Menu
27/10/2011
Euro Deal To Half Greek Debt
European Leaders have secured a last minute deal to the save the Euro during late night talks in Brussels on Wednesday night.
During the emergency meeting, representatives from 21 states brokered a deal that will see European banks that had lent money to Greece take a 'hair cut' by writing off 50% of the money owed to them by the troubled country.
Banks will also be forced to raise more capital to protect themselves against losses resulting from any future government defaults.
The third 'prong' in the deal will see an approved a mechanism to boost the eurozone's main bailout fund to around 1trilion euros.
However, the deal comes at a cost and will see the UK's contribution to the union increase by 5%.
Responding to the vote Labour's Shadow Foreign Secretary, Douglas Alexander MP, said: “The proposal to increase the European Union budget at this time by over 5% will strike most people as unjustified and wrongheaded.
“Last time the Prime Minister promised a freeze and then came out claiming that a rise was a victory. This time David Cameron must do better – he must not support another inflation busting rise in the European Union budget.
“The European Commission should be focussed on finding savings and better targeting its funds on the most crucial areas - not proposing unjustified budget increases.”
Although the agreement did not go as far as some hoped, the markets have responded well with the FTSE trading 115 points higher on Thursday morning at 5667.
The last ditch agreement rounds off a week of extreme tension that saw verbal battles between the French President Nicolas Sarkozy, David Cameron and German Chancellor Angela Merkel, while in the Italian Parliament, a fist fight broke out on Wednesday afternoon between rival parties.
(DW)
During the emergency meeting, representatives from 21 states brokered a deal that will see European banks that had lent money to Greece take a 'hair cut' by writing off 50% of the money owed to them by the troubled country.
Banks will also be forced to raise more capital to protect themselves against losses resulting from any future government defaults.
The third 'prong' in the deal will see an approved a mechanism to boost the eurozone's main bailout fund to around 1trilion euros.
However, the deal comes at a cost and will see the UK's contribution to the union increase by 5%.
Responding to the vote Labour's Shadow Foreign Secretary, Douglas Alexander MP, said: “The proposal to increase the European Union budget at this time by over 5% will strike most people as unjustified and wrongheaded.
“Last time the Prime Minister promised a freeze and then came out claiming that a rise was a victory. This time David Cameron must do better – he must not support another inflation busting rise in the European Union budget.
“The European Commission should be focussed on finding savings and better targeting its funds on the most crucial areas - not proposing unjustified budget increases.”
Although the agreement did not go as far as some hoped, the markets have responded well with the FTSE trading 115 points higher on Thursday morning at 5667.
The last ditch agreement rounds off a week of extreme tension that saw verbal battles between the French President Nicolas Sarkozy, David Cameron and German Chancellor Angela Merkel, while in the Italian Parliament, a fist fight broke out on Wednesday afternoon between rival parties.
(DW)
Related UK National News Stories
Click here for the latest headlines.
28 October 2011
Greeks Weren't Ready For Euro – Sarkozy
The French President has controversially spoke out against Greece's membership of the Euro, just as European leaders strike a deal to save the currency and the union.
Greeks Weren't Ready For Euro – Sarkozy
The French President has controversially spoke out against Greece's membership of the Euro, just as European leaders strike a deal to save the currency and the union.
15 October 2007
Deal Or No Deal For Postal Union Chiefs?
Leaders of the postal workers' union are meeting today to discuss a deal to end the ongoing Royal Mail dispute. The Communication Workers Union are to consider a deal aimed at averting further strike action. Recent industrial action by postal workers have crippled deliveries across the country and reportedly cost Royal Mail more than £200 million.
Deal Or No Deal For Postal Union Chiefs?
Leaders of the postal workers' union are meeting today to discuss a deal to end the ongoing Royal Mail dispute. The Communication Workers Union are to consider a deal aimed at averting further strike action. Recent industrial action by postal workers have crippled deliveries across the country and reportedly cost Royal Mail more than £200 million.
13 June 2005
Blair to remain “firm” EU rebate
Prime Minister Tony Blair has said that he will be “diplomatic but firm” with European leaders over the issue of the UK’s European Union rebate. The Prime Minister, who was in Moscow for a meeting with Russian President Vladimir Putin, was speaking ahead of the forthcoming European summit, which takes place in Brussels on June 16 and 17.
Blair to remain “firm” EU rebate
Prime Minister Tony Blair has said that he will be “diplomatic but firm” with European leaders over the issue of the UK’s European Union rebate. The Prime Minister, who was in Moscow for a meeting with Russian President Vladimir Putin, was speaking ahead of the forthcoming European summit, which takes place in Brussels on June 16 and 17.
01 June 2004
Beware 'extremists', Tories urge ahead of Euro poll
Tory leader Michael Howard has appealed to UK voters to reject "extremist" alternatives – such as the UK Independence Party – for June's European elections. Mr Howard is keen not to leak Eurosceptic votes to the UKIP and appealed for Conservatives to rally behind his party's vision of Europe - which he declared "puts Britain first".
Beware 'extremists', Tories urge ahead of Euro poll
Tory leader Michael Howard has appealed to UK voters to reject "extremist" alternatives – such as the UK Independence Party – for June's European elections. Mr Howard is keen not to leak Eurosceptic votes to the UKIP and appealed for Conservatives to rally behind his party's vision of Europe - which he declared "puts Britain first".
22 March 2007
European Union supports 'open skies' deal
European Union transport ministers have backed an 'open skies' deal which aims to ease restrictions on air travel between Europe and the US. The deal will allow European airlines to fly to any US city from any city in the EU, not just their home country. American airlines will be allowed free access to European airports.
European Union supports 'open skies' deal
European Union transport ministers have backed an 'open skies' deal which aims to ease restrictions on air travel between Europe and the US. The deal will allow European airlines to fly to any US city from any city in the EU, not just their home country. American airlines will be allowed free access to European airports.
-
Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
