Investors show little faith in fiscal deal

THE European summit deal to strengthen budget discipline in the eurozone failed to restore financial market confidence yesterday.

Meanwhile, British Prime Minister David Cameron said it is vital to Britain’s national interest to remain a member of the EU despite its decision to veto a new treaty.

The euro fell, stocks slid and borrowing costs for Italy and Spain rose as investors weighed the outcome of last week’s summit that split the EU, with Britain blocking treaty change and forcing eurozone countries to negotiate a fiscal accord outside the Union.