Europe needs a crisis endgame... Wolfgang Münchau says financial markets are confused about a lack of policies on what should happen should a euro zone country become unable to finance its debt... this has led investors to conclude that a probability of a contagious default is rising... "The policy will need to do the job, it will need to be compliant with current EU law – including the no bail-out rule – and it must include sufficient disincentives for any potential recipient. The EU summit is probably the last chance to end the ambiguity that Europe’s headless finance ministers and the European Commission have created. The EU needs to give investors its own vision of an endgame."... http://www.ft.com/cms/s/0/41bea7e4-140b-11df-8847-00144feab49a.html (4*)