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.
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