Skipper

One of my Current Affairs class suggested class yesterday came up with an intriguing analysis of Cameron's veto. He reckoned it was to pre-empt a referendum, triggered by the treaty revision the draft Brussels treaty threatened. He did this to avoid a national vote which might have led UK out of the EU, an outcome Cameron devoutly wishes to avoid.

An interesting idea, likely to be dismissed by sceptics, but if the euro-rescue measures which caused all the fuss go down the tubes then this crisis will go on for months and the veto could well appear in retrospect to be a mere detail. Certainly the markets have not reacted positively to the plan- far from it. Greece still seems heading for an early bath from the euro and even France 's economic health has been challenged by the ratings agency S and P's suggestion that its triple A rating should be downgraded.