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David Cameron Blocks Eurozone Deal Putting UK At Risk Of Isolation

Posted by Ram Kumar Shrestha on December 9, 2011


Prime Minister David Cameron has been criticised for “isolating” the UK from the EU after he vetoed a crucial treaty designed to deal with the eurozone crisis because it was “not in Britain’s national interest”.

The treaty governing all 27 EU members is now likely to be abandoned, but the 17 eurozone countries will continue to negotiate a separate stability pact, and nine of the 10 EU members not in the single currency have chosen to endorse that process.

The UK will be the only EU member left outside the deal, the Council of Europe has indicated, despite earlier suggestions that Sweden, Hungary and the Czech Republic would not take part.

The move was criticised by Labour leader Ed Milliband, who said that Cameron had “spectacularly mishandled” the negotiations. Some Lib Dems also attacked the decision, with LibDem MEP chief whip Chris Davies saying that it had left the UK “isolated”.

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Countries who sign up to the stability agreement are likely to be forced to have balanced budgets, and a structural deficit of not more than 0.5% of gross domestic product.

The deal also includes sanctions for nations if their deficit is larger than 3% of GPD.

German Chancellor Angela Merkel said that the EU had “learned from the mistakes of the past”.

In a press conference on Friday she said: “The British were never part of the euro, they had an opt out from the beginning so we are familiar with the situation.

 

Read the Article at HuffingtonPost

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