Europe is urged to take bolder action on debt

Simon Tilford, the chief economist of the Centre for European Reform in London, is among those who say Europe should not be looking to the United States or China or Japan for much additional help — at least for now. "What we'll see in coming months is the Americans and Asians will become more open in their expression of concern about way the Europeans are handling the crisis, because unless they do address key problems, including the banks, there is a risk this is going to trigger a Lehman 2 … They recognise Europe's strategy is not working, and they are starting to panic."