EU budget talks loom as Greek deal delayed

DAVID Cameron yesterday pledged to veto any new European Union budget that would cut Britain’s annual rebate ahead of today’s EU summit aimed at agreeing a seven-year budget for the bloc from 2014.

The Prime Minister’s promise came as it emerged that even if the overall budget is cut, the UK could still pay more if its annual rebate – which adjusts for discrepancies in farm subsidies between the UK and France – is reduced. The talks come as EU leaders yet again failed to agree the terms under which Greece would receive its latest tranche of bailout cash. Eurozone finance ministers said they would meet again next week in a bid to thrash out repayment conditions, after twelve hours of talks failed to secure an agreement. Without the €31.5bn (£25.4bn) needed to recapitalise Greece’s banks, the country will run out of money by mid-December. “It’s not only the future of our country, but the stability of the entire eurozone [at stake],” Greek Prime Minister Antonis Samaras said.