Osborne: 'Real progress' in avoiding eurozone crisis
George Osborne last night claimed "real progress" had been made in avoiding economic crisis in the eurozone after 10 hours of talks with EU finance ministers.
The Chancellor of the Exchequer said "important decisions" were being made to "strengthen European banks", including a programme of recapitalisation of the banks which could soar to €100bn (£87bn). "Britain will keep up pressure in the next few days for a comprehensive package to resolve the European crisis and to make sure that we get jobs and growth," Mr Osborne said.
Talks continue on a massive increase in eurozone bail-out funds and a planned 50-60 per cent writedown of Greek debt to ease the country's problems.
The UK Treasury is increasingly anxious that the talks reach a long-term solution, ending the "sticking plaster" proposals put forward in recent months. David Cameron is still expected to attend an emergency European leaders' summit on Wednesday, where the €440bn (£383bn) bail-out fund could be dramatically increased to €2 trillion (£1.74 trillion).
As a result, the Prime Minister could be forced to pull out of this week's major Commonwealth summit, The Independent on Sunday understands. Mr Cameron is due to fly to New Zealand and Australia on Wednesday, but he could be required to be in Brussels that day, government officials said.
The disclosure came as the head of the Institute of International Finance, which has been leading negotiations on easing Greece's debt, yesterday said eurozone countries and private-sector figures were "nowhere near a deal". In July, banks agreed to accept 21 per cent losses on Greek bonds.
Labour leader Ed Miliband yesterday criticised the Prime Minister for not insisting on attending Wednesday's meeting, even if it is officially restricted to eurozone leaders only.
Mr Miliband said Mr Cameron should be "banging on the door to maintain British influence" over Europe's future. However, as Britain is not a member of the euro, Mr Cameron would not be invited to the talks among 17 leaders of eurozone countries.
But No 10 sources indicated that the PM would go to Brussels if there was a full EU summit, shelving the long-scheduled trip to New Zealand and Australia. He is due to visit Christchurch, before travelling to Australia for the biennial Commonwealth Heads of Government Meeting. A visit to Japan has already been dropped so he can vote on a Commons motion proposing a referendum on Britain's membership of the EU.
- 1 Rice Bucket Challenge: India's take on the Ice Bucket Challenge 'for Indian needs'
- 2 Pamela Anderson rejects ice bucket challenge because of ALS experiments on animals: 'Mice had holes drilled into their skulls'
- 3 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
- 4 Rubble Bucket Challenge: Ice Bucket Challenge adapted in solidarity with Gazans whose homes have been destroyed in conflict
- 5 Teenager dies after suspected ice bucket challenge goes horribly wrong
Pamela Anderson rejects ice bucket challenge because of ALS experiments on animals: 'Mice had holes drilled into their skulls'
Matt Damon uses toilet water in ice bucket challenge to stress sanitation issues in developing world
ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
Rubble Bucket Challenge: Ice Bucket Challenge adapted in solidarity with Gazans whose homes have been destroyed in conflict
Car tax disc changes: Make sure you know the new rules from 1 October or risk £1,000 fine
Exclusive: We share blame for creating 'jihad generation', says Muslim strategist
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
Jeremy Clarkson is a cultural tumour and needs to be removed, says comedian Frankie Boyle
Air strikes? Talk of God? Barack Obama is following the jihadists’ script after James Foley beheading
- < Previous
- Next >
£500 - £550 Per Day: Clearwater People Solutions Ltd: Our client are currently...
£45000 - £50000 per annum + 5 weeks holiday & benefits: Ashdown Group: Head of...
£100 - £120 per day: Randstad Education Bristol: Randstad Education is looking...
£25000 - £28000 per annum: Ashdown Group: Generalist HR Administrator - Tunbri...