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EU Budget Summit Ends Without Deal, Retry in 2013

CNBC - Nov 23, 2012

European Union leaders failed to reach agreement on Friday on a new seven-year budget for their troubled bloc, calling off talks in less than two days after most countries balked at far deeper spending cuts demanded by Britain and its allies.

European Council President Herman Van Rompuy said they decided to end a special summit on the 2014-2020 EU budget, worth about 1 trillion euros, and would try again early next year rather than continue negotiating into the weekend.

"The bilateral talks yesterday and the constructive discussion within the European Council show a sufficient degree of potential convergence to make an agreement possible in the beginning of next year. We should be able to bridge existing divergences," Van Rompuy told a news conference.

"My feeling is that we can go further (in cuts) but it has to be balanced and well prepared, not in the mood of improvisation, because we are touching on jobs, we are touching upon sensitive issues," he said.

Read Full Article from CNBC

- Posted: 2012-11-23 15:38:14


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