EU summit leaves financial markets cold

The agreement on stricter budget regulations reached on Friday in Brussels by all of the EU states except the UK has failed to calm the global financial markets, writes the daily Trud in dissatisfaction: "'Verboten': banned, the most German of all words, will now be the catchword for Europe's state budgets. Deficits are banned, debts are banned. ... So what? Yields on Italian government bonds still lie at 6.55 percent - barely below those of Greece, Ireland and Portugal when they asked Europe for financial help. The only thing the financial markets are interested in is how the threatened countries will be financed in the next three months while the fiscal union is being ratified. ... At some point in this poker game over the debt crisis comes the moment termed 'rien ne va plus' in French. That's at least as well known as the German 'verboten' and means: 'betting is closed'. Then all the cards are laid on the table and someone has to pay."

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