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EU in Fresh Trouble as Budget Summit Faces Collapse

Posted By Adan On November 19, 2012 @ 9:31 am In Economic Crisis,Tile | Comments Disabled

AFP
November 19, 2012

Photo By Jay Eldy (Own work), via Wikimedia Commons

The European Union looks set for fresh trouble this week as an extraordinary summit called to agree a long-term trillion-euro budget heads for an ugly showdown, possibly even failure.

Already weakened by three years of economic crisis, the 27-nation bloc of half a billion people faces new trauma at the two-day summit starting Thursday after weeks of talks that have exposed stark divisions between pro- and anti-austerity nations, as well as between the haves and have-nots.

“It’s a lose-lose summit,” said a senior EU diplomat. “Absolutely no one will leave this summit content if by chance we reach a solution.”

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