Muddle, fuddle, toil and trouble. European leaders boldly decide to carry on muddling through

A BARGAIN, but not a grand one. Euro-zone leaders surprised many on March 12th by agreeing on the main elements of a deal to salve Europe’s sovereign-debt crisis. With negotiations becoming fractious and markets unnerved by further ratings downgrades on Greek and Spanish debt, there had been fears that a deal might not be reached by a deadline of March 25th, when Europe’s heads of governments conclude their next meeting in Brussels. In the event, a special summit of euro-area leaders hammered the essentials out two weeks ahead of schedule.........................

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