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Rumor Mill News Reading Room, Current Archive

Ha Ha - EU Summit Collapses as Members Fail to Fill $81 Billion ‘Brexit-Size Hole’

Posted By: RumorMail
Date: Saturday, 9-Jan-2021 07:27:42
www.rumormill.news/141237

Good luck with that. You've already bankrupted most EU countries with unlimited (illegal) invaders and supporting them.

The problem with using other people’s money is:
1. you space runs out of “other people”
2. “other people” run out of your space

Maybe if they didn’t import so many moochers, they wouldn’t need more looters. Maybe they should contact Bernie, he can give them ideas on how to grow money on trees and pull it out of thin air??

*********************************

by Vijeta Uniya Sunday, February 23

A summit of top European Union leaders failed on Friday after German Chancellor Angela Merkel and other heads of government left the conference without an agreement on how to fill the hole created in the bloc’s budget by Britain’s exit. The leaders of 27 EU member states had gathered in Brussels to finalize the trillion-dollar-budget for the next seven years.

“Unfortunately we have observed that it is not possible to reach an agreement,” said Charles Michel, chief of the European Council, EU’s executive arm. “European budget is a very difficult topic and very difficult negotiation especially after Brexit and the gap it has left, between €60 and €75 billion,” he added.

The United Kingdom was one of the largest net contributors to the EU besides Germany and France. With the UK leaving the bloc on February 1, Brussels is struggling to fill the $81 billion (€75 billion) deficit in its post-Brexit budget.

Germany, France, and other wealthy European nations are expected to foot the bill for an ever expanding EU budget. “Germany, the Netherlands, Denmark, Sweden, and Austria would be financing 75% of all net payments to the EU,” Forbes magazine reported. Berlin might have to pay an additional $14 billion, taking its contribution to the 2012-27 budget to over €42 billion, German newspaper Rheinische Post disclosed recently.

Germany’s Deutsche Welle reported the details of the failed summit:

European Union leaders failed to agree on its new 7-year budget on Friday. A a result, a new summit will have to occur in the coming weeks.

The 27 leaders of all member states had spent two days in a standoff over the 2021-27 allowance, with a significant gap between countries that are net recipients of funds and the wealthier member states who are keen to rein in spending.

German Chancellor Angela Merkel said the difference between the member states was too big to compromise on while the EU Council President Charles Michel said: “We need more time.”

The new budget has a Brexit-sized hole to fill and some member states were unwilling to pay more for the bloc’s next spending proposals, worth around €1 trillion ($1.1 trillion).

Council President Michel added: “Unfortunately today, we have observed it was not not possible to reach an agreement.”

It was not clear exactly when a new round of talks would take place.

The so-called “Frugal Four” of Austria, Denmark, the Netherlands and Sweden, as well as a few other nations, believe the EU’s 2021-2027 budget, which is intended to finance ambitious climate change and digital economy policies, should amount to 1% of the bloc’s gross national income.

The EU wants billions of euros for its ambitious ‘Green Deal’ program to fight climate change. “The new European Commission wants to do more for climate and environmental protection with a ‘Green Deal’,” German Deutsche Welle reported in separate article.

In its 2021-27 budget, Brussels also needs money for ‘joint defense’ — a long-held EU dream of creating its own centralized army. The budget draft reportedly calls for €7 billion for the European Defense Fund. It is interesting to note EU’s growing military ambitions coincide with many of the EU member countries, including Germany and France, defaulting on their NATO-agreed 2 percent of GDP on defense.


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AN EXPLANATION OF THE FACTIONS