Five Days to Save the Euro; Crisis in the Eurozone

Sunday Mirror (London, England), December 4, 2011 | Go to article overview
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Five Days to Save the Euro; Crisis in the Eurozone


Byline: VINCENT MOSS

Cameron sidelined for crucial summit POWERLESS David Cameron has been sidelined on the eve of a critical five-day battle to save the euro.

German Chancellor Angela Merkela and French President Nicolas Sarkozy are holding crisis talks in Paris tomorrow to push for a "save the euro" deal at a special EU summit in Brussels on Friday.

Both have ignored David Cameron's warning that big changes to EU treaties to pave the way for closer financial ties between the eurozone countries will take too long.

A senior diplomatic source told the Sunday Mirror: "This is it - make or break time. The next few days will decide the fate of the euro.

"Failure could lead to a collapse of the financial system even bigger than the one in 2008 and no one knows what that would mean."

Germany wants a new EU treaty to force the 17 eurozone nations to sign up to strict rules on tax and spending to slash their huge debts.

If Mrs Merkel and Mr Sarkozy reach an agreement at tomorrow's talks, all 27 EU nations will be urged to back Friday's deal.

Any such deal could see Britain's powers in the Union slashed for decades to come in a new "two-speed" Europe dominated by Germany and France.

Mr Cameron also faces a nightmare at home as Tory MPs step up their calls for a referendum on Britain's involvement in the EU. Tory sources predicted last night that the Prime Minister could face ministerial resignations if Britain lost any more powers to Brussels.

One said: "The PM has to stand up to the Lib Dems. Now is the time to snatch back powers from Europe, not give them more."

The warning came after former European Commission president Jacques Delors - one of the key players in the launch of the single currency - admitted the euro was flawed from the start. He said the lack of central powers to co-ordinate economic policies allowed some EU nations to run up unsustainable debts.

Last week, Bank of England governor Mervyn King admitted he was making unspecified "contingency plans" in case the eurozone breaks up The Government also has emergency plans which it refuses to reveal.

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