The race to agree on a new long-term budget for the European Union reached a major milestone on Thursday, as Cyprus, the country holding the rotating presidency, unveiled its compromise proposal for a 2% overall cut, worth about €32.8 billion.
"Our cut is the compromise that addresses all voices in the Council," Marilena Raouna, Cyprus deputy minister for European affairs, said on Thursday afternoon.
"We believe this is a balanced text that reflects the position of all member states."
The EU is negotiating its seven-year budget for the period 2028-2034, which will set its long-term political priorities and spending capacity.
The cut would be made to the draft budget tabled in July last year by the European Commission, which came with an eye-grabbing headline figure of almost €2 trillion, the bloc's largest ever.
