Europe's Road Ahead Full of Potential Pitfalls

The debt crisis situation in Europe is dire. European officials, led by German Chancellor Angela Merkel and French President Nicolas Sarkozy, have promised to hammer out new fiscal agreements for this week's summit. The initial rumor called for tight new budgetary rules for the long run with penalties for violating them, and a new system for enforcing them. The sweetener? Germany would agree to expanded eurozone support for the sovereign debt of all eurozone members.