Good news: the technocrats have found a solution to saving the Euro.
Despite there being in existence a Stability and Growth Pact since 1997, most of the Euro countries just ignored it. Germany and France gave it the middle finger and Greece et al followed their lead.
Sarkozy (election next year) has convinced Merkel (paralysed and paranoid) to beef up this Pact and allow the EU Supreme Court of unelected judges to penalise countries who disobey. Penalties will include taking away rights to tax and spend.
Nothing new then.
The UK laugh as more French banks are downgraded (reuters) and David Cameron says "good luck" whilst the markets are totally aghast at more red tape and promises of sorting out future fiscal problems.
The IMF is to be given money by the ECB. So where does this money come from? Oh, lowly capitalized European Banks and countries like Mexico who want a bigger say at the IMF.
Upshot? Europe to collapse by the end of December as predicted earlier this year.
France and Britain go to war (again) (telegraph)
Emerging market countries to help out old and decrepid countries (bloomberg)
Las Vegas to premier fight of the century: Sarkozy v Cameron.