Press Release
European Commission Unable to Pay Its Bills
As the Eurozone crisis worsens, the EU has admitted that it is unable to pay its bills on time.
A passage in a report due to be debated in the European Parliament in Strasbourg on March 13th, reveals that "...while the Council refused in December 2011 to finance identified additional needs, some payment claims amounting to more than EUR 10 billion could not be honoured in late 2011, which is now impacting directly on available 2012 payments".
The report, authored by Italian MEP Giovanni La Via, deals with the budget for the European Commission in 2013. It calls for additional funding in order for the Commission to be able to honour its debts.
West Midlands MEP Nikki Sinclaire said "How on earth can the Commission be €10 billion short at the end of the year? How can they allow themselves to overspend by this amount? If this were a commercial enterprise it would be filing for bankruptcy now."
The report also reveals that the European Parliament's Budgets Committee is now extremely worried about the situation of payments in 2012.
ENDS
