Is This The Merkel Capitulation?
By Cam Hui:
Is this a sign of panic from Angela Merkel? As we watched markets crater over the spectacle of an Italian bond market melt down, Angela Merkel seems to have thrown in the towel and called for a breakup of the eurozone. Reuters reports that she agreed with Sarkozy's idea of "a two-speed Europe in which euro zone countries accelerate and deepen integration while an expanding group outside the currency bloc stays more loosely connected "
It is time for a breakthrough to a new Europe. A community that says, regardless of what happens in the rest of the world, that it can never again change its ground rules, that community simply can't survive.
The Guardian confirmed the story by reporting that Germany and France have begun talks to break up the eurozone amid fears that Italy will be too big to rescue. Complete Story »