December 8th, 2011
08:52 PM GMT
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Editor's note: It was a late night, indeed. Shortly after 5 a.m.  EU leaders gave an update on progress, including plans to form an intergovernmental body and a cash injection to the IMF. Hungary and Britain, however, would not sign on to proposed EU treaty changes.

Brussels (CNN) - The hour grows late, and few expect this euro summit to be over quickly. The Finnish prime minister said it would be "very, very tough."

The leaders aren't short on hyperbole in describing what's at stake. Chancellor Angela Merkel, arriving for the pre-summit dinner, said the euro had lost credibility and this must be restored.

David Cameron, of the UK, said he will protect Britain's interests against unfavorable treaty changes. Belgium’s new prime minister says it’s a "very very important summit."

So, if its sooooo important, why can't they agree?

Because the issues go to the heart of how this system works and everyone has their own view on the best way forward.

Time and again European officials have said now is the time to save the euro - and then failed to come up with the goods.

The barometer of success here will be; do they increase the firepower of the stability bailout fund or do they promise and fail to deliver; do they reach agreement for all 27 countries to move forward. Or does the eurozone do its own deal?

It's 2130 here in Brussels – no-one is expecting this to be an early night.

soundoff (3 Responses)
  1. truthhurtsss

    Why do "analysts", "heads of research", “CNN writers", "Bloomberg writers", etc, keep expecting and hoping that there is (or are) a solution to all these mess of debts? Are they ignorant, in a state of denial or plain idiots? How can you have a "solution" to all those debt problems? Those banking debts, sovereign debts, household debts and etc debts.?
    Can't these people do a few simple arithmetic calculations? There is no way out of this mess! There is just no way to pay off the debts! If this kind of talk or expectation came from Bernanke, Obama, Geithner or all those self-serving politicians and office-bearers(including European ones), I can understand their self-serving motives, but from people who should be of the "other side"????

    "There is NO MEANS OF AVOIDING a final collapse of a boom brought about by credit expansion. The ALTERNATIVE is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion or later as a final and total catastrophe of the currency system involved." – Lugwig von Mises

    December 9, 2011 at 5:11 am |
  2. truthhurtsss

    Unfortunately, Lugwig von Mises also has an answer as to why these idiots keep expecting a "solution":

    "No one should expect that any logical argument or any experience could ever shake the almost religious fervor of those who believe in salvation through spending and credit expansion." – Lugwig von Mises

    Kick the can down the road.......

    December 9, 2011 at 5:13 am |
  3. icons set

    Very amusing message

    October 4, 2012 at 9:25 pm |

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