European leaders “have risen to the challenge,” GermanChancellor Angela Merkel said. French President Nicolas Sarkozyproclaimed their July 21 summit a “historic turning point” andLuxembourg Prime Minister Jean-Claude Juncker called it the “finalpackage, of course,” to extinguish the debt inferno.

Then they went on vacation. Before they returned to work,the deal fizzled.

The euro's stewards are back in Brussels today for anemergency summit struggling to heed the world's calls to once andfor all eradicate what U.S. Treasury Secretary Timothy F. Geithnercalled the “catastrophic risk” of the debt crisis. A potentialGreek default threatens shockwaves that could engulf Italy andFrance, jolt the banking system and spell havoc for the globaleconomy.

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