The European Union suffered the most damaging split in its 54 year history after David Cameron used the British veto to block eurozone treaty change after France and Germany opposed “safeguards” to protect Britain’s economy....
The Prime Minister insisted that he had been prepared to support treaty change among all 27 of the EU’s members to allow the 17-strong eurozone to take measures to tackle its debt crisis and to enforce tough new fiscal rules for the single currency.
But after 11 hours of bad-tempered talks, Mr Cameron said that he had blocked the changes because France and Germany and refused to agree to a “protocol” giving the City of London protection from a wave of EU financial service regulations related to the eurozone crisis.
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Filed under: * Economics, Politics Economy Consumer/consumer spending Corporations/Corporate Life Credit Markets Currency Markets Euro European Central Bank Stock Market The Banking System/Sector The Credit Freeze Crisis of Fall 2008/The Recession of 2007-- Foreign Relations Politics in General * International News & Commentary England / UK Europe --European Sovereign Debt Crisis of 2010
Posted December 9, 2011 at 6:16 am
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