Tuesday, 15 May 2012

Climbing Down On EU Bank Rules

We're so lucky to have a Eurosceptic Tory government led by Dave:

(Reuters) - Isolated in Europe, Britain has little choice but to back down on its demand for changes to draft EU banking rules it had called idiotic.

European Union Chancellors meeting on Tuesday will seek to agree rules on the capital that banks across the 27-member bloc must raise in order to cover their risks, a measure designed to avoid another financial crisis.
"Britain is now left standing alone and its reluctance to compromise has only served to strengthen the resolve of others to accept this deal," said one EU diplomat.
Despite being unable to win all the concessions it wants, there are signs Britain is ready to back down, according to another diplomat familiar with Britain's position.

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