Monday, 3 September 2012

Farage: Herman van Rompuy wants to spend a trillion Euros of our money

Nigel Farage tweets "Herman van Rompuy wants to spend a trillion Euros of our money" and asks the question "Will the € still exist in November?". He refers to an article in The Economic Times which reads, amongst other things,

The EcNICOSIA: An extraordinary summit of EU leaders will be held on November 22-23 to try and settle a battle over an estimated trillion euros of the bloc's spending, EU President Herman Van Rompuy's spokesman said.
"President Van Rompuy has convened a summit on November 22-23 on the Mulit-annual Financial Framework," Dirk De Backer told.
The European Union expects to have an estimated 1.0 trillion euros ($1.25 trillion) to spend in a seven-year budgetary cycle from 2014 to 2020, but is locked in drawn-out negotiations over its spending plans and its funding mechanisms.
Arguments against ever-rising spending -- the annual budget is currently headed towards 140 billion euros -- have sharpened since the financial and debt crises first bit in 2008.
British Prime Minister David Cameron has led successive calls first for cuts and then a freeze on EU spending in real terms, and can be expected to be a vocal figure come the talks. 
For details on the 2013 EU budget, which is calling for more spending by the EU and no "fiscal austerity", go here.

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