EU Budget Talks Collapse

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EU Budget Talks Collapse

EU Budget Talks Collapse(Brussels) – The first round in two weeks of tough talks on the European Union budget collapsed after austerity-minded states refused to plug a 2012 budget shortfall in funds destined for Europe’s needy. It was hoped that the talks will lead to approval of budget for 2013 but instead snagged straight off on an 8.9-billion-euro ($11.3-billion) hole in this year’s spending, according to figures provided by the European Commission.
Approval for the massive EU budget must be agreed between the 27 member states and the European Parliament, but MEP Alain Lamassoure, who heads the assembly’s budget committee, said: “The council (of ministers) were unable to negotiate so the negotiations were suspended. The collapse of the 2013 budget talks, which leaders will have a last-chance opportunity to resume on 12th November, augurs badly for a November 22-23 summit called to settle the bloc’s even more hotly disputed 2014-2020 spending plans.