Home / Business / World Business /
EU chiefs fail to set budget
By Bloomberg News
This article was published November 23, 2012 at 10:07 a.m.
BRUSSELS — European Union leaders failed to agree on the bloc’s next seven-year budget, forcing them to hold another summit next year to seal the deal.
The conflicts at the EU chiefs’ two-day meeting in Brussels that ended Friday offered a 27-nation re-enactment of the rancor that has marked the debt crisis in the 17-nation euro region.
France defended farm subsidies, Britain clung to a rebate and Denmark demanded its own cash-back guarantee.
Eastern and southern countries said reduced financing for public-works projects would condemn them to lag behind the wealthier north.
The summit failure is “bad news for Europe,” European Commissioner for Home Affairs Cecilia Malmstroem said in a post on Twitter.
Read tomorrow's Arkansas Democrat-Gazette for full details.
Comments on: EU chiefs fail to set budget
To report abuse or misuse of this area please hit the "Suggest Removal" link in the comment to alert our online managers. Read our Terms of Use policy.
You must login to make comments.