Britain blocks Lisbon treaty route to saving euro

From The Guardian UK: http://www.guardian.co.uk/business/2011/dec/08/david-cameron-nicolas-sarkozy-euro

Countries using single currency will pursue side-agreement to end crisis after David Cameron’s refusal to yield sovereignty

, , in Brussels and agencies
The Guardian
, Thursday 8 December 2011

Eurozone countries are to go it alone with an intergovernmental deal between themselves after Britain blocked changes to the Lisbon treaty aimed at saving the currency.

After a marathon overnight meeting in Brussels the president of the European council, Herman van Rompuy, said the intergovernmental treaty would include the 17 eurozone states plus six other European Union countries but not all 27 EU members.

The German chancellor, Angela Merkel, praised the plan. “I have always said, the 17 states of the eurogroup have to regain credibility,” she said. “And I believe with today’s decisions this can and will be achieved.”

Van Rompuy said the countries would provide up to €200bn ($268bn) in extra resources to the International Monetary Fund.

The French president, Nicolas Sarkozy, said early on Friday he would have preferred a treaty among all the members of the European Union. But that could not be achieved, he said, because the British proposed that they be exempted from certain financial regulations.

“We could not accept this” because a lack of sufficient regulation caused the current problems, Sarkozy said.

Continue reading at:   http://www.guardian.co.uk/business/2011/dec/08/david-cameron-nicolas-sarkozy-euro

2 Responses to “Britain blocks Lisbon treaty route to saving euro”

  1. Andrea B. Says:

    That Wall Street lacky Cameron, should not have been allowed into those negotiations.

  2. Andrea B. Says:

    Now the isolation of the UK from Europe begins.
    http://www.spiegel.de/international/europe/0,1518,802728,00.html
    and
    http://www.spiegel.de/international/europe/0,1518,802703,00.html

    With the Uk sidelined, things should start to move a bit faster in Europe, without the UK ball and chain. Also stability will be easier to achieve without the UK trying to impose Goldman Sachs-JP Morgan-Barclays Friendmannite ideology.

    Cameron can sit petuantly on the sidelines and watch as the UK is left behind and ignored by Europe.


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