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Phil Mirzoev
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What is the summit of the EC leaders about? Very simple: they're trying to figure out how much money they should 'print' through ECB and what proportion of the amount must be (can be reasonably safely) taken away from the taxpayers.
Just a bit of a recap: during the first decade of the 21th century German, French and British banks loaned trillions of euro to the Greek, Irish, Portugal etc banks and governments; the lion's share of those trillions settled in the pockets of the small capitalist elite who has the access to the money in the first place according to the beautiful system of the financial capitalism. Those countries went bust. And now the main headache of the so called 'leaders' or the EU is to decide who to refill the pockets of the banks-creditors by robbing 1. German and French taxpayer 2. Greek, Italian, Irish etc taxpayer. Their main problem is not Greek or German nation, their problem is the empty banks of course. (it makes perfect sense for the Greek to try to change Government and to get rid of euro as soon as possible, reintroduce and devalue their national currency, neither do I see any ethical problems with this). That's the European socialistic capitalism for you.
I am still very pessimistic about the prospect of the eurozone. I understand that they - those EU 'leaders' - can pump a substantial amount of taxpayers money into the commercial banks (though risking some kind of strike-back on the part of the ordinary people, whose money are used to save those banks but who don't get anything in return from them). They also can print some money. They can save one or more Southern countries from an immediate bankruptcy, BUT I cannot understand how on earth they can save TRUST of the market players in the whole system and in those bankrupt countries? Even with the success of the immediate rescue, who is gonna buy the Greek or Portugal treasuries in future? (except for highly speculative purposes)
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