FXStreet (Bali) – The UK and the European Union seem to have reached an agreement in only one of the four areas where Prime Minister David Cameron wants to see reform, according to an unnamed source familiar with the negotiations.
According to Reuters, UK PM Cameron said on twitter that European Council President Donald Tusk has agreed to another 24 hours of talks on EU renegotiation before publishing a draft text. Meanwhile, Tusk said there has been “no deal yet” on Britain’s EU renegotiation.
As the Financial Times notes: “David Cameron’s hopes of securing an EU deal for Britain at a summit this month were rising on Sunday night, in spite of warnings that Paris would block any attempt to secure a backdoor veto for the City of London over new financial rules.”
The FT adds that further discussions have been scheduled for the next 24 hours before a draft is presented on Tuesday, with some sticking points still to be resolved, such as , as FT notes, “French concerns over Britain’s proposed safeguards for non-eurozone countries in the single market, including protection for the City of London.”
(Market News Provided by FXstreet)