EU leaders break deadlock in budget talks

8 February 2013

Leaders from across the European Union (EU) are on the verge of striking a deal for a new long-term budget, it has emerged this morning (8 February).

Officials from the 27 member states of the economic bloc have been locked in negotiations overnight in Brussels and it it seems that an agreement is close as a compromise appears to have been reached over the demands of different countries.

Following these discussions, some €960 billion ($1.2 trillion) will be set aside to be spent on a combination of scientific research, aid and agriculture over the course of the next few years.

No deal had been finalized previously because northern states such as the Netherlands were refusing to budge from their stance that funding should be restricted as the region's debt crisis rumbles on, while southern and eastern nations were insistent that a larger budget was needed.

However, an EU official told reporters: "We feel pretty confident that we have the framework for a deal. The deal is not completely finalised, but we feel sure it will be done today."

By Asim Shah

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