It's interesting that because of their "Socialist" safety net programs the Europeans are able to take a conservative tack and are more willing to hold tight and let the markets take care of themselves. Except with some new regulations of course.
Why should they spend any money more then what they need to sustain the safety net programs. None will have to worry about losing their health care, generous unemployment benefist mean that most will keep their homes. Why not just spend the money on that and let the markets flush out the poisons?
That's the way they look at it but they are wrong. We need a global jump start to this economy. All countries that can owe it to the other less developed countries that will bare much of the burden, And they owe it to their future markets.