EU Crisis Update.

The Australian has a good summary of the present situation in an article for tomorrow's edition, already online and linked here. A quote: European politicians calling now for more European solidarity are trying to engineer a European welfare state that is bound to fail. In fact, the inescapable, if not imminent, collapse of the eurozone is the harbinger of the collapse of the widely celebrated European social model. Meantime in London where it remains Friday the Evening Standard has an item on the growing unpopularity of Angela Merkel in Germany, read from here, another brief quote:

The number of Germans who believe the worst of the financial crisis is yet to come jumped from 56% last month to 75%.

Another 54% said they expected their standard of living to slip, while 74% said they did not believe politicians were able to stand up to the financial markets. Only 34% said Merkel's government has made the right decisions to counter the crisis.

Reuters in the US gives a morning summary of the EU gloom linked here.