Despite high hopes, this weekend’s summit of EU finance ministers and heads of state will find no magic silver bullet. Ignore the obligatory optimistic communiqué at the end of the summit. The crisis will continue with no end in sight.
The European debt crisis has lasted so long because there are so many players with too many different interests, and even minor players can sabotage a final resolution. With the myriad of competing and incompatible interests, the crisis will continue as a slow bleed that will make recovery of the world economy difficult, if not impossible.