Sarkozy announces EU Economic Governance failure.

French President Sarkozy, speaking live as I type, is announcing nothing is likely to emerge from today's Euro Group meeting other, perhaps, than something for Greece Bail Out Mark II. He will have more in the Autumn.

Asked about the selective default of Greece, he stated that the world is watching and he would not use that word, he was not a rating agency.

Chaos once again seems to reign from the EU's clearly sub-standard and not fit for purpose leaders!

If something saner emerges shortly I will update this post! More probably we can review the extent of this typical EU failure over the coming days!