Spain set to lose 20 bln in 2020 EU budget

Source, mostly to cohesion and agricultural aid

16 November, 17:45

Sèanish PM Mariano Rajoy Sèanish PM Mariano Rajoy

(ANSA) - MADRID, NOVEMBER 16 - Spain will lose about 20 billion euros in the EU 2014-2020 budget, according to diplomatic sources close to the talks quoted by Spanish media outlets. The cuts will be mostly to cohesion funds and agricultural aid. For the first time Spain will be a net contributor in the five-year budget.

Although the EU-27 have not yet come to an agreement, a possible loss of 20 billion in EU cohesion funds is yet another blow to a Spanish economy suffering from a 1.5% recession this year with the same forecast for the next, with a steadily rising unemployment rate at almost 25% and the looming spectre of a bailout for the economy after that of the banking sector.

(ANSAMed).

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