The solution that isn’t a solution: “The recovery in the euro area is well on track and the euro is based on sound economic fundamentals. But the challenges at hand have shown the need for more far reaching measures… We call on the IMF to contribute to the financing of the new Greek programme in line with current practices… Structural funds should be re-allocated for competitiveness and growth under a European “Marshall Plan”. Member States and the Commission will mobilize all resources necessary in order to provide exceptional technical assistance to help Greece implement its reforms…We commit to introduce legally binding national fiscal frameworks as foreseen in the fiscal frameworks directive by the end of 2012… reliance on external credits ratings in the EU regulatory framework should be reduced…”
And there’s a warning to Italy, Spain, Belgium, Ireland… … et al not to think they’ll receive the same treatment should they be on the brink of default.
You can read the whole of the leaked Summit conclusions HERE