"I used to think Europe had got it right. Let the US be a military superpower; let China be an economic superpower--Europe would be the lifestyle superpower. The days when European empires dominated the globe had gone. But that was just fine. Europe could still be the place with the most beautiful cities, the best food and wine, the richest cultural history, the longest holidays, the best football teams. Life for most ordinary Europeans has never been more comfortable.

It was a great strategy. But there was one big flaw in it. Europe cannot afford its comfortable retirement."

- Financial Times' Gideon Rachman on the long-term problems the $1 trillion bailout won't solve, and the austerity measures to come