Angela Merkel and Nicolas Sarkozy have "underwhelmed" the markets with their refusal to increase the Euro bailout fund or to create a Euro bond.
In fact they managed to dig themselves into an even deeper hole, by stating that they want a European wide tax on financial transactions.
Unsurprisingly the markets are in free fall today, as it is evident that the "leaders" of Europe have neither the intention nor the political will to do anything at all.
The end result of this remarkable intransigence and failure of leadership will be the deconstruction of the Euro, and the ending of European hegemony in its current form.
Quite why the "leaders" bothered coming back from holiday is beyond me, they have merely made matters worse.