UK's Cameron Vetoes Changes to EU Treaty..France And Germany Outraged

The efforts to save the eurozone took another body blow as UK PM David Cameron exercised, for the first time, the UK's veto over major changes to the Eu treaty France and Germany worked out.

The new changes amounted to “automatic consequences” for countries whose public deficit exceeds 3 per cent of gross domestic product and a cap on countries’ structural deficits at 0.5 per cent. The tighter rules would be also be entered in the individuals laws of member countries, and the 'consequences' would be enforced by the other 27 members.

This is a fairly shocking abandonment of national sovereignty, and the French in particular were originally not planning to agree with it. But Germany's Angela Merkel was able to get France's Nicholas Sarkozy to capitulate.

And then Britain threw a monkey wrench into the entire structure by vetoing it. That led to several other countries refusing to go along until they 'consulted with their parliaments', namely Denmark, Sweden, The Czech Republic and Hungary.

PM Cameron's main sticking point was that he wanted secure safeguards for the single market and the City of London's financial infrastructure, and France and Germany refused to provide them..

'There are some real problems and nonsense there in terms of having safe and secure financial services, some deep unfairnesses that are currently in the system that I feel badly need to be addressed,' he said.

'You've got everyone else in the room saying give up your national interests, just go along with what everyone else wants, that would be the easy, comfortable, convenient thing to do. But it wasn't the right thing to do, so you've got to stick to your guns.'

France's President Sarkozy was particularly incensed at this, perhaps because he had caved in to Germany's demands in the face of considerable political pressure not to.

'What was on offer is not in Britain's interest so I didn't agree to it,' Cameron told reporters in Brussels.

'We're not in the euro and I'm glad we're not in the euro.'

'We're never going to join the euro and we're never going to give up this kind of sovereignty that these countries are having to give up.'

Merkel and Sarkozy are essentially ignoring the UK's veto and announced their plans to go ahead with finalizing the agreement,which is due to be signed in March.While this huge alteration of the Lisbon Treaty should normally signal referendums in the individual countries,there's no sign that this is going to happen. José Manuel Barroso, the European Commission president was quoted as saying that in his opinion,these difficulties could be "worked around."

In other words, they'll just impose it. Greece, Portugal,Ireland,Spain and Italy aren't going to squawk since they're in deep financial trouble and France and Germany are already on board,although it remains to be seen how long.

So why do these European shenanigans matter on this side of the pond? Well, among other things, thanks to President Obama, we're likely going to be footing the bill for a big chunk of the bail out cost.

Bypassing Congress,of course.

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