Europe Digs Still Deeper

And the problems get deeper:

RealClearPolitics - Europe Digs Still Deeper: When you've dug yourself into a hole, so far down you can't see the sky any more, the answer is to dig faster. You never know, you might come out in China.

This is the primaeval advice upon which Europe's politicians are now working: to dig their own grave, gratuitously deep. At 5 a.m. Friday, euro time, they reached a deal to solve the mess created by the imposition of a single paper currency on various incompatible sovereign economies. They will impose uniform budgetary practices throughout the eurozone, thus further binding countries left with too little room to manoeuvre.