Latin American and European Union heads of state are getting together in Madrid for a summit starting on Monday against an eerily familiar backdrop of double-digit budget deficits, heavy sovereign debt loads, intervention from the International Monetary Fund and violent street protests. The only difference this time is that it is Europe – and not Latin America – is causing all the problems.

The irony of this upside-down world will not be lost on Latin American politicians used to being lectured by the developed world on prudent economic management. The likes of the outspoken Brazilian president Luiz Inácio Lula da Silva may be unable to avoid a touch of schadenfreude. And European Union leaders will do well to swallow their pride and listen hard.