EU package cures symptoms not illness

As the world anxiously waited, debt-ridden Europe managed to finalize a "comprehensive" rescue plan at a leaders summit on Wednesday, in an attempt to restore confidence in the euro and put Europe's banking sector on a sound footing.

Addressing the Bundestag before the summit, German leader Angela Merkel said Europe was facing its toughest challenge since the end of the Second World War, saying if the euro fails, Europe fails.

However, the deal achieved on Wednesday night is just a cure for the symptoms rather than an effective treatment for the structural problems that lie at the root of the crisis.