It's refreshing for an American to read that other nations screw up, too. I have long been puzzled by the European negotiations. European leaders had summits in March, May, October 2010 and July, October, and December, 2011. After each one, the headlines read something like "New rescue plan agreed." But things are still unsettled, probably worse, and the global financial system is on the brink of collapse.
The latest summit fell short after inept diplomacy by the British government, which has long experience at very skilled diplomacy. The Financial Times has the kind of tick-tock we often get on U.S. presidential decisions -- and it's not a pretty picture. Kevin Drum links to that article and discusses its significance in ways I agree with.