Euro-Zone meeting on Friday would likely cause some increased volatility in the short-run as short-term market participants enter and exit the market in response to any news leaks from the meeting.
In the short-run the meeting and the news from the meeting would have some short-term impact, but longer-term, the end game will not change, the total collapse of the Euro and the Euro-Zone break-up under too much debt, likely to occur in the first half of 2012, which should then be followed by the US and the US$ collapse before the end of 2012. When the collapse occurs those holding paper will be left with worthless papers. Only those holding "real" assets under their own control will be saved from the implosion.
There is nothing the Central Bankers can do to alleviate the problem except to postpone the day of reckoning (financial amagedon) by printing more and more fiat money, basically putting more debt on top of debt until the whole system implodes, which it will.
In order to address the problem of over-indebted banking system and over-indebted governments, for the European, they either get their funding directly from their own central bank, the ECB or indirectly from the US Federal Reserve through various channels including through SWAPS. As for the bankrupt US banking system and bankrupt US government, they will get their funding directly from the Fed via money-printing.
In both cases, they are going to try to solve the problem of over-indebtedness with more debt, a strategy that will never work. But central bankers and governments do not know what else to do, so they will print and print until the whole system implodes, and it would likey happens in 2012.
