This weekend's European summit was supposed to produce an agreement that would avert financial doom for the eurozone, but it has failed before it even began. Nicolas Sarkozy and Angela Merkel have issued a joint statement admitting that it will be impossible to reach a deal this weekend and a second summit will have to be held on Wednesday, the Guardian reports. France and Germany are split on the size of the bailout vehicle needed, with France pushing for a bigger entity capable of doling out more than $2.75 trillion in loans to troubled European economies.
Sarkozy and Merkel said that despite their disagreement, the Wednesday summit will produce a "global and ambitious" solution to the European debt crisis. Looks like in the week to come, Sarkozy won't be getting much time at home with his new baby. (Read more eurozone stories.)