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SITUATION REPORT

Feb 8, 2013 | 12:26 GMT

EU: Budget Is Cut For First Time

The European Union will cut spending for the first time in its history after cuts of 30 billion pounds ($47 billion) over the next seven years were determined Feb. 7 and 8 during overnight talks over the EU budget, Express reported. British Prime Minister David Cameron pushed for the cuts and was eventually supported by Germany, forcing French President Francois Hollande to compromise. The possibility of a British referendum on its EU membership is generating unease throughout the bloc.

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