New Treaty To Save Euro Splits European Union

BRUSSELS (AP)-A debt crisis summit has been unsuccessful convincing all 27 European Union members to join a treaty that surrenders some of their sovereignty.

Leaders of 23 European countries trying to save the euro currency and end the debt crisis have agreed to join but the split rattles the foundations of a union created to foster peace and
prosperity across Europe.

Following marathon all-night talks, the 23 decided to back a new treaty with strict oversight over national budgets, as they try to convince markets that the euro has a future in the wake of a
crippling debt crisis.

Britain, which doesn't use the euro, led the push against the treaty, arguing that it would threaten its national sovereignty and London's financial services industry.

The immediate market response was lukewarm, with stock markets in Asia and Europe down sharply.