"Turns out Europeans are not any more talented at solving their own debt crises versus their procrastinative US counterparts. Instead of no deal at all, they chose to tap the can down the road to ruin instead of kicking it. What a bunch of wimps! Is this the best the leadership of millions can hope for?"

I am not sure this statement is totally correct. All European nations have recently decided to cut government expenditures severely. Spain, Italy, Portugal, Ireland, the Netherlands, Belgium they have all taken painful measures to bring down their budget deficit. Greece has done the same, but as we all know that is a lost case.

The other European countries have a good chance to keep their deficits within control, even though they will not be able to close them completely due to the absence of substantial real GDP growth. However, they are threatened by the hedgefund pools cq sharks that are out there to drive up the pressure in order to maximize their profits on Government debt paper. I see that as the main threat.

If the European Union is capable of keeping the sharks out, their Monetary Union is not a priori lost, because they have taken drastic measures and are cutting government expenditures. So they are not simply kicking the can down the road.

I haven't seen those cuts in the US, probably because the US hasn't been attacked by hedgefunds as yet (because they control them) and therefore can maintain it's (almost) zero interest policy. But for how long?