Last Updated 08 | 02 | 2013 at 11:00


EU spending fixed at €960 billion

Article By: news

The EU Leaders have agreed to fix EU spending at €960 billion between 2014 and 2020 during the budget summit in Brussels, reports read.

Leaders are still negotiating the finer details and are expected to sign the final agreement later today. The extra €200 million offered to Malta in November 2012 is not guaranteed, Prime Minister Lawrence Gonzi explained whilst attending the summit.

Dr Gonzi argued that he wants more than the €680 million, however adding that Malta must prepare for the worst. Reports have read that Malta will try and keep what has already been negotiated, however this will not be an easy task. Malta was eligible for €480 million, however managed to increase it to €680 million in a Summit last November.

Talks between the 27 EU member states have been ongoing since the the November 2012 summit. EU Leaders attending the EU Council meeting in Brussels are currently split between two camps, one of which is arguing for further cuts in the EU budget. Former European business editor of The Guardian David Gow, said that: “Hollande wants €960bn ceiling but Merkel €940-945bn as deadlock sets in. Monti threatens to veto and it looks like there’s going to be a long night ahead”.

The Summit is set to end tomorrow and Prime Minister Gonzi will land in Malta tomorrow evening.

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