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Sunday, June 30, 2013

EU agrees first budget cut in its history.

The EU has agreed a seven-year €960B budget that represents the first spending cut in its history. The bloc also approved plans to invest €6B on tackling youth unemployment and for the European Investment Bank to lend hundreds of billions of euros to small and medium-sized businesses. With finance ministers agreeing rules for bank rescues this week, the EU has enjoyed an uncommonly productive summit.

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