- uploaded: Dec 12, 2011
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Time is running out for Eurozone leaders to save the single currency, as they prepare for eleventh-hour talks in Brussels. Germany and France are pushing to change EU treaties, to create a fiscal union and introduce tougher budget rules.However, the European Council President believes they can achieve the same goals without altering existing treaties, which would need a lengthy ratification process. The British Prime Minister warned he wouldn't agree to anything which damaged the UK's role in the European market. Meanwhile, credit ratings giant Standard and Poor's has added to the sense of urgency, as it threatens to downgrade 15 Eurozone countries as well as their bailout fund. Investigative journalist Tony Gosling says countries need to return to their own currencies if they're to escape being ruled by Brussels.