A eurozone beyond saving

Global markets watched with a growing sense of despair as European leaders remained at loggerheads ahead of an important summit later this week.

German Chancellor Angela Merkel again vowed that she would not be pressured by France, Italy and Spain into guaranteeing eurozone debts and bank deposits, saying that this would be “economically wrong and counterproductive”, as well as running counter to the German constitution.

“It’s not a bold prediction to say that in Brussels most eyes – all eyes – will be on Germany yet again,” she lamented at a conference in Berlin. “I say quite openly: when I think of the summit on Thursday I’m concerned that once again the discussion will be far too much about all kinds of ideas for joint liability and far too little about improved oversight and structural measures.”

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