Merkel resists pressure for eurozone big bang

"I don't think they can meet expectations. The summit will fall well, well short of the kind of big bang needed to reassure the markets," said Simon Tilford, chief economist at the CER in London. Tilford fears markets will react badly next week. "By the time the Germans finally budge, it'll be too late," he said. ...  "The trouble is that the longer they delay a comprehensive solution, the more difficult it becomes politically because the costs are rising exponentially," said Tilford, arguing that a fundamental problem has been Berlin's narrow analysis of the causes of the crisis.