Mr Caruana says a mass protest is needed

It said European leaders meeting in Barcelona had ignored residents' democratic rights by appearing to back a power-sharing deal.

And commenting on Spanish newspaper reports that �35m of EU development money is to be spent on the Rock as a "sweetener" Chief Minister Peter Caruana said the colony could not be bought "for any sum of money".

He said residents should show their rejection of any moves to strip the territory of its British status by taking part in a rally on Monday.

Rights 'ignored'

Mr Caruana spoke after EU leaders issued a joint statement praising "both governments' commitments to overcome their differences over Gibraltar and to conclude a comprehensive agreement before the summer".

The fact that all the European countries are coming together to back our efforts is helpful

Foreign Office

But Mr Caruana said: "The Gibraltar government deeply regrets the EU Council's failure to refer to the wishes of the people of Gibraltar".

He said a full agreement had not been expected as soon as the summer and the EU proposal ignored the democratic rights of Gibraltarians.

'Bounced' into deal

Foreign Secretary Jack Straw has said there is "no question" of Gibraltar being handed to Spain, or of its residents losing their British citizenship.

But the terms being considered by the two governments have not been made clear and Mr Straw has said maintaining the status quo is not a tolerable option.

The government has pledged a referendum on any deal, but many Gibraltarians fear that they are being "bounced" into accepting joint sovereignty.

London and Madrid have been in talks about the future of Gibraltar for a year, reviving the so-called Brussels process begun by Margaret Thatcher in 1984.