EU goes insolvent – president of European Parliament

President of the European Parliament Martin Schulz said that the European Union was insolvent. European Commissioner for Financial Programming and Budget Janusz Lewandowski had said in November 2012 that the EU had been lacking 33% of funds (€3 billion) for November. The sum reached €16 billion in early February, Vesti.ru reports.

The structural deficit of the EU financial plan may reach €60 billion in the next 7 years, Schultz believes.

EU budgets will be considered every year in the next 7 years, basing on proposals of 2013. The budget of 2013 became a record, which is why donating states are trying to make radical reductions for the 2014-2020 plan.