29th October 2012
Tuesday, June 18th, 2013
Cyprus calls for €50 billion cut to EU budget: report
Cyprus, which currently holds the presidency of the EU, has called for cuts amounting to €50 billion to the EU budget for the years 2014-2020.
These cuts would affect Poland directly, reported the Polish Press Agency, citing anonymous sources. This is because Cyprus reportedly wants to lower the available funding to 2.35 percent of an EU member state's GDP, from the 2.5 percent proposed by the European Commission.
The EU budget proposal put forward by the EC in 2011 assumes spending for the next seven years at more than €1 trillion. According to the EC Poland would be the largest beneficiary of this plan, as it would receive €75 billion.
Later on Monday, Cyprus is due to announce its proposals for the EU budget for 2014-2020, to form the basis for further talks.
From Warsaw Business Journal by Izabela Depczyk
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