EU leaders will hold their first formal discussion on Friday, after the Cypriot presidency tabled the first so-called “negobox”, a draft document setting out possible spending compromises.

The 27 EU heads of state or government will gather in Brussels on Thursday to discuss the future budget of the European Union. So what are the possible outcomes for the EU's next…

EU lawmakers called the document “insufficient” and criticised proposed spending cuts of €32.8 billion. Because the budget requires Parliament’s approval, pressure is mounting to…