Daily Archives: December 9, 2011

By Pilita Clark and Andrew England in Durban

He was young, he was from French-speaking Senegal, and his English was excellent. But at the end of yet another briefing in English at the UN climate talks this week, he made an urgent plea. “This subject is so technical it makes it very difficult for those who speak English as a second language,” he said. “So please could we have translators at the next briefing?”

Good luck, muttered a nearby native English speaker. “We can’t understand most of it either.” Read more

Tom Burgis

David Cameron arrives for the EU summit. Photo: Eric Feferberg/AFP

Welcome back to our live coverage of the eurozone crisis. By Tom Burgis and Kimiko de Freytas-Tamura on the  newsdesk in London, with contributions from FT correspondents around the world. All times are GMT.

A summit  in Brussels ended in deep division, with the UK refusing to back a new treaty for all 27 EU members and leaving the eurozone countries plus at least six others to forge ahead with a pact of their own to enshrine strict new rules on deficits and debt. It was meant to be the summit that would decisively chart a course out of the eurozone’s debt crisis. 

19.03 That’s the end of our live coverage today. We’ll leave you with a quick summary of the day’s developments. See FT.com for more news and analysis through the evening.

  • The European Union’s 27 leaders, minus David Cameron, struck a deal in the early hours to draw up a treaty by March that would bind them to strict new rules on debt and deficits, with automatic sanctions for countries that break them
  • The UK courted isolation as it refused to sign up to a treaty for all 27 members after David Cameron’s early-hours pitch for safeguards to protect UK financial services met a chilly reception from his counterparts
  • Markets were volatile before a tentative rally lifted equities in Europe and the US. The euro strengthened against the dollar but yields on Italian and Spanish bonds climbed once again
  • The IMF welcomed the European deal, which included €200bn for the fund to ensure it has enough cash to deal with any more fallout from the eurozone crisis, with Christine Lagarde, its head, saying she was “hopeful that others will also do their part”

 Read more