First of all I am fairly certain that, at half past two in the morning, all the leaders around the table were over-tired (most of them are no longer young) and when Cameron put his request on the table, he was probably less diplomatic than he meant to be, and sweeping his proposals away are probably already being regretted by the others who were all tired as well. But the French and the Germans could never admit to the English that they were wrong, which is why we now have an impasse.
I think Cameron also regrets it and would be willing to make amends. However, now a massive number of English people are hailing him as a hero, which although he rather likes, he still knows he has instructions to keep us in the EU and he is spelling this out, most forcibly, whenever he can.
However, the Financial Industry, which accounts for over 50% of his party's income will fade away very quickly if he allows the EU to regulate London's financial sector. Which they are already announcing to do.
According to City A.M.
"BRITAIN’S veto of a new European treaty to tighten fiscal oversight of states will not stop Europe regulating the City, Olli Rehn, the European Union’s [German] economic and monetary affairs commissioner, said yesterday."This will cause David Cameron a major headache. He will have only two options. One would be to sacrifice the City and do nothing, and at the same time losing, overnight, over 50% of his party's income.
His other option would be fight against it. But he will get nowhere with the EU on this as they really do hate the Anglo-Saxon as they call the English.
I am afraid that if he rolls over it will be the last time his party will ever be in Government again. Votes will turn against him. Initially these will be Tory voters. However, when the Exchequer loses the income representing 11.2% of total government tax receipts, and the Exchequer has to raise taxes until we squeak, then Labour will also start to turn against him even more than they are against him now.
What? I hear you say? They are against him anyway. No, only the diehards. Remember half of the country's floating voters probably voted for Labour last time and if they turn against the Tories it means the Tory Party will be in the wilderness for decades and decades to come.
Not a pleasant contemplation for the Tories I have to admit. But remember, this is Opinion, only the future will turn this into Facts or Fiction.