Thu, Nov 15, 2012 - Page 7 News List

EU budget in limbo as talks collapse

NORTH-SOUTH DIVIDE:Negotiations over next year’s budget broke down as the ‘have’ states championed austerity and the ‘have nots’ backed equal distribution


For next year, the European Commission and European Parliament were seeking a 6.8 percent increase — or 9 billion euros — to 138 billion euros to bolster growth and jobs in the slowing economy.

If there is no agreement on next year’s budget, the EU would base its spending for next year on this year’s program, rolled over on a monthly basis.

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