Two days ago Angela Merkel was warning that peace in Europe could be endangered if an agreement was not reached at the EU summit on how to manage the crisis that has engulfed the euro and the whole of the EU economy. Speaking to the German parliament she said, “No one should think that a further half century of peace and prosperity is assured. It isn't. And that's why I say if the euro fails, Europe will fail, and that mustn't happen." Some of the more serious strategists of capital have even raised the prospect that the euro could break up. The 27 EU leaders on Wednesday night, however, finally produced a three part deal.