• Sun
  • Dec 28, 2014
  • Updated: 4:43pm

Budget summit

EU budget summit ends with no agreement

European Council President Herman Van Rompuy

European Council President Herman Van Rompuy said Friday that a European Union budget deal was within reach for early next year after a two-day summit collapsed without agreement.

Saturday, 24 November, 2012, 1:17am

European Union budget talks in deadlock as Britain threatens veto

German Chancellor Dr Angela Merkel and EU President Herman Van Rompuy (right) at a crucial meeting in Brussels. Photo: AFP

Talks on the European Union's trillion-euro budget ended in deadlock yesterday as leaders of the bloc's 27 member states failed to overcome seemingly irreconcilable differences on how to reduce spending.

"There is no agreement," said one official at the summit.

24 Nov 2012 - 4:48am

Crisis-hit Spain pays price of joining EU rich club

Protestors shout slogans during a demonstration against government-imposed austerity measures and labour reforms in the public health care sector in Madrid. Photo: AP

Blighted by recession and tottering on the edge of a sovereign bailout, Spain is about to pay the price of joining the club of richest nations in the European Union.

For the first time, Madrid may have to pay more into the bloc than it receives, a dramatic change from 10 years ago when it was the biggest recipient.

It is an unfortunate paradox at a time of deep crisis.

21 Nov 2012 - 11:11am