Political leaders would meet on Tuesday afternoon, a press release from the presidency said, shortly after ratings agency Fitch cut the island's sovereign debt to non-investment grade.And let's not forget the 800 pound gorilla in the room.... Spain.
Spain formally asks for 62 billion euros of bank aid - Jun. 25, 2012 Spain is not a small country - not on its own, and certainly not considered among the European Union countries. Bailing them out will be no small task.
The London Telegraph has a more direct take on European finances. The euro should now be put to the sword - Telegraph The imagery is due to the fact that the current EU Summit - there have been 18 since Greece became an issue - is in Rome.
Since Greece went into meltdown, triggering a crisis of confidence in the euro, there have been 18 EU summits. The format is wearyingly familiar: after 36 hours of unproductive haggling, a communiqué is issued, promising a united effort to boost growth, promote jobs and curb “speculators”.Celebrations ensue for a day or 2 (most recent "celebration" lasted about 11 hours) before the markets realize nothing has changed.