Newspaper article The Evening Standard (London, England)

Cameron Ready to Approve Euro Bail-Outs without a Referendum

Newspaper article The Evening Standard (London, England)

Cameron Ready to Approve Euro Bail-Outs without a Referendum

Article excerpt

Byline: Joe Murphy Political Editor

DAVID CAMERON clashed with Tory eurosceptic mPs today as he offered to approve a new scheme to bail out the single currency without holding a referendum.

At the start of an eU summit in Brussels, the Prime minister signalled his support for a permanent new emergency rescue mechanism for economies in trouble.

But British diplomats were rebuffed when they tried to obtain a cast-iron guarantee that under the proposals the UK would never again have to pump taxpayers' money into the rescue of countries in the euro. more trouble brewed as mr Cameron and other eU leaders planned to push through the bail-out plan as an amendment to the eU's contentious Lisbon Treaty without a referendum.

The economic crisis threatening to sweep the eurozone economies was set to dominate discussions at a dinner tonight for national leaders. Spain's credit rating was threatened with a downgrade because of its [pounds sterling]145 billion deficit, prompting fears that the eU's fifth largest economy could follow ireland in needing a bail-out.

Ireland and Greece have had emergency loans and Portugal is being battered by the markets.

Germany's angela merkel has won widespread backing for a treaty change to set up a permanent eurozone rescue fund to replace the makeshift arrangements so far which have used cash intended for natural disasters such as forest fires. However the wording has yet to be agreed and Britain is pressing for it to make clear that UK taxpayers will not be involved.

Mr Cameron hopes her scheme will replace the present system, which Britain cannot avoid being forced to pay into. Britain is currently obliged to pay up to [pounds sterling]7 billion if needed to bail out the single currency and this could, in theory, double to [pounds sterling]16 billion without the Premier having a veto. …

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