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Swedish vote a serious blow to the euro: British press



The Swedish vote against the single European currency came as a blow to the euro and to an eventual referendum in Britain on its adoption, the British press said Monday.

"Sweden deals serious blow to the euro" headlined the centre-left The Independent, as the final results gave 56.1 percent "no" against 41.8 percent "yes".

"The result is bad news for Britain's beleaguered supporters of (euro) membership and illustrates to (Prime Minister) Tony Blair how difficult it is to win a referendum," The Independent said.

"It also delays the prospect of another referendum on the single currency in Denmark, which voted against membership three years ago."

The pro-euro Financial Times went further: "The decision to keep the krona effectively banishes any prospect of Tony Blair holding a euro referendum in the UK before the next general election" expected by 2006.

The left-wing pro-euro Guardian said: "The result will make Britain a little less isolated outside Eurozone, which currently counts 12 members out of the 15 strong EU. It will also deliver yet another blow to the prospects of a British referendum on euro entry within the foreseeable future."

The centre-right The Times said the result "will send a powerful signal to Britain, underlining the political risks of a referendum on the single European currency."

The euro-sceptic daily pointed out that, as in Sweden, "apart from a sprinkling of passionate Europhiles, support for the euro on the Left in Britain is shallow and by no means universal."

According to the right-wing, euro-sceptic Daily Telegraph, "The stunning upset reduced the likelihood that Britain and Denmark will opt for a euro referendum in the foreseeable future.

"It greatly increases the chances that the trio will create a semi-permanent currency bloc outside EMU (Economic and Monetary Union). These are three of the EU's richest and most dynamic economies."

The Telegraph went on: "Deep down, even the most fanatical supporters of the euro must now recognise that it isn't going to happen. Their two main contentions -- that the euro is inevitable, and that Britain is too small to go it alone -- have been blown away by Sweden's 'nej'."

It concluded: "Instead of always wanting to be at the heart of Europe, never quite making it, sulky and resented, Britain could become the leader of an alternative grouping of nonfederalist, peripheral states."

15 September 2003, 04:32 CET
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