Failure to agree a deal carries a price

Europe's reaction to crisis management has been consistent - it has generally acted slowly and done just enough to keep the show on the road, rather than actually fixing problems. Perhaps this is inevitable in a union of 27 states.

Now, as the issue of our promissory note negotiations come down to the wire, it is reasonable to ask why on earth this hasn't been sorted out already, after some 18 months of ...