Pessimism

Felix Salmon: Europe's Half-Baked Deal

Don’t applaud Europe’s deal: “I fear, that it is now, officially, too late to save the euro zone: the collapse of the entire edifice is now not a matter of if, but rather of when,” Felix Salmon writes at The Daily Beast. The first problem with the agreement is that it leaves out non-euro countries, like Britain. Even worse, Angela Merkel is insisting on a change to the EU treaty—something there isn’t time for and that, besides, will need the support of every country’s voters. “It all adds up to one of the most disastrous summits imaginable,” Salmon writes. “A continent that has risen to multiple occasions over the past 66 years has, in 2011, decided to implode in a spectacle of pathetic ignominy.”