By Dan Atkinson
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Britain is on collision course with Brussels this week over whether the City should be included in plans for a European ‘banking union’.
A major summit on Thursday and Friday could be marred by attempts to force all EU members â€" not just those in the eurozone â€" to submit to Continent-wide banking regulation and a pan-EU deposit protection scheme.
Ahead of the meeting, Spain is expected tomorrow formally to ask for EU assistance to help its stricken banks. At least £50 billion is expected to be needed.
Clash: The Government has ruled out joining the banking union, although the European Commission is thought to be keen for it to cover all 27 EU members
With the single currency crisis threatening not only Greece and Spain but also Italy, the Brussels summit has been billed as the latest ‘last chance’ to save the euro.
Britain is urging the 17-nation eurozone to push ahead with full integration of its fiscal and banking policies in order to reassure investors that the single currency is here to stay and is backed by all of its members, especially Germany.
The Government has ruled out joining the banking union, although the European Commission is thought to be keen for it to cover all 27 EU members.
The International Monetary Fund last week urged the eurozone to move faster towards full financial integration.
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Lets pretend we are trying to fix the eurozone and see how long we can get away with it for.................As long as we cling to the superstition that we must look to government for money supply, instead of requiring it to look to us, just so long must we remain the subjects of government, and it is vain to follow this or that policy or party or ism in the hope of salvation. We can control government and our own destiny only through our money power and until we exert that power it is useless for us to debate the pros and cons of political programs. ~ E.C. Riegel The Surprise Weapon, Private Enterprise Money, 1944
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At least ANOTHER, £50billion FOR THE TIME BEING is expected to be needed.A DESPICABLE SCAM!.We know that bankers own governments!.This IS a dictatorship!.and yet 'THEY' have the cheek to call EU a 'democracy'.I know of NO ONE that voted for these self governing shysters!.
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