Chicken?

The European situation is as tense as it was last fall -- or worse. This time, though, the European Central Bank (ECB) didn't come to the rescue. Last December, the ECB opened the funding doors to European banks, a move that temporarily defused the crisis. At the conclusion of today's meeting, the ECB didn't make any dramatic announcements. The high-stakes argument over how money to bail out banks will be channeled -- directly to the banks or through their governments -- hasn't been resolved. The ECB's lack of action puts more pressure on governments to come to a decision.