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Monday, 05 November 2012

Cyprus' EU budget deal rejected by Commission and Parliament

On 30 October, the European Commission rejected the first proposals containing concrete figures for the EU's 2014-2020 budget presented hours earlier by the Cypriot presidency. The Parliament slammed the proposal for slashing spending on growth and jobs, while Sweden said much bigger cuts were needed.
Cyprus tabled a 46-page paper, called the ‘revised negotiating box’, which follows two previous versions issued by the Danish and the Cypriot presidencies. But this for the first time contains some concrete figures on spending for the 2014-2020 period. The document proposes €50 billion in savings across all budget headings, or categories.
A Cypriot presidency source said that “some member states” insist on a €200-billion cut from the €1 trillion proposed by the Commission - a position advocated by British Prime Minister David Cameron. Other countries, led by Germany, insist on a budget that amounts to 1% of the members’ GDP, which would require a cut of €130 billion from the Commission’s proposal.

Source: EurActiv