Story is going live across the media that the UK and Hungary have rejected the proposed EU treaty and that the Czech Republic and Sweden must seek governmental approval from their respective parliaments.

The British would not acquiesce to the desires of the French and Germans to implement strict financial regulations across the Eurozone, David Cameron the UK prime minister refused to accept that Britain would benefit from the proposed agreement and refused to be a part of it.

David Cameron has blocked an EU deal for a crucial treaty change and now faces virtual isolation as the others forge ahead without the UK. Officials at the summit in Brussels said efforts to alter the treaty governing all 27 countries had been abandoned.
French President Nicolas Sarkozy said in a news conference that the 17-member eurozone would press on with a separate treaty - likely to be joined by eight of the 10 remaining non-eurozone states. He said the new treaty should be written by March 2012.
Only the UK and likely Sweden would stay outside the deal, officials suggested, with the British Prime Minister accused of scuppering a full accord and holding out for concessions to take back to his eurosceptics.
The heads of government and state have gathered in Brussels in an attempt to thrash out a rescue plan. Hours earlier it was reported that they had agreed on some new principles - and details of the draft under discussion were revealed. Under the new plans, eurozone countries would have new rules to govern their deficits and be punished if they breach them.
According to a leaked draft, European leaders were said to have reached agreement on a "fiscal compact" for the eurozone, drawn up to save the embattled currency. David Cameron had insisted on his arrival at the summit that he was prepared to use his veto if necessary to protect British interests. All the EU's 27 heads of government and state are at the summit billed as the last chance to save the eurozone. Europe's leaders were hoping to agree new plans to improve financial discipline among the 17 countries which use the single currency. This is seen as essential to lower borrowing costs for countries like Italy and Greece, which are struggling to fund themselves.

Attempts to get all 27 EU states to back changes to the bloc's treaties to tackle the eurozone crisis have failed.

Speaking after long talks in Brussels, French President Nicolas Sarkozy said the 17 eurozone states and others would work on a separate pact instead.

France and Germany are pushing for tough new budgetary rules to be enshrined in the accord.

But UK Prime Minister David Cameron said an EU-wide deal "isn't in Britain's interests".

A decision to press ahead without changing EU treaties does have benefits for the eurozone bloc, because it is likely to be less time-consuming, the BBC's Andrew Walker in Brussels says.

During the talks, eurozone leaders agreed on tough new budgetary rules, which envisage automatic penalties.

They also said a ceiling on the size of the eurozone's bailout would be capped at 500bn euros (£427bn; $666bn).

Discussions on fine-tuning of these and other key issues are expected to resume shortly.

Originally posted by bekod
this just in from BBC www.bbc.co.uk...

Attempts to get all 27 EU states to back changes to the bloc's treaties to tackle the eurozone crisis have failed.

Speaking after long talks in Brussels, French President Nicolas Sarkozy said the 17 eurozone states and others would work on a separate pact instead.

France and Germany are pushing for tough new budgetary rules to be enshrined in the accord.

But UK Prime Minister David Cameron said an EU-wide deal "isn't in Britain's interests".

A decision to press ahead without changing EU treaties does have benefits for the eurozone bloc, because it is likely to be less time-consuming, the BBC's Andrew Walker in Brussels says.

so the big fall has began say good by EU and to EURO wonder what will happen to all them country's that got IMF help backed by Euro's ? The next big question is will China step in and say "need loan.. sign doted line... here" The US could not do it unless they get IMF funding

Originally posted by bekod
reply to post by cerebralassassins

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WW1 started with the death of head of state , ww3 might start with a death of a fund? Na were in WW3 USA is a Battlefield now don't you know?