Beware of backslide of EU bailout deal

Finance ministers of the euro zone and the broader European Union (EU) will meet later this week to promote the implementation of a rescue package bitterly reached at an EU summit last month. A sudden referendum called and later withdrawn by Greek Prime Minister George Papandreou hit the market and stoked skepticism about the power of EU leaders to push forward the most decisive and comprehensive deal so far against the sovereign debt crisis. The upcoming meeting of finance ministers would be critical for the bailout plan, which was just briefly outlined by the EU summit. Greek's referendum drama was a reflection of how loose the deal was, and no one could be sure that no further counter-activities would happen in the coming days. Greece has become the weakest pivot of the rescue project. The political haggling in Greece has hindered the swift action urgently needed for tackling the debt crisis. Just as German Chancellor Angela Merkel said, to help euro is to help Europe. It can be equally said that to help Europe is to help the world. At the just-concluded G20 summit in Cannes, France, participants agreed that all economies working together is the only way out of the worldwide economic woes. But it is also unanimously agreed that it is mainly up to Europe itself to resolve the European debt problem. There are some other uncertainties concerning the bailout plan. Elections will be held in France next year and in Germany in 2013, which might lead to more discreet politics and dilute efforts in handling the crisis. The last two years have let go many chances of stopping the crisis when it was still germinating. The lack of political determination and executive ability has spelled disaster for the region. Now the world is expecting breakthroughs from the upcoming finance ministers meeting so that no more time is lost to tackle the crisis and put the situation under control.