EU annual budget talks collapse, in worrying sign

11:28 AM, Nov 10, 2012   |    comments
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At issue was a (EURO)8.9 billion ($11.3 billion) shortfall for 2012, according to the European Commission, which asked the states to cover the sum. Several states imposing spending cuts at home questioned the amount.

In a statement on his website, the European Parliament lead negotiator Alain Lamassoure said the commission must submit a new proposal before talks, which face a Tuesday deadline, could continue.

The only agreement Friday was for (EURO)670 million in aid to Italian earthquake victims - but not how to fund it.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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