Europe, today at the summit first yes to the recapitalization of the banks but Merkel holds back on Italy

The summit of European heads of state and government should today approve the substantial agreement reached yesterday evening on the recapitalization of banks. France would have liked to do more and transform the new state-saving fund into a real bank in support of the European countries most in difficulty and most targeted by the debt crisis. But Merkel has imposed a brake: yes to the recapitalization of European banks but the new fund will not be an ATM and support for countries in difficulty cannot go beyond the guarantee on 20-30% of the losses of the new government bonds. It is the solution that is emerging to save the euro and prevent the Greek crisis from dragging the rest of the euro and Europe with it, starting with Italy.
Tomorrow, Europe will bring the results of its summits to the G20 in Cannes. Even in recent days both Brussels and Merkel have not failed to spur Italy to do more and Berlusconi now seems willing to play the pension card. But it is on growth that our partners await us at the gate.