Europe won’t swallow Angela Merkel’s soother

German Chancellor Angela Merkel will have to perform a wily balancing act at tonight’s summit of European leaders – showing her sympathy for the new growth initiatives that will be raised, while insisting that debt-strapped countries have no choice but to continue to cut their deficits.

Merkel gave a preview of her position in Berlin overnight, expressing surprise that the commonsense notion of balancing one’s budget had proved so controversial.

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