Wall Street Journal
June 3, 2011
European governments have left themselves with an enormous agenda for June to keep in check a gathering debt crisis that they have so far failed to quell.
Having postponed big decisions at their March summit about the shape of the euro zone's present and future bailout funds until this month, European leaders now face big decisions about how to prevent an imminent Greek payments crisis. Also on the agenda: Ireland, and details of the so-called six-pack of economic changes designed to provide a boost to the euro zone's economic laggards.
Governments have kicked so many cans down the road that there is "a big risk of significant under-delivery," says Sony Kapoor, head of Re-Define, a financial think-tank.
Three months ago, what is now the most immediate crisis, Greece, was hardly on the agenda. It was widely understood that last year's €110 billion ($158 billion) bailout wouldn't be enough to tide it through next year as originally planned because there was almost no chance of private investors returning to buy Greek bonds.
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