(MENAFN- Saudi Press Agency) Negotiations over next year's European Union budget have collapsed after a dispute between member states and the European Commission over a shortfall in the 2012 budget.
At issue was a $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, according to a report of the Associated Press.
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.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.