EU budget summit breaks up without agreement

EU budget summit breaks up without agreement

PanARMENIAN.Net - The Brussels summit on the EU budget has ended without agreement, BBC News reported.

EU leaders are taking a short break before returning to draft a statement on when to meet and what to do next. News conferences are expected later on Friday, November 23 sources at the summit say.

Hours of talks on the 2014-2020 budget failed to bridge big gaps between the richer countries and those whose economies rely most on EU funding.

The UK said current EU spending levels must be frozen.

The EU's government grouping, the European Council, believes it may still reach a deal early in the new year, the BBC's Chris Morris reports from Brussels.

But it is hard to see how that may happen because the divisions are very clear and have become even more stark at a time of economic crisis, our Europe correspondent says.

Summit chairman Herman Van Rompuy had reshuffled the allocations in his original proposed budget during the summit, but he kept in place a spending ceiling of 973bn euros (£783bn; $1.2tn).

With the eurozone's dominant states, Germany and France, unable to agree on the budget, UK Prime Minister David Cameron warned against "unaffordable spending".

 Top stories
Azerbaijan’s aggression against Nagorno Karabakh failed to strike a blow to Armenia’s economy, the Minister of Economy said.
Total underground mineral resources comprised 4.3 million tons of ore, averaging 4.2 grams per ton for 0.6 mln ounces of gold equivalent.
For those with a monthly consumption of 10 thousand cubic meters or more, the current price of $276.98 would be reduced to $257.56.
Azerbaijan is highly dependent on oil revenues and its preliminary 2016 budget indicates reductions in military spending, the report says.
Partner news