BBC News
September 26, 2011
It has been clear for some time what the outlines of a potential deal to save the euro would be.
But, contrary to what the more breathless newspaper headlines have suggested, there was no comprehensive deal on the table in Washington this weekend for ministers to discuss, let alone sign up to.
First things first: officials have, more or less, accepted the need for a bigger write-down of Greek debt and more capital for Europe's banks.
There are plenty of devilish details to sort out. But you can sort them out without requiring a major philosophical shift on the part of the European Central Bank (ECB) or Germany. All that is required is that eurozone leaders grasp the urgency of the situation, which, supposedly, they now do.
However, the same cannot be said of the proposals for the eurozone rescue fund, the European Financial Stability Facility (EFSF). My bet is that this will happen, in some shape or form. But not without a fight. There is also the small problem that it might not be constitutional.
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