Labour's Darling to speak for Britain at EU talks Sunday

8th May 2010, Comments 0 comments

Labour Chancellor Alistair Darling will speak for Britain when EU finance ministers meet on Sunday to hammer out a new crisis fund for troubled euro nations, British officials said Saturday.

Darling will attend the talks as power-sharing negotiations unfold in London between the Conservatives and Liberal Democrats in the aftermath of Thursday's general election in Britain, in which Labour placed second.

Amid predatory threats to banks and wider economic recovery, EU officials scrambled on Saturday to fix the size and scope of a fund designed to protect the eurozone, of which Britain is not a member.

Eurozone leaders want to ram through wide-ranging proposals, which could involve a fighting fund raised on bond markets in the EU's name as well as European Central Bank commitments to buy potentially toxic euro governmental debt, before Asian markets open on Sunday evening.

They also want to impose new curbs on speculators blamed for sustained and deliberate attacks on Greece, Portugal and Spain. Britain will be under pressure to drop an effective opt-out on such regulation.

© 2010 AFP

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