Dramatic last minute conference in Europe to sort out the financial mess. Leaders of all 27 countries are meeting to consider a deal worked out by Merkel of Germany and Sarkozy of France. This proposes - 1. All Eurozone countries pass laws to balance their budgets, 2. European Commission to have the power to impose penalties on those exceeding budget deficits, 3. Eurozone countries to have common corporate and financial transaction taxes and 4. Private investors to be protected in any future bailouts. Many leaders will resent what they will see as a blow to sovereignty but it is especially hard for David Cameron who will be judged on standards set by Margaret Thatcher who has been immortalised in Conservative Party folklore because she won 2.5 billion pounds in tax refunds for Britain by wearing out all other leaders by her sheer pigheaded refusal to listen to any other alternative. Already Labour Leader, Ed Milliband taunted Cameron in the House of Commons by saying that he instead of handbagging the EU Cameron has been left handwringing, to the jeers of Labour MPs. Cameron has promised to veto any deal that does not take British interests into account. Trouble is, if he scuppers the deal he will be blamed for the resulting financial disaster. Eurozone countries led by France and Germany may decide to form a separate bloc ignoring Britain and making it impossible for Britain to have any influence in the future. Any financial problem caused by Britain will affect the US economy and as a slave country Britain dare not annoy its master. If he agrees he will face Tory party wrath back home. Not easy to carry a handbag. You need balls.