11th summit at the 11th hour of 2011

Eurozone-I:

Broad failure from the 11th summit of 2011, as the euro crisis has not yet even been discussed in the overnight meetings; the 17 members only settled to amend eurozone criteria by March 2012, delaying the immediate actions demanded from the markets.

The leaders ominously fail to grasp the urgency of the crisis. The main attack from Berlin and Paris against the City of London and its financial supremacy in Europe imploded as the British PM refused to sign up on restrictions on the free movement of capital and the imposition of a punishing financial transaction levy.

The summit is a summary failure and it casts even darker clouds over the sustainability and future of the eurozone.