November 5, 2011
Even by the euro zone’s undemanding standards, a summit deal that survived less than a week is lamentable. Early on October 27th Angela Merkel, the German chancellor, and Nicolas Sarkozy, the French president, hailed a “comprehensive package” to save the euro. Yet by the time The Economist went to press, their plans were in tatters. Greece’s prime minister, George Papandreou, looked doomed, rejected by some of his ministers, many in his party—and, possibly, most of his country.
The shallowness of the summit’s achievements has been brutally exposed. Instead of settling into a period of calm, markets were thrown into new turmoil (see article). One way or another, the euro is destined for an unavoidable test of popular support. Unless the euro zone’s leaders shape up, this is an encounter their currency may well lose.
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