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Germany’s leader Angela Merkel wants a new treaty and a “fiscal union” to save the eurozone from collapse, but new rules in Europe could see David Cameron face a backbench revolt.
With David Cameron and Angela Merkel at loggerheads, an economist tells Channel 4 News that the German approach to the debt crisis could lead to the break-up of the eurozone.
“In fact, the figures show that the UK economy has barely been out of recession over the last year and there is no clear evidence of a recent change in trend.”
Sources in the EU say Germany and France are looking at a smaller eurozone, but economists tell Channel 4 News it will be a “Pandora’s box” and “the message from the Greek myth was do not open it”.
Gary Gibbon
It’s not very democratic, but “pooled sovereignty” is the order of the day as eurozone leaders wrestle to contain the Italian debt crisis. Political editor Gary Gibbon reports.
Gary Gibbon
Though there was nearly 60 per cent against the bail-out deal in a poll last weekend in Greece, there was a majority still wanting to stay in the euro.
The Greek referendum has sent Greek politics into chaos. But it has also disarmed the euro bailout agreed last week, sending government borrowing costs soaring and share prices crasing across the rest of the eurozone.
Gary Gibbon
This a grenade in the eurozone crisis on the eve of a G20 when Europe was hoping to present a reformed and self-disciplined face to the world, writes Gary Gibbon of the decision to call a referendum on the bailout in Greece.
Chancellor George Osborne welcomes the eurozone deal but says the “ultimate lesson” of the crisis is that “if you can’t pay your way, you’ll be next in firing line”.
We track the repeat “crunch talks” which punctuate the eurozone debt crisis, as a global finance expert tells Channel 4 News Europe’s leaders are wrestling with an “ungovernable system”.
As storm clouds gather around the euro, with European leaders meeting in Brussels to try to fix the crisis, Channel 4 News asks a leading economist what the future may hold.
Ahead of a key meeting of European leaders, jitters spread globally that it may not be enough to solve the eurozone crisis. A stockbroker tells Channel 4 News the markets need clarification.
David Cameron has said the ongoing sovereign debt crisis is having a “chilling effect” on the UK economy and must be resolved.
Eurozone finance ministers agree to pay Greece its next bailout loans to avoid a potentially disastrous default.
The welfare system is the “root cause” of the eurozone crisis, says Jin Liqun from China’s sovereign wealth fund, and working harder and longer would solve its problems.