Germany is Being Increasingly Pressured Ahead of EU Summit

German Chancellor Angela Merkel stands increasingly alone within the E.U. as she resists calls for the issue of joint euro-area bonds and junks what she calls the “principle of collectivization.”

Tomorrow’s European summit is being watched globally for likely solutions to the long-festering debt crisis. Spain, the latest European nation in trouble, made a request for help on June 25 that could amount to about $125 billion. Spanish 10-year bond yields are hovering just short of the 7% and according to Spanish Prime Minister Mariano Rajoy, these are rates...