[Skybird]

One needs to see one thing also. Cameron was not exclusively about the new treaties. He wanted special rights and exceptions for the British stockmarket. He wanted not only to prevent future regulations for the London, and wanted not only to prevent future financial transaction taxes for London - but as being reported in German media, he also demanded that existing rules should be reversed and that London should be given special veto powers and exceptions from rules Britain already had agreed to, regarding the set called Basel-III, and slightly tighter regulation of financial transaction.

German paper Die Welt also said that he made a very arrogant and snippy appearance, pissing all the 26 others also on a personal level, due to the way in which he met the others.

British exports go to close to 50% into the EU. It has now nothing to say and decide anymore in economical issues that are of vital interest for it. And like it or not, any worsening of the Euro crisis will backfire on London as well - the pound is no autark currency, and the British economy is far from being in a shape to be supportive of any isolationistic policy.

Take from this what you want, like the outcome of the summit or not - it are simply facts that also will make their weight felt. Even more so if - what so far I do not expect - the German indeed will prevent forever anything that wpould equal the function of Eurobonds, and will indeed successfully prevent the ECB or the ESM from gaining the legal status of a bank's licence to form fictional virtual value by measures of its own. If so and the stability policy indeed would become dominant, London as a financial hotspot would be suffering in the long run, loosing in importance. Loosing deals. Loosing taxes adding to the British national GDP.

I honestly do not know wether to applaud Britain, or to cry for it.

Certain is this: they talk of a new treaty and new rules that should secure a culture of financial stability and debt discipline in the future. For some strange reason, nobody talks anymore about that we already have such a treaty and such deficit rules in place, and that just almost everybody is violating it, including Germany and France. It is the treaty of Maastricht and the socalled stability pact. When that treaty has been violated so massively until now, and so many other EU rules been violated or ignored as well - why does anybody seriously believe that just another treaty will not be violated, bypassed, ignored as well when it is seen as opportunistic - even more when Germany to a greater degree then already now will guarantee and stand up for thge losses created by doing so, and an anchoring in the de-factor EU-constitution of Lisbon has been prevented by a EU president and EU commission fearing it's status getting reduced?

For the British, I may not know what to think of the summit. But for Germany, I already know. It is pretty much the mess I feared, hidden under a thick coat of sugary words and shining glitter. The "markets", they of course have hoped to make more short-term profit by installking the socalled "bazooka": payed by the taxpapyer, installed at the price of even more debts, and benefitting some profiteers at the top who already are fat and want to become fatter at the cost of the communal interest. Their heistent, or negazive reaction today can be taken as a logical coinseqeunce for the dissappointed greed. But maybe one could also take it as a sign that they tend to agree with my assessement, though. Dissapointed greed, and sense of realism - must not always be mutually exclusive.

The operetta goes on. The orchestra doesn't find the right tones, the singers yell out of tune, and the choir knows no choreography but smiles as wide like Sun Shine herself.

But the room nevertheless applauds.