Business World

Thursday 20 July 2017

Debt Crisis: Attempts to put Europe and Britain on better footing after Cameron’s summit exit

Independent.ie reporters

GERMAN Foreign Minister Guido Westerwelle made attempts to put Europe and the UK on a better footing today at a joint press conference with British Foreign Secretary William Hague following David Cameron’s walk-out of a Brussels summit earlier this month.

Mr Westerwelle said Britain is an “indispensable” partner in the European Union and must build bridges following the summit.

He added that there is no “hidden agenda” against the City of London – this was the redline issue for Mr Cameron at the summit.



Mr Cameron walked out of the Brussels summit and vetoed a new intergovernmental treaty designed to save the euro and stabilise the region after failing to get reassurances on financial transaction tax which is being pushed for by some other leaders in a move he believes will hit the banking and financial services industries in London.



The joint press conference took place as EU finance ministers held a teleconference over their plans to solve the debt crisis.



However, some believe there will not be an agreement today between finance ministers on the forwarding of €200bn in loans from the region to the International Monetary Fund to bailout indebted eurozone nations.



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