Presidential Compromise

I don't like it, but at least he got a small stimulus out of it. Kicking this can down the road does not look like a good idea to me. Europe's can kicking looks even worse.

We cannot go on like this. The crisis in the euro zone is the single largest threat to the fragile global recovery we are now seeing. And this is not just a problem for Europe. It matters to us in Britain, as well as to the United States and Asia.

At last year’s Group of 20 meetings in London, the participating countries agreed to stabilize the international banking system and to stimulate the world economy. Further progress was made in Pittsburgh six months later. There was real political will to do what was necessary.

That momentum has now been lost, and it will not be regained without greater involvement from the major economies. Decisive action, confronting the underlying causes of this crisis, is now imperative.

Don't expect leadership from Obama or Merkel.

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