Loading...
See More

Spain rejects proposed budget cut

Nov 18 2012 14:28 Sapa-AFP

Related Articles

Zim gets cover against political violence

Spain sinks deeper into recession

Troubles grow in Spain banking rescue

Telefonica sells call centre arm for €1bn

S&P downgrades Spain two notches

Eurozone to launch bailout fund

 
Cadiz, Spain - Spanish Prime Minister Mariano Rajoy on Saturday rejected as "unacceptable" a proposal from EU President Herman Van Rompuy to cut the bloc's 2014-2020 budget by €75bn.

"The government does not like this budget and we have made that known to the (European) institutions and we hope that there will be another proposal that will be more reasonable," Rajoy said.

Rajoy said Spain objected to Van Rompuy's proposed spending cuts to agriculture funding, money for Spain's regions and the EU's development budget, known as the Cohesion Fund.

Spain stands to lose almost €20bn in funds from Brussels in the next budget, with a 30% cut in funding for its regional governments and a 17% cut in its agriculture funding, according to an EU source.

Van Rompuy on Wednesday proposed hefty budget cuts including €29.5bn from Cohesion Fund payments and €25.5bn from agriculture spending -- proposals already rejected by several countries, including France, Poland and Romania.
mariano rajoy  |  herman van rompuy  |  spain

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

The Fast and Furious R40 million

With the Fast and the Furious 7 hitting South African cinema’s this April, all eyes are on the cars and we’re in for a treat!

 
 

Luxury living

This is the most expensive burger in the world!
Exclusive food items that WILL break the bank
Top 10 most expensive homes in the world
You can permanently live on a ship and sail the world!

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

How will you manage Vodacom’s price hike for contracts?

Previous results · Suggest a vote

Loading...