December 9th, 2011
01:29 AM ET

Eurozone leaders reach new deal without backing of Britain

(CNN) - A majority of European leaders agreed early Friday on a new deal to try to resolve the continent's debt crisis, but some countries including Britain refused to back a broader treaty change.

The 17 members of the eurozone, which share the embattled single currency, reached a deal for a new intergovernmental treaty to deepen the integration of national budgets. Six other EU nations supported the deal.

"We're doing everything we can to save the euro," President Nicolas Sarkozy of France said at a news conference in Brussels following a marathon summit meeting of EU leaders.

But the new plan, which leaders are aiming to have ready by March, did not get the backing of Britain and three other countries.

"We would rather have reformed the treaty with 27 members," Sarkozy said. But Prime Minister David Cameron of Britain demanded an "unacceptable" opt out clause related to the financial services sector, Sarkozy said.

The British waiver would have "undermined a lot of what we've done to regulate the financial sector," Sarkozy said. Instead, the eurozone countries, along with "anyone who wants to join us," are pushing ahead with the new intergovermental treaty, he said.

The national debts of euro members, including Ireland and Greece, have pushed the common currency to the brink of collapse, forcing international lenders to swoop in with bailouts.

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soundoff (5 Responses)
  1. Joey Isotta-Fraschini

    I won't buy it because this apartment isn't worth a million dollars. Yes, I know you'll finance it, but look at it. It's not worth a million dollars. There's nothing to it.
    This bubble is gonna pop.

    December 9, 2011 at 6:24 am | Report abuse |
  2. Joey Isotta-Fraschini

    When I was twenty-one, I got a job accompanying one of the most famous musicians of the century, a violinist.
    He would look at something I'd bought. Then he's say, "they sold you a bill of goods."

    December 9, 2011 at 6:39 am | Report abuse |
  3. Bugs Ear

    The thing that ticks me off, when some opposes a solution; I don't see a solution of their with in the rebuttle!

    Cameron: the Brittish version of an American repulican.... hence lets just talk trash about the other party and add no viable solution of our own.

    December 9, 2011 at 11:02 am | Report abuse |
  4. saywhat

    Europe is in a mess of their own making, so are we. Looking at the sorry lot itching to be the next President of US of A & leader of the Free World I feel scared of what is more to come.

    December 9, 2011 at 2:02 pm | Report abuse |
  5. Jean Sartre, Milwauke, WI

    The Brits are always about a century behind – they really don't want to give up the British Pound Sterling – among other things; they are a backward society with their Monarchy and financial support of a Queen, that contributes nothing to the adanvcement or progress of GB. IF ever the term WELFARE QUEEN had any real meaning, it would be when it was used to describe the Queen of England...

    Cameron is a total joke... and this comes from an American who has just returned after a 2-year work assignment in the UK...

    December 10, 2011 at 6:43 pm | Report abuse |