Monthly Archives: October 2011

Conservative Party rebels weakening Cameron’s grip on power

Posted on October 24, 2011 by

At least 80 members of Parliament of Prime Minister David Cameron’s Conservative Party defied their party’s whip Thursday to vote against a motion calling for a referendum on Britain’s membership of the European Union. The large-scale revolt against Mr Cameron hurt his authority and cast doubt on the country’s long-term commitment to Europe. The 80 members of Mr Cameron’s Conservative Party, made up more than a quarter of the party’s total in Britain’s coalition government, defied their leader by voting for the motion, the biggest revolt against a Conservative prime minister on a European issue. “We understand that many people who voted for it felt very strongly and we respect … Continue reading →

Posted in United Kingdom | Leave a comment

German lawmakers secure parliamentary vote on Euro Zone

Posted on October 24, 2011 by
German Chancellor Angela Merkel

German lawmakers flexed their muscles to secure a full parliamentary vote on Wednesday on euro zone crisis measures negotiated by Chancellor Angela Merkel (photo) and her euro zone peers, a move senior politicians said would give Merkel a stronger mandate. The new vote comes just one month after Germany‘s Bundestag (lower of house of parliament) approved greater powers for the euro zone rescue fund, and should pass without problems, but it risks delaying Europe’s response to the debt crisis at a crucial juncture. Merkel cannot agree to changes to the 440 billion euro European Financial Stability Facility (EFSF) without approval at least from the Bundestag’s budget committee, as a result … Continue reading →

Posted in Germany | Leave a comment

Osborne declare progress on EU finances

Posted on October 23, 2011 by

Britain’s Chancellor of the Exchequer Mr George Osborne has declared “real progress” after a meeting of EU finance ministers in Brussels on the Eurozone debt crisis. A provisional deal will see banks raise more than 100bn euros ($140bn; £87bn) in new capital to shield them against possible losses to indebted countries. It is conditional on a wider accord, including a write-down of Greek debt. UK banks will not need to raise any new funds, partly because they have not made substantial loans. British banks have also topped up their reserves since the crisis first hit Europe in 2008. And officials say their liquidity level already stands at the minimum ratio … Continue reading →

Posted in Uncategorized, United Kingdom | Leave a comment

Berlin tempers summit hopes on Euro Zone

Posted on October 17, 2011 by

Germany said on Monday that a summit of EU leaders next Sunday would not produce a miracle cure for the euro zone’s sovereign debt crisis, a warning that pushed down markets after a rise in the past week on expectations of a breakthrough. German Finance Minister Wolfgang Schaeuble told a conference in Dusseldorf that European governments would adopt a five-point plan at the Brussels meeting to address the turmoil that has clouded the outlook for the global economy. This is expected to include a plan to recapitalise banks and reduce Greece‘s debt mountain by asking the country’s private creditors to accept steeper write-downs on their holdings than the 21 per … Continue reading →

Posted in Europe, Greece | Leave a comment

British Defence Minister bites bullet over improper behaviour

Posted on October 15, 2011 by

British Defence Secretary Liam Fox has resigned after a week of pressure over his working relationship with friend and self-styled adviser Adam Werritty. Dr Fox was being investigated amid claims he broke the ministerial code. In a letter to Prime Minister David Cameron, he said he had “mistakenly allowed” personal and professional responsibilities to be “blurred”. Mr Cameron said he was very sorry to see him go and immediately replaced him with Philip Hammond who until now has been Transport Secretary Responding to Mr Fox’s resignation, Mr Cameron said: “I understand your reasons for deciding to resign as defence secretary, although I am very sorry to see you go. We … Continue reading →

Posted in United Kingdom | Leave a comment