But 23 nations agree to austerity measures in new accord
(NEWSER) - After strenuous negotiations, 23 of the 27 nations of Europe agreed to government spending and borrowing caps to be outlined in a new pact—but a unified treaty was blocked by Britain. Negotiations broke down largely over London's demands for future protection from financial regulations forged by France and Germany. Hungary also refused to sign the accord, and Sweden and the Czech Republic required more time to discuss the issues with their parliaments, reports the Washington Post . British Prime Minister David Cameron said ceding so much control over Britain's budget is "not in my national interest." The intergovernmental pact, with details to be hammered out in the coming months, includes all 17 nations that use the euro, and will include stiff penalties for big-spender countries and up the resources for nations in fiscal trouble. It could be ratified much more quickly by parliaments than a full EU treaty amendment, notes the New York Times. More»
