Could this be the beginning of the end?
Looking forward to the EU summit, most market participants expect nothing different than what has been produced so far at the several EU meetings so far, i.e. a lot of rhetoric but non action. After thirteen years that the EU is in place, however, this could be a different summit than what markets suspect. Now that the harsh reality of overspending catches up with every nation and the continent is in recession, the wealthier countries, that see their economies also declining, no longer wish to bailout everyone else. With Berlin, Vienna, Helsinki and Amsterdam unwilling to equate their standards of living to those in Athens, Madrid and Lisbon, the utopia of harmonious existence is collapsing and the EU experiment might soon be called a failure. With the poorer nations requesting more loans and with Germany running out of both money and patience, this EU Summit could go down in history as the beginning of the end.