Prime Minister David Cameron seeks to claw back powers after 'remorseless logic of having a single currency' forces Germany to accede to Italian and Spanish demands for eurozone aid to cut borrowing costs.
British Prime Minister David Cameron said Tuesday he would block a new European Union treaty proposed by France and Germany aimed at saving the euro, if London's demands are not met.He said if eurozone countries wanted to use "European institutions" to rescue the single currency, they would have to agree to safeguards demanded by Britain, which has not adopted the euro.Cameron has come under huge pressure from the right wing of his Conservative Party to claw back powers from Brussels if the EU were to negotiate a new treaty.
BRUSSELS: The European Union reacted to David Cameron's re-election on Friday by offering early talks on reform of the bloc and saying it was open to changes that would produce a "fair deal" for Britain. But while few in Brussels or other European capitals would relish a British exit after a referendum he has promised by 2017, the EU executive was quick to warn the prime minister not to push his luck and seek to revise treaties on free migration.
It's a love-fest in Asia futures once again, but will it hold on Friday or through the weekend?
One thing's for sure, sentiment was so sour about this 19th summit, that any bit of good news stood a decent chance of temporarily igniting the market.
You can actually credit German chancellor Angela Merkel for that sour sentiment because she repeatedly stated Germany would not give in. The latest reports suggest Germany did blink, but not enough to please Italy, Spain, and France.
Prepare for Greece to exit the Eurozone. Germany has made a request that in my opinion practically guarantees that outcome. The Financial Times has a pair of articles on the matter but the conclusion above is mine.
German Government Calls for Greece to Cede Sovereignty to Eurozone "Budget Commissioner"
Please consider Call for EU to Control Greek Budget