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Step back from what even EU officials were calling "arcane" details, though, and the big principle is this: the prime minister effectively stuck relations with the rest of Europe in the deep freeze in order to protect one sector of the economy.
I don't think this is fair. No doubt this was a motivating factor. But I think you can make strong arguments for Cameron's decision without considering protection of the banking industry. Already it's becoming apparent that the proposed treaty might not go far enough to satisfy what is needed to keep the Euro afloat. This treaty is very likely Step 1 in a series of steps, each of which Britain will probably like less and less. Also, Britain has a shit ton of debt. They really don't need the rest of Europe judging what should be done about that.