Monday, October 22, 2012

DTN News - SPECIAL REPORT: Germany Warns UK Against EU Budget Veto

DTN News - SPECIAL REPORT: Germany Warns UK Against EU Budget Veto
Source: DTN News - - This article compiled by Roger Smith from reliable sources Press TV
(NSI News Source Info) TORONTO, Canada - October 22, 2012: Germany is warning Britain that its threat to veto the European Union’s new budget will force Berlin to cancel next month’s EU budget summit.

British Prime Minister David Cameron has threatened to veto any agreement on the EU’s new seven-year budget other than a complete spending freeze. 

German Chancellor Angela Merkel has reportedly decided that holding talks on the 2014-2020 budget while Britain is almost certain to veto it is pointless, The Financial Times reported. 

A veto will further outrage EU members after Cameron also vetoed an EU-wide financial agreement to help the eurozone crisis back in December and forced the other 26 nations to sign the pact without Britain. 

EU officials are now warning that the second veto can seriously damage diplomatic ties between the 27-member bloc and Britain. 

Merkel has reportedly raised the subject in a telephone conversation with Cameron last Monday. 

Cameron openly said earlier this month that “If there isn’t a deal that’s good for Britain, there won’t be a deal.” 

However, Merkel is apparently trying to persuade him to back her government’s proposal for the EU spending to be capped at one percent of European gross domestic product. 

*Link for This article compiled by Roger Smith from reliable sources Press TV
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*This article is being posted from Toronto, Canada By DTN News ~ Defense-Technology News