Ding Dong the Euro Is Dead!
Well shit, that only took 12 years!
The European Union failed to secure backing from all 27 countries to change the EU treaty at a summit on Friday, meaning any deal will now likely involve the 17 euro zone countries plus any others that want to join, three EU diplomats said.
An agreement at 27 fell through after British Prime Minister David Cameron demanded concessions that Germany and France were not willing to give, one of the officials said.
The decision means Britain could now be left outside the tent as up to 25 EU member states - not including Denmark which has an opt-out from the euro -- push ahead with deeper integration, including much tighter debt and deficit rules among the euro zone countries, the diplomats said.
What this means for you: not a damn thing. Don't listen to anyone who suggests that this now means firms and governments will seek out the United States for safer place to hide their money. The good news is that we're now one huge step back from the globalization agenda, I mean how can they possibly keep going after this failed European experiment?
Keep the faith, people.
I watched Nicolas Sarkozy on Al Jazeera last night after this news came out and even though the translator sucked and didn't do a very good job of decoding the French, I didn't need to speak it to know that guy knew he was fucked. "The euro is not a right, it's a duty," he apparently said while half-grinning from behind the podium. "We have to do everything to save the euro."
Earlier today, European Commission chief Jose Manuel Barroso urged European Union leaders to "do everything" to save the euro ahead of a crucial summit on tackling the eurozone debt crisis.
"The entire world is watching. We must do everything" to save the euro, Barroso told reporters in the French port city of Marseille, adding: "It is extremely important that we all together, all the EU, show that the euro is irreversible."
"At the heart of the crisis is a problem of confidence and credibility."
Please, just let it go already.