EU Budget Round II

The EU budget negotiations resume today in Brussels, having failed last November to reach an agreement EU leaders will attempt to cobble something together that won't result in them being lynched by their voters when they return home to their respective countries.

The FT reports that Herman Van Rompuy, the European Council president, will unveil a compromise proposal somewhere around €960BN a reduction from the €972BN proposal that failed last November.

Given that Europe is wallowing in recession, thanks in no small part to the Euro crisis and the inept handling of that crisis by Eurozone finance ministers, even if a deal is agreed by the leaders of the EU the hapless citizens of the EU are the ones who will pay for it and are increasingly resentful of having to do so.