Eurozone not saved yet.

I had planned to refrain from futher comment on the eurozone crisis until after the EU summit, but events today have done nothing to persuade me that we are any nearer a solution to the problem than before the Sarkozy/Merkel meeting.  It is all very well planning for the future, but the problem is here and now.

For  opinions on the meeting see:  http://www.telegraph.co.uk/finance/comment/jeremy-warner/8936828/Euro-enters-the-last-chance-saloon.html  and

http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100013624/zilch-again-form-merkozy/

See also: http://www.spiegel.de/international/europe/0,1518,801858,00.html

The bombshell from Standard & Poor's this evening could derail any rescue strategy.  See: http://www.telegraph.co.uk/finance/financialcrisis/8937162/SandP-threat-of-rating-cuts-may-hit-eurozone-rescue.html   and  http://www.bbc.co.uk/news/business-16042346

Some other interesting links:

http://blogs.telegraph.co.uk/news/jameskirkup/100121724/a-eurozone-treaty-and-the-merkozy-challenge-to-britain-in-or-out-mr-cameron/

http://www.telegraph.co.uk/finance/financialcrisis/8934421/Eurozone-leaders-need-to-agree-on-a-plan-for-deeper-fiscal-union.html

http://www.telegraph.co.uk/finance/financialcrisis/8937224/Heroic-Ireland-can-do-no-more-it-is-up-to-Europe-now.html