions of resolve and large promises for future action? While they talk, the rot spreads.
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