Euro Summit Imploding: Merkel Cancels Friday Government Statement On EFSF

Friday, October 21, 2011
By Paul Martin

by Tyler Durden

Luckily, we never promised readers to have a quota of only one stupid European story per hour or else we would be worse liars than the European bureaucrats who finally discovered the abacus and punch cards, and have realized that, as we noted, the EFSF is DOA. The WSJ reports that Angela Merkel has cancelled a government statement on the European Union summit this weekend, due Friday, at short-notice, a spokesman for her CDU party said Thursday. The reason for the cancellation was probably a lack of agreement on new guidelines for the euro zone’s rescue fund, the European Financial Stability Facility, the spokesman said. But no reason has officially been given for the cancellation, he added. The EU confirmed earlier Thursday that it plans to hold the summit this weekend as planned. Earlier Thursday, reports had suggested the summit might be delayed over disagreement between Germany and France on how to leverage the EFSF. One wonders at this point just why the “make or break” summit is even happening? Is the catering bill so high that nobody thought of enacting a shorter than 48 hour cancellation policy? Then again this is Europe, where as Bob Pisani said, “we see thoughts as they happen in real time.” Explains why the EURUSD is where it is right about now.

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