It’s over 20 days before the eurozone is meant to firm up its plan to save itself, but already it seems German Chancellor Merkel’s grand bargain to save the region has failed, according to Bloomberg.
The buildup to the new round of meetings between European leaders has been dominated by Merkel’s “Pact for Competitiveness.” That plan has been panned by pretty much every leader in the EU, including close allies.
Without domestic or European support for her strategy, Merkel has had to backtrack and now may not be willing to give in to Irish demands to lower the interest rates on their bailout loans, according to Bloomberg.
The only remaining hope is that, somehow, in these next few weeks of meetings, some sort of deal can be worked out. And while eyes, in terms of sovereign credit, may now be on the Middle East, they could swiftly swing back if the March 25 meeting accomplishes little.