Last week we were hoping to see the EU come up with a solution to shore up the debts of Europe.
We were looking for hyperinflation policies, a printing press party and haircuts all round. That would have been the right solution for the markets.
Instead we got the plot for a new movie:
Cabin boy Sarkozy grins as he polishes Captain Merkel's thigh length black boots, her vice like hands gripped onto the steering wheel of the Titanic 2.0. She stares into the rear view mirror that engulfs the windscreen, laughing at the mutinous Cameron flapping around in the ice cold sea clinging onto a hole infested life boat tossed his way by the Red Tape crew. Sarkozy comes in his pants and squeals "Bunga Bunga" at the Italian pirate Berlusconi, hog tied from the ceiling.
Captain Merkel scratches her beard and speeds off towards a large iceberg called Default. Meanwhile, Cameron is picked up by the US America, with Captain Obama and a thousand cameras streaming the event across TVs worldwide as a new state of America is declared ....
Much has been written about the UK's "enough is enough" Euro spat. The people love it, the politicians hate it. It maybe the beginning of the end of Winston Churchill's dream of Europe Integration but those who are rioting in Greece at the IMF Junta, the starving young adults in Spain or the poundland-wonga lovin' Brits trying to have one last Christmas like the old days, this is all a side show.
The markets which in Europe's case are driven by London will continue to rip apart the European dream.
This is the only story worth reading today ...
Larry Eliot (guardian)
And for those who think an Intergovermental treaty is the way forward, it is apparently illegal under EU law. The Euro Council President Van Rompuy knows this which is why he wanted a side letter to the existing Lisbon Treaty.
As reported in (Speigel)
"Cypriot President Dimitris Christofias described the dilemma in a nutshell: 'We really ought to engineer a revolution against Merkel and Sarkozy, but each of us needs the two of them for something'""