The politics of money
The week's news at a glance.
Brussels
E.U. finance ministers have rejected the budget drawn up by British Prime Minister Tony Blair, who currently holds the rotating E.U. presidency. Blair’s plan would drastically slash aid to the union’s newest, poorest members from the former communist East, while preserving a hefty rebate for the U.K. “It’s a wonderful document,” said Spain’s Pedro Solbes sarcastically, “for the United Kingdom.” The British said they would consider cutting the rebate, but only if France agreed to cut subsidies to its farmers. The budget is supposed to be approved by next week’s E.U. summit.
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