EU Budget Summit Fails in Echo of Debt-Crisis Stalemate

James G. Neuger and Svenja O’Donnell
Bloomberg
November 24, 2012

European Union leaders failed to agree on the 27 nation bloc’s next seven-year budget, replaying the clash between rich and poor countries that has stymied the response to the euro debt crisis.

National chiefs plan another summit early next year, when northern countries including Britain and Germany may have the upper hand in seeking to cut subsidies to lesser-developed southern and eastern economies clamoring for EU investment.

“Anything short of admitting that our talks have been extraordinarily complex and difficult would not reflect reality,” Jose Barroso, head of the European Commission, which manages the subsidy programs, told reporters after a two-day meeting in Brussels.

Read full article

This article was posted: Saturday, November 24, 2012 at 11:19 am

Tags: economics, financial, foreign affairs, government corruption

---

---

---

---