Europe Struggles for Debt Cure After ‘Final Package’ Fizzles

European leaders “have risen to the challenge,” German Chancellor Angela Merkel said. French President Nicolas Sarkozy proclaimed their July 21 summit a “historic turning point” and Luxembourg Prime Minister Jean-Claude Juncker called it the “final package, of course,” to extinguish the debt inferno.

Then they went on vacation. Before they returned to work, the deal fizzled.