Bulging EU budget brokered
The European Union has settled on a massive figure in its 27-country budget, which lasts from now until 2020.
The multi-national bloc will spend a total $1.3 trillion over the next seven years.
Following months of political and economic bickering and stand-offs, European Commission President Jose Manuel Barroso has welcomed the completed plan. He says the whopping total is a “growth fund”, to be spent on infrastructure, agriculture, investment and tackling soaring unemployment rates in some member states, in particular among young people.
Negotiations between nations became heated on some occasions, with some Union members wanting increased spending levels while others like the UK wanted a more frugal budget.
The deal is now pending approval from the European Parliament. A summit of EU leaders in the coming weeks will begin spending some of the money on a plan to get more European youths into gainful employment. Currently one in four people under 25 is unemployed across the Union, including up to half of those in Greece and Spain, leading to massive and sometimes violent civil unrest.