This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

EU Deal Boosts Prospects For Banking Union

By JUERGEN BAETZ and RAF CASERT

BRUSSELS (AP) â¿¿ European Union leaders reached an outline deal Friday on the 27-country bloc's 960 billion euro ($1.3 trillion) seven-year budget, overcoming a British-French dispute to sign off on the agreement.

British Prime Minister David Cameron had held out for the same financial conditions already promised him months ago, overshadowing a summit meant to focus on the continent's youth unemployment problems.

However, in the end, all 27 nations backed the budget deal. EU President Herman Van Rompuy said "it is a quite clear 'yes'," when it came to unanimous backing of the 2014-2020 spending plan.

Beyond the seven-year spending plan, which still needs full parliamentary approval, the EU nations also agreed on the shape of future bank bailouts, injecting a sense of fresh credibility into the efforts of the leaders to control the region's economic problems.

But the budget deal also highlighted deep divisions among European countries over whether to spend or cut their way out of crisis. The UK is seeking reassurances that it won't have to contribute too much at a time of belt-squeezing across the continent.

The multi-annual budget, which includes the first cut to EU spending in its history, determines what the bloc can spend on common infrastructure like railway or road projects, farming subsidies and aid to poor countries. It's separate from national budgets â¿¿ and much smaller â¿¿ but a source of difficult and passionate debate.

The decision came after some protracted brinkmanship following the British objections to an outline reached early Thursday. Cameron surprised many by insisting that the EU stick to parts of an earlier agreement reached in February.

Due to a provision on agricultural funding, the country could have lost some of its previously negotiated repayment from the budget, costing it about an annual 200 to 300 million euros, a diplomat from a major EU country said.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,351.38 +293.03 1.82%
S&P 500 1,948.86 +35.01 1.83%
NASDAQ 4,749.9790 +113.8740 2.46%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs