Paris and Berlin, working furiously to prevent the inevitable:
Berlin and Paris aim to outline proposals for a fiscal union before a European Union summit on December 9 increasingly seen by investors as possibly the last chance to avert a breakdown of the single currency area.
“We are working intensively for the creation of a Stability Union,” the German Finance Ministry said in a statement. “That is what we want to secure through treaty changes, in which we propose that the budgets of member states must observe debt limits.”
Moody’s Investors Service warned that the rapid escalation of the euro zone sovereign debt and banking crisis threatened all European government bond ratings.
The problem with the inevitable, of course, is that it always seems to happen.
Besides, the eurozone may only have until December 8 at the longest.