Posted on 11/19/2011 7:20:40 PM PST by goldstategop
However there are concerns that, while the 2012 budget has been limited, the EU's spending commitments have not been cut accordingly.
The 2% increase for 2012 will take the budget up to 129bn euros (£110bn).
But member state governments gave in to the European Parliament's demands to allow EU spending commitments to rise to 147bn euros.
EU Budget Commissioner Janusz Lewandowski said this could lead to a hole in the accounts.
"There is now a serious risk that the European Commission will run out of funds in the course of next year, and will therefore not be able to honour all its financial obligations towards beneficiaries of EU funds," he said.
(Excerpt) Read more at bbc.co.uk ...
Like our government, its boom times in the DC area.
These people just cannot help themselves.When the whole thing comes crashing down,I expect to see them hanging from the lamp posts.
No, it will be the banks fault for not buying their debt
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