EU nears deal on budget cuts at marathon summit

EU leaders edged on Friday towards a compromise on the bloc’s budget for the rest of the decade at an all-night summit, Britain pushing big spending cuts while France fought for funds to slash record European unemployment.

Fifteen hours after the meeting began formally in Brussels, European Union president and summit chair Herman Van Rompuy put new figures to the leaders of the 27 member states that would mean a 908.4-billion-euro (HK$9.5 trillion) ceiling for actual payments, several EU sources said.

via Business feed http://www.scmp.com/business/economy/article/1146044/eu-nears-deal-budget-cuts-marathon-summit