The cancellation of Wednesday's EcoFin meetings means that the Euro-summit tomorrow evening is doomed to reach nothing more than agreement on a vague outline framework of the kind of package needed. No member state will be committed to anything and further meetings will be necessary to thrash out the details. And that's the optimum outcome; it could be much worse. The Germans (and the Finns and the Dutch) won't subsidise the Club Med unless they sign up to austerity squared, while the latter will firmly resist being sent down the black hole where Greece finds itself.
The effect on the markets will not be a happy one.