EU summit: like rabbits in the headlights?

So yet another test of the nerves as the EU summit continues to stumble and give out all the wrong signals with less than 24 hours to go before their own extended deadline for a solution is breached.

Too much time bickering, and a failure by Sarkozy and Merkel to publicly manage their body language (when questioned about Italy), followed by a cancellation of a finance ministers meeting early tomorrow (now today) suggests that there is still no detail to a plan so markets can probably look forward to the same vague assurances and shared concerns that have been rolled out for the last 12 months.

Will these platitudes be enough to convince the world that the Euro has a future and that EU ministers recognise the risks. 
We shall have to wait and see.

I guess that there can be some similarities drawn with the recent high stakes poker game that played out in the senate over the US debt ceiling with politics seeming to override the central issue. 
Although, it could also be argued that this was a less complex situation than the one playing out in the EU.

Testing times.