I don't get it!
And why don't Merkel and/or Sarkozy want to get it?
the guardian: European Union leaders have five days to solve debt crisis
Europe has five days to find a solution to the sovereign debt crisis or else the EU itself will collapse, political leaders warned on Sunday at the start of a week of high-stakes summitry.
Peer Steinbrück, her [Merkel's] likely opponent at the general election in 2013 and her ex-finance minister, said she had to change course if she was to win broad support: "Either the ECB becomes a state treasurer or the rescue fund the EFSF wins a bank licence or Eurobonds arrive or there is some form of transitional solution among these proposals."
Eurobonds as the last resort, the ultimate solution for saving the ECB crashing! How naive is that? Another distraction from the real problem, another trick to delay death. Brain death Euro in its final weeks:
That's what the ECB pumped itself up with in the past few months: trash! In its function as the Worst Bank for the Bad Banks and its Banksters, similar to the BoJ, the BoE and the FED, the ECB has already sucked up more than 2 trillion of printed rubbish promises worth ... zero! Capitalised with roughly €5 billion a capital/lending ratio is not worth mentioning and this stupid argument "But they can print whatever sums they want!" is as much nonsense as it is destructive.
So, the party is over, but almost, only. We have yet to watch Eurobonds coming in which will finally and irreversibly make all debts of all Euro countries the debts of the EURO no matter what Euroland it originally was printed for; with other words Euroland will be one big PIIGS as it definitely can't be one big Germany.
And really it is not about rescuing the Euro, it is only about the banks, as the above article sums it up:
Market hopes are that – despite their differences – Merkel and Sarkozy agree on both a short-term solution and longer-term vision that will persuade the ECB not only to cut interest rates by 0.25% to 1% but extend loans of up to three years maturity to struggling banks. The ECB governing council meets hours before the EU summit on Thursday.
Once they decided to all be PIIGS - what kind of animal will the UK with its fabulous Pound be?