EU needs another $11.7 billion for 2012 budget

[October 24, 2012]  STRASBOURG, France (AP) -- The European Commission says an additional euro9 billion ($11.7 billion) is needed to meet all of the EU's commitments in the 2012 budget.

The Commission, the EU's executive arm, adopted an amending budget Tuesday. It must now be approved by the Parliament and the 27 EU national leaders.

The EU says about a third of the money can be raised from anti-trust fines and other penalties. But euro5.9 billion will have to come from member states, some of whom are cutting their budgets because of Europe's financial crisis.

Commission President Jose Manuel Barroso says the money is needed to continue funding for international students and poorer regions in the EU.

He said: "These programs are essential to revive growth and create jobs." The 2012 budget is euro147.2 billion ($191.43 billion).

[Associated Press]

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