So the EU are in effect waving bye bye to the UK. We may still be a member of the European Union but in what capacity it is hard to say.
David Cameron found that all he could say was NO to the new treaty deal when his demands were not met. Cameron may have wanted relatively minor changes to the new treaty deal but it appears it was not up for discussion. Angela Merkel and NIcolas Sarkozy had come up with a new deal it was that way or the highway. The UK took the highway but what will happen now?
Most right minded people believe that the Eurozone is finished, one way or another. If it were to suddenly collapse it would have major economic implications around the world. However if a sensible break up plan could be formulated that would be a different matter. The dream of a unified Europe is over, as far as financial matters goes. Overnight the EU members showed their true colours.
UK PM David Cameron was in a no win situation as he joined EU leaders in Brussels. UK people did not want him to surrender the country's sovereign rights. His own party's Eurosceptics wanted him to veto a new EU treaty unless it carried assurances for the UK. The City of London, that is the financial sector, wanted protection too.
However plenty of UK politicians and others are now appalled,that Cameron used his veto. They believe that the UK has left itself high but far from dry. It is feared that the UK will be sidelined in the EU and end up out on a limb. There have also been questions raised as to the legality of the new deal. The German Franco alliance however will do what it wants when it wants.
Some countries on the continent have accused the UK of acting like a spoiled child. They have chosen to believe that France and Germany had unity at the heart of their plans. Perhaps that is true but it may not be. As those two countries prepared to railroad the rest of Europe, to foster their own ends, you have to wonder if the EU is the right place for the UK.
Labour leader Ed Miliband has blamed Cameron for not forging stronger alliances prior to today's summit. However as we all learn in the school yard some people will just not play with you. According to Sky News the current state of play is:
:: Who's out? The UK and Hungary.
:: And the others? The Czech Republic and Sweden have to put the issue to their national parliaments.
If today's reporting is anything to go by the UK is finished in Europe. Maybe then we should do the decent thing, pack our bags and leave. Surely that will be better in the long run than EU mind games and failures. The markets have responded in a yo-yo fashion but the day's trading is far from over yet. If a day is a long time in politics, an hour is in the EU.
The latest news is that Italian leader Mario Monti has said that the UK's demands were unacceptable. Of course as an unelected leader of an EU country he probably should be excluded from such meetings anyway. What a farce.