The latest EU "intergovernmental treaty" is a farce that's doomed to fail

WASH POST:

Cameron made life harder for a region desperately trying to unite behind a plan to subdue a debt crisis that is threatening the global economy. Without Britain on board, the 26 other EU nations now face potentially complicated legal obstacles to meet one of the prime objectives of a new treaty: giving fresh powers to EU institutions to slap automatic penalties on governments that recklessly spend and borrow.

RTWT.

THE DEAL CANNOT WORK BECAUSE OUTSIDE OF THE EU THERE IS NO MECHANISM OR INSTITUTION THAT CAN ASSESS AND COLLECT THE PENALTIES.

MORE:

Countries must now attempt to squeeze the forging of a major European treaty, a process that in the past has taken many years, into the next three months.

After that, the treaty will still need to be ratified by each nation, potentially requiring national referendums in countries such as Ireland where the outcome is far from clear.

Only Britain bluntly said no to a treaty.

Hungary, the Czech Republic and Sweden agreed to Friday's deal at the last minute. Along with Denmark, Latvia, Poland, Lithuania, Romania and Bulgaria, they committed only to the possibility of taking part in a treaty after consulting with their national parliaments.

Perhaps the most candid assessment came from Poland's prime minister, Donald Tusk. When asked whether the new pact would save the euro, he replied, "I'm not sure."

IT WON'T WORK. DUMP EUROS NOW.