David Cameron, the British prime minister, has channeled his inner Thatcher. He has dared to say “no.” By refusing to go along with German chancellor Angela Merkel and French president Nicolas Sarkozy’s latest rescue scheme for the euro, Cameron has raised profound questions about Britain’s relationship with the European Union. At the same time, the rest of the EU has provided no answer to the crisis engulfing the euro.
EU governments were meeting in Brussels in the latest of a series of summits designed to cobble together a definitive rescue passage for the struggling single currency. The several mountains of debt in the eurozone are increasing inexorably, and recession has taken the place of growth for the foreseeable future. If anything, austerity on the scale now being proposed may well make prospects of balanced budgets even more elusive.
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