Stalemate at EU budget summit, new meeting in Feb

Members disagree on 2014-2020 spending

Stalemate at EU budget summit, new meeting in Feb

Rome, November 23 - The new draft budget presented by EU President Herman van Rompuy was ''insufficient'' to allow the 27 member states to reach an agreement, Luxembourg Premier and President of the Eurogroup of eurozone finance ministers Jean-Claude Juncker said on Friday. It is now ''likely that there will be a new budget summit in January or February'', he added. EU leaders met in Brussels on Thursday and Friday to try to agree the EU budget for 2014-2020 but political differences soon emerged with France and Italy protesting over proposed cuts in agriculture and cohesion funds and Britain threatening to veto spending rises. The proposal put forward by Van Rompuy foresees an additional 11 billion euros for cohesion policies (in favour of the more disadvantaged regions) and an additional 7.7 billion euros for agriculture. The total balance would remain unchanged.

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