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EU will run out of money by mid-November - UKIP advocates selling EU buildings to raise money
Date 22/10/2013 15:41  Author webmaster  Hits 2466  Language Global
“If the EU can demand that countries like Greece and Portugal sell their assets to raise money, then why not the EU as well. The EU in Brussels, Luxembourg and Strasbourg has huge chunks of expensive real estate which could raise a lot of money,” says UKIP Leader Nigel Farage MEP.

UKIP Press Release

In an extraordinary reflection of the recent budgetary crisis in America, the EU looks set to fall foul of a massive shortfall in November.
 
While the matter was presented to Parliament by President Martin Schulz, it would seem that a mass incompetence or cover-up is taking place, with the UK even blocking the discussion of a €3.9 billion amendment to the 2013 budget from the recent General Affairs Council meeting at the weekend.
 
Parliament President Schulz told MEPs he had received a call from Commission President Jose Manual Barroso telling him that the Commission would be unable to meet repayments come the middle of next month unless additional funds were made available in the annual budget of around €2.7 billion. He stated direct payments from member states are required to make ends meet to stop the Commission from defaulting in November.



The shortfall is apparently due to non-payment of customs duties.
 
The figure is in addition to an extra €3.9 billion which the Parliament had expected to approve this week. However the amendment has yet to gain Council approval after the UK blocked the matter from being discussed at the last Council meeting. Debating the supplementary budget will now be delayed until the end of October, stoking fears that the EU will be unable to meet repayment requirements in November.
 
An EU default would send a shockwave through the already fragile economies of Europe, UKIP Leader Nigel Farage warned:
 
“It’s utterly staggering that the EU is now looking likely to default on debt repayments unless a budgetary amendment can be decided. In essence, the EU will have to come with a begging bowl to the 28 member states for more cash or risk going bust, and they will have to do so very quickly indeed. It’s a real predicament for them, at a time when the Eurozone economy is still struggling with mounting debt and stunted recovery and when ill feeling towards the EU project has never been so low, it is no wonder they are trying to desperately keep this out of the media. Yet with the recent widely reported budgetary crisis in America, it’s unlikely they will be able to stop the cat from getting out of the bag.

“If the EU can demand that countries like Greece and Portugal sell their assets to raise money, then why not the EU as well. The EU in Brussels, Luxembourg and Strasbourg has huge chunks of expensive real estate which could raise a lot of money. Barroso and co should sell these and stable their army of over-paid EU officials in ordinary offices like every other group of civil servants.”

 

See also:
Commission 'on brink of missing payments', MEPs warned (BBC)
Barroso in urgent push for extra €2.7bn Commission budget (Irish Times)
www.ukip.org
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