MPs back eurozone plans: ‘better than nothing,’ says Labour

Parliament on Thursday evening gave its support to the plan to save the euro which was thrashed out by European leaders last week.


The PvdA (Labour party), which had been very critical of the agreement, said it would support the deal because it is ‘better than nothing’.
The party’s financial spokesman Ronald Plasterk described the agreement as ‘disappointing’ and ‘legally weak’ but said it was not a realistic option to send the prime minister back to Brussels to renegotiate.
The minority government needs Labour’s backing because its alliance partner – the anti-Islam PVV – is opposed to the rescue package.

Consquences

The main points of the agreement include a cap of 0.5% of GDP on countries’ annual structural deficits and ‘automatic consequences’ for countries whose public deficit exceeds 3% of GDP. These measures are also to be enshrined in member states’ constitutions.
Twenty-six of the 27 member states backed the deal but Britain opted out, saying it is not in the country’s interests.
Prime minister Mark Rutte said during Thursday evening’s debate he would do all he could to keep Britain on board in the European Union.

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