THE survival of the euro is now at stake. After lurching from one crisis to the next, European leaders have a choice. They can either back the currency or let it fail.
The game of poker with the markets must come to an end.
It has led to a climate of uncertainty and left the euro on the brink.
With each failed initiative, Europe and its leaders lose more credibility.
The heads of government have to show they are prepared to stand behind the currency. Germany, in particular, has been accused of hampering efforts to find a resolution. Angela Merkel's weakened position means she may not be the one to lead us out of this mess.
For the moment, the ECB has intervened to try to bring calm. But it won't be enough without significant political intervention.