EU chief spurring negotiations on Cyprus deal

A top European official is leading a high-level meeting Sunday afternoon in a last-ditch effort to help Cyprus come up with a plan necessary for a 10 billion euro bailout loan that would save it from bankruptcy. The day of talks could prove critical — not only for the future of the small island country, but also for the 17-nation eurozone. If Cyprus or its banks were to collapse, officials fear that a lack of confidence could spread to other countries that use the euro, triggering higher … [Read more...]

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EU budget in limbo after row on 2012, 2013 spending

Tough negotiations on the European Union's 2012 budget looked headed for collapse Tuesday after the European parliament boycotted talks just days before a key summit on the EU's longer term budget. In a statement issued three hours before EU budget ministers were to go into talks on the 2013 budget, parliament refused to attend on grounds that EU nations had failed to plug an almost nine-billion-euro 2012 hole, depriving Europe's needy of key funds. "European parliament negotiators will not … [Read more...]