EU agrees 2pc budget rise for 2012

BRUSSELS: European Union negotiators agreed to a two percent rise in the bloc's budget for next year to 129 billion euros ($174 billion), following more than fifteen hours of talks which ended in the early hours of Saturday morning.

The deal was seen as a victory for cash-strapped capitals grappling with Europe's debt crisis, which had opposed demands by EU lawmakers to increase the budget by more than 5 percent.Read more

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