New Treaty to Save the Euro May Also Divide Europe (New York Times)

The immediate outlook was positive after Friday’s meetings in Europe, establishing German leadership and a possible short-term fix, at least, for indebted countries like Italy and Spain. Member governments agreed to raise up to $270 billion that could be used by the International Monetary Fund to aid struggling European governments, and they moved up the date that a European rescue fund would come into operation. But experts, including certain officials in the Obama administration, say this sum is below what is needed to rescue the euro. The other news of the day? Britain’s refusal to join the new agreement, which may sour the country’s already strained relationship with other Union nations.