Cameron vows to veto any eurozone bailout

BERLIN, May 21 (UPI) -- British Prime Minister David Cameron says he won't allow Britain to be forced to help the financially threatened eurozone through a new European Union treaty.

Cameron said Friday Britain won't be "drawn further" into supporting the 16-country eurozone that uses the euro as its sole legal tender. He made the comments during his first visit as prime minister with German Chancellor Angela Merkel in Berlin, The Times of London reported.

Merkel had suggested a new treaty that would increase the European Union's authority over members' fiscal policies may be necessary to prevent a future eurozone crisis such as the current one brought on by Greece's debt.

"There is no question of agreeing to a treaty that transfers powers from Westminster (seat of Britain's government) to Brussels (where EU headquarters is located)," Cameron said during a news conference with Merkel. "Britain obviously is not in the euro and Britain is not going to be in the euro, and so Britain would not be agreeing to any agreement or treaty that drew us further into supporting the euro area."

Cameron said any new treaty, even one applying solely to the eurozone, would need unanimous agreement, effectively guaranteeing a veto by Britain, The Times reported.

Responding to Cameron's rebuff, Merkel said a new treaty was just one option.

"There are ideas from Germany where treaty changes would play a role, but we say very clearly that we're just starting this work," she said.