EU Needs Another $11.7 Billion for 2012 Budget

By: Associated Press
By: Associated Press
 The Commission, the EU

A euro logo is seen that reads in Danish: 'The head of the EU', referring to the Danish EU presidency, at the European Council building in Brussels, Tuesday, May 22, 2012. (AP Photo/Yves Logghe)

STRASBOURG, France (AP) -- The European Commission says an additional (euro) 9 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 (euro) 5.9 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 (euro) 147.2 billion ($191.43 billion).

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