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MENAFN - Saudi Press Agency - 10/02/2013

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(MENAFN - Saudi Press Agency) European Union leaders for the first time in the bloc's history agreed to a cut in spending as they thrashed out a seven-year budget Friday in marathon talks in Brussels, Belgium.

The deal, which covers the period from 2014 to 2020, will limit actual EU spending to 908 billion (1.2 trillion), with a spending ceiling of 959 billion euros.

The European Commission, the executive arm of the EU, had initially proposed a 5% increase to its budget for the seven-year period, to about trillion (1.4 trillion).

European Council President Herman Van Rompuy hailed the deal reached Friday -- after talks he said were the longest of his presidency -- as balanced and oriented toward future competitiveness and growth, according to a report of CNN.

'It was no easy task,' he said, 'but it was worth working for.'
The Multiannual Financial Framework, as the seven-year budget is known, must still be approved by the European Parliament.

 






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