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Monday
Jan302012

EU summit: UK and Czechs refuse to join fiscal compact

 

Twenty-five of the EU's 27 member states have agreed to join a fiscal treaty to enforce budget discipline.

The Czech Republic and the UK refused to sign up. The UK's position was already well known, while the Czechs cited "ratification reasons".

Czech President Vaclav Klaus, a Eurosceptic, may be reluctant to sign the treaty, called a "fiscal compact".

The goal is much closer co-ordination of budget policy across the EU to prevent excessive debts accumulating.

Germany - the eurozone's biggest lender and most powerful economy - was particularly keen to get a binding treaty adopted to enforce budget rules.

The treaty will empower the European Court of Justice to monitor compliance and impose fines on rule-breakers.

The Czech Republic is not yet in the euro, but like the other new EU member states it is committed to joining.

French President Nicolas Sarkozy told a news conference that the Czech prime minister had cited "constitutional reasons" for not acceding to the treaty.

"I'm not sufficiently familiar with the ins and outs of what's going on in Prague to understand why what was acceptable in December is no longer acceptable now, but it will be a treaty with 25 members because the Danish prime minister told us that his parliament has given him authority to ratify the treaty."

The EU summit also concentrated on reducing unemployment, which is averaging 10% across the eurozone, though youth unemployment is often much higher.

UK concerns

UK Prime Minister David Cameron said the fiscal treaty would impose "no obligations on the UK". But he added "we'll be watching like a hawk" to ensure that the treaty did not encroach on the EU single market.

Mr Cameron used his veto last month to opt out of the treaty, arguing that the UK needed to keep its authority over financial services in the City of London.

At a news conference after Monday's summit he said he still had "legal concerns over the use of EU institutions" to enforce the new treaty.

The eurozone crisis dominated the summit in Brussels, with debt-laden Greece still at risk of defaulting.

The EU has more than 23 million unemployed people and there are fears that wide-ranging budget cuts will harm enterprise and training.

Regarding www.skoptionstrading.com. We are off to a good start with our three positions showing profits of 62%, 26% and 2% on Wednesday, moving higher on Thursday to show profits of 67%, 30% and 6% respectively.

So on Friday we closed two of these trades, the first gave us a profit of 71.58% and the second gave us a profit of 33.97%.

Its nice to bag a couple of winners before January is out and hopefully 2012 will continue in a successful manner. We do have a number of ideas on the drawing board which we are looking to execute shortly, but only when the risk/reward environment is firmly in our favour.

Please be aware that discussions are taking place regarding an increase in the price for this service for new members, so if you are thinking about joining us, then do it sooner rather later in order to avoid this additional expense. This price increase will not affect the current subscribers whose subscription will remain unchanged.

Our performance stats have now been updated as follows:

Our model portfolio is up 446.55% since inception

An annualized return of 98.38%

Average return per trade of 36.68%

96 completed trades, 88 closed at a profit

A success rate of 91.67%

Average trade open for 50.48 days


Also many thanks to those of you who have already joined us and for the very kind words  that you sent us regarding the service so far, we hope that we can continue to put a smile on your faces.

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