It was the worst single day in Mediterranean markets since the launch of monetary union. Photo from The TelegraphGermany Faces Its Awful Choice As Spain Wobbles -- Ambrose Evans-Pritchard, The Telegraph
Desperate moments call for desperate measures. In June 1940, the British War Cabinet led by Winston Churchill offered a total national merger to a shattered France.
“France and Great Britain shall no longer be two nations, but one Franco-British union,” read the declaration.
“The constitution of the Union will provide for joint organs of defence, foreign, financial and economic policies. Every citizen of France will enjoy immediately citizenship of Great Britain, every British subject will become a citizen of France.”
The text was drafted by Jean Monnet, the father of the European Project. If alive today, he would be pounding on the door of the Kanzleramt, exhorting Angela Merkel to offer a total fiscal union to all members of the eurozone before everything falls apart, and to be enshrined in EU treaty law forever.
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More News On Europe's Financial Crisis
Germany watches with concern as euro falls despite Ireland bailout -- L.A. Times
Gold Gains on Speculation European Debt Crisis May Spread Beyond Ireland -- Bloomberg
EU Faces More Bailouts as Euro Contagion Spreads to Portugal: Euro Credit -- Bloomberg
Contagion strikes Italy as Ireland bail-out fails to calm markets -- The Telegraph
EU Bailout Plans Fail to Bring Calm -- Wall Street Journal
Relief at Ireland bail-out proves short lived -- Financial Times
Euro crisis gets even messier -- The Guardian
Irish backlash hits Spain, EU warns of blow to growth -- AFP
Berlin Reconciles Itself to Bailouts -- Wall Street Journal
Europe’s Crisis of Liquidity -- New York Times
Ireland: From rags to riches to rags -- Forbes
My Comment: The world's news media was focused on Wikileaks today .... but Europe's financial crisis is the bigger story and one that will impact each and everyone of us long after the hoopla over the Wikileaks story is over.