Blogs and advice from Industry leading Specialists
Valuable Opinions, Comments & Gossip
Financial related News & Articles relating to Spain
Latest News, Stories
& Hot Topics
Various Tools & Widgets to help with your financial needs
Tools & Widgets to
help with finances
Polls, Surveys and Opinions featured throughout Tumbit
Featured Polls, Surveys & Stats
Discussions, Advice & Topical Chat
Discussions, Advice & Topical Chat

Rajoy says EU budget proposal unacceptable

Source: Reuters - Sun 18th Nov 2012
Rajoy says EU budget proposal unacceptable

PM Mariano Rajoy said on Saturday that a draft European budget was unacceptable. The proposed 7-year budget would turn Spain into a net contributor to the EU for the first time by cutting aid and subsidies.

EU chief Herman Van Rompuy proposed a compromise draft EU budget on Wednesday, aiming to go part way to meeting spending cut demands from Britain, Germany, Sweden and the Netherlands.

Van Rompuy's draft would cut 80 billion out of the roughly 1 trillion euro budget for 2014-2020 proposed by European Commission President Jose Manuel Durao Barroso.

France on Thursday rejected the proposal saying the limits it proposes on farm subsidies were unacceptable.

"The first draft presented by Mr. Barroso seemed to us a good document to start talks. The one that Mr. Van Rompuy presented later is unacceptable," Rajoy said in the southern Spanish city of Cadiz, where he was at a summit of Latin American and Iberian leaders.

Spain fears losing some 20 billion of fishery, agricultural and development funds in the 2014-2020 budget, if it is cut as much as Van Rompuy proposes, El Pais newspaper reported on Saturday.

Britain has threatened to veto the budget because cuts do not go far enough and EU officials are looking at ways to manoeuvre around a potential veto.

"There's a contradiction when some countries that say they want to make growth a priority will not support the main instrument that we have at the European level, to invest in growth," Barroso said in Cadiz at the summit on Saturday, refering to the British threat to veto the budget.

Comment on this Story

How can a country like France - who take 50% of all available EU funding - be allowed to push the other EU countries around ? What gives them the right to expect this handout and then demand how the EU conducts their fiscal policies ? Spain is a minor issue by comparison !
Tyler - Sun, 18th Nov 2012

Related Partners

Recommended Items

Related Articles

Related Blogs