Frantic Call by Cameron and Obama for "Immediate Plan" to Rescue the Eurozone
June 7, 2012 • 9:13AM

G-7 finance ministers had barely finished their emergency teleconference June 5, to discuss the eurozone and Spanish debt blowout, when David Cameron and Barack Obama hopped on the phone to discuss the same subject, Cameron's spokeswoman Vickie Sheriff announced yesterday from Downing Street.

The two have issued a call for "an immediate plan" to save the euro and "tackle" the eurozone crisis. Good luck with that. The consensus from Bloomberg and elsewhere is that this means squeezing Germany even more. What else it includes, is anybody's guess. In fact, Sheriff reported that Cameron will be flying off to Germany June 7 to meet in emergency session with Merkel.

The Telegraph reports that aside from the Obama-Cameron chat, leaders of Canada and New Zealand also visited Downing Street yesterday, and that there are signs everywhere that the European financial crisis "is worsening." Great insight.