Russia Today provides UKIP’s Nigel Farage the opportunity to detail the ongoing European Union’s debt crisis, and as we’ve all come to expect from Farage he does not mince words.
As Farage stated it is the German’s who hold the fate of the EU but the citizens are protesting the bailouts and took to the streets on May 19 in a march called “Blockupy” –
Yet from today’s headlines we learn Merkel buckled to bailout demands for both Italy and Spain –
Italy and Spain stunned Germany by blocking progress until they obtained softer bailout rules in 14 hours of bad-tempered talks
European leaders have pulled back from the brink of disastrous failure in their attempts to rescue the euro, throwing a lifeline to the weakest links in the eurozone by agreeing to shore up struggling banks directly, remove disadvantages for private creditors and move quickly towards a new supervisory regime for banks.
David Cameron said on Friday: “The countries of the eurozone did take some important steps forward last night. There’s still important work to do.”
Amid bad-tempered talks that continued through the night, Italy and Spain stunned the Germans by blocking progress on an overall deal at a two-day EU summit in Brussels until they obtained guarantees that the eurozone would act to cut the soaring costs of their borrowing.
The tough negotiations were deadlocked for hours, prompting the departure from the summit after midnight of the 10 non-euro countries, including Britain, leaving the eurozone leaders to fight it out.
After 14 hours of wrangling, they emerged with a three-point statement rewriting the rules for the eurozone’s new bailout regime in a way likely to soften the draconian terms that have accompanied the rescue programmes for Greece, Portugal, and Ireland over the past two years.
Read the rest of the story by clicking – http://www.guardian.co.uk/business/2012/jun/29/eurozone-bank-bailout-spain-italy