Not This Week

Despite demands by the G20 that Europe's debt problems -- likely the largest and most convoluted insolvency in history -- be "fixed in a week", cooler heads respond that it's not going to happen.

Angela Merkel:

“...dreams that are taking hold again now that with this package everything will be solved and everything will be over on Monday won’t be able to be fulfilled...The search for an end to the crisis “surely extends well into next year.”

Nouriel Roubini:

“The problems in the eurozone are chronic” and “won’t go away,” He said EFSF needs to be more than four times its current size to be effective.

The existence of nearly incalculable amounts of unpayable bills collecting in the offices Europe's public and private financial institutions suggest that this dose of reality isn't likely going to be heeded.