E.U Budget Payments (Graft) Get Extension Because Countries Don’t Have The Cash…….Shocker

Posted: November 9, 2014 in Econ 101, Free Trade

SOURCE: http://www.turkishweekly.net/news/175179/9-countries-get-deadline-extension-by-sept-2015-for-extrabpayments-to-eu-budget.html

9 countries get deadline extension by Sept 2015 for extrabpayments to EU budget

8 November 2014

The nine EU countries which were supposed to make extra contributions to the EU budget by December 1, 2014, were granted a postponement by September 1, 2015 on Friday.

Friday’s decision of the finance and economy ministers of the 28 EU Member States stipulated an opportunity for making the payments in installments.

Bulgaria’s additional contribution to the EU budget amounts to EUR 7 M, according to reports of the Bulgarian National Radio.

Speaking after a meeting of the Economic and Financial Affairs Council, EU Budget Commissioner Kristalina Georgieva informed that the UK would have to make an extra payment of around EUR 1 B.

The European Commission initially demanded that UK pay an additional EU budget bill of EUR 2.1 B by December 1, 2014 but the country managed to negotiate an extension of the deadline by September 2015.

British Finance Minister George Osborne confirmed that the country’s EU budget bill had been halved, adding that the UK would pay it in two installments in the second half of 2015.

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