With only five months until the next Eurovision song contest is held in Azerbaijan, European countries are no closer to resolving the crisis which threatens the existence of the contest itself. There is not enough money to stage the competition, and member countries are being asked to dig deeper into their pockets to provide additional funds.
The Eurovision song contest was founded in 1957 as a way for European countries to improve cooperation on matters of music and broadcasting, but it has been seen as something of a joke by many. However, without Eurovision it is likely that most European countries would have to rely purely on trashy music produced within their own borders to entertain themselves. For a country with a musical heritage like Britain this might not be a problem, but other countries - Greece and Portugal for example - there is a real danger that young people might grow up without ever hearing low quality pop music.
It is the Germans who are leading the latest round of talks to save Eurovision. They have suggested increasing every country's contributions by 10%. In return they would like to introduce a requirement that each entry should be vetted by a European committee before the contest begins. This would help to prevent funding crises such as that in Azerbaijan this year, or when Ireland won three years in a row. That led to a huge increase in bad music in Ireland, and eventually caused the country's financial collapse.
The UK has so far refused to sign this latest treaty, and insists that no European body has the right to judge British music. The UK has also refused to increase its funding for the ridiculous contest, insisting that the UK already pays a higher contribution to the contest than almost anyone else.
If a new agreement cannot be reached, then the Eurovision contest may have to be scrapped. Markets responded negatively to the news, particularly markets selling sparkly outfits.