France to veto the EU treaty?

Oh dear!

Sarkozy's plan to bully Cameron into vetoing the EU treaty so that he had somebody to blame for the fact that the treaty won't actually fix the Euro seems to have hit a little snag.

The next President of France, Francois Hollande, has just announced that he would renegotiate the treaty agreed just last week.

Hollande says that he feels that the contract negotiations between France and the Euro countries should not stand, and if (when) he wins the Presidential election next year he will renegotiate the treaty.

Hollande is demanding the introduction of Euro Bonds, direct intervention by the ECB and a much bigger emergency bailout fund. It is good to hear that the future President understands the issues at hand, even if the current President is a clueless German poodle.

Sadly the French presidential elections will not be held until April-May 2012. With France about to be downgraded by the ratings agencies and the markets getting ready to demolish the Euro his election will come too late to save the global economy.

Now we know that:

a) David Cameron will not support a treaty if our national interest is not protected.

b) Nick Clegg and the LibDems agreed the negotiating position that led to David Cameron vetoing the treaty if our national interest was not protected, even if they are not happy about the outcome.

c) Even France is not behind the treaty because it is not in their national interest either.

What we do not know is whether or not Ed Miliband would have signed us up to a treaty that was not in our national interest and which would not fix the Eurozone problems.