An extraordinary shambles in Brussels

For so important a meeting, it’s an incredible shambles here in Brussels. Many reporters came in anticipation of real figures being deployed in a package of solutions to the eurozone crisis.

But it could be that tonight will see a conclusion of the summit of eurozone leaders without a serious figure in sight.

It seems more likely that economics will give way to politics, and politics will speak of the parameters that an eventual economic solution will adhere to.

The Germans have succeeded in preventing the European Central Bank from becoming a dumping ground for euro-debt which can be used and abused to Germany’s cost. Chinese and Brazilian sovereign funds seem to be in play, together potentially with a much bigger IMS involvement.

David Cameron is here, but without any voice in the euro deliberations. And actually, Britain stands to have to contribute more through its IMF membership.

It’s a funny old world. The meeting started half an hour late, is said to be going to last an hour, and then they have dinner – and then they go home.

If we are still here at four in the morning, one of two things is happening: either there is a desperate bid to stave off a total breakdown or there is a desperate bid to clinch a deal, against all expectations.

It’s amazingly tense, the Germans and the French calling the shots and the Italians swimming around, looking for any sort of flotsam to cling onto as their own political and economic crisis deepens by the hour.

It is extraordinary, being a bystander at such an event.

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