Do you remember how David Cameron’s gambit had, tut-tutted the New York Times, the BBC and the rest of the usuals, left Britain isolated? The Daily Telegraph’s Benedict Brogan offers up an update:
The euro teeters on the brink of collapse. The deal trumpeted by France and Germany looks ever-more rickety. Countries that initially backed it are beginning to have second thoughts. The idea of German-enforced austerity has made even resolute Europeans nervous. They have spotted that the proposed treaty is at heart a political stunt engineered by Mr Sarkozy to save himself from defeat in the French elections next year.
Its ratification looks doubtful in at least half a dozen EU member states. The United States and China remain unimpressed. Meanwhile, the signs of another market spasm are gathering. Germany’s third largest bank has approached the government to discuss a rescue package. Mr Sarkozy is preparing the ground for a credit downgrade. Yields on Italian debt have risen once more to unsustainable levels. Greece is in the grip of a massive run on its banks.