Stormy Discussions Expected: No Solution in Sight ahead of Key EU Summit

[sysop]

Expectations are high ahead of the EU summit in Brussels, which begins Thursday. But the meeting is likely to be stormy and concrete results are unlikely. With Chancellor Merkel standing firm in her opposition to euro bonds, a north-south divide is the only probable result.

http://www.spiegel.de/international/...841399,00.html

[pater_tenebrarum]

I agree with most of what the article points out in terms of the problems attending this summit. But I disagree with the notion that 'expectations are high'. They are anything but - after all, this is the 19th or 20th euro-group summit. Does anyone really think the 20th time will be the charm? I don't think so. In fact, from what one reads and hears, especially in the financial press, there has never been a euro-group summit ahead of which expectations have been lower. Practically no-one believes anything of substance will be achieved by it. This may actually prove to be a contrary indicator in a way - with the hurdle for success now lowered so much, even a small step forward may be greeted with relief.
On the other hand, if the summit ends up as an acrimonious 'us versus them' battle that only creates more bad blood between the participants, it could potentially become a watershed in a very negative sense, i.e., the beginning of the end of the euro area.