Standard and Poor issued a statement reasoning, "In our opinion, renewed market tensions in the euro zone's periphery, particularly in Italy, and dimming growth prospects have led to further deterioration in the operating environment for Italian banks."
The UK coalition government was left with little choice after a petition raised more than 100,000 signatures. The petition demands a referendum on the UK membership of the EU.
On October 27, 2011 MPs will vote on whether or not a referendum should be held. It seems that politicians need to have a vote in order to decide whether we mere mortals should be allowed a vote. What a waste of money, especially in the current ecomnomic climate.
If a referendum is agreed to it will be hled in May 2013 which could be helpful for the government, or maybe not. It will depend what happens between now and then, and when the next election will be held. The motion will offer the voting public a choice of three options. The nationwide vote would offer keeping the status quo, leaving the EU or reforming the terms of the UK's membership of the European Union.
The crux of the matter is that the Prime Minster will not legally have to abide by the vote. However if David Cameron or a future PM was to ignore the will of the people, especially if it carries a huge majority, he could be in untenable position.
Cameron was hoping such a vote would not happen. However his own Tory backbenchers have pushed for change. The motion they have lobbied states, "This House calls upon the Government to introduce a bill in the next session of Parliament to provide for the holding of a national referendum on whether the United Kingdom should remain a member of the European Union, leave the European Union, or renegotiate the terms of its membership in order to create a new relationship based on trade and cooperation."
Opinion: The very first time this writer voted in a UK election was in 1970. At that time she voted for a "No to Europe" politician. An independent politician. At that time the UK was not a member of the EU. 41 years later, much as she is not a big fan of Europe, she fails to see how we can survive outside of the EU. That is unless the EU collapses altogether, and no right minded person wants that to happen.
Therefore in a referendum she would be backing reforming the terms of the UK's membership of the European Union rather than making for the exit door. Currently it seems the only sensible solution. Whether or not it still will in 2013 remains to be seen.