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Czechs May Veto Proposed `Unfair' EU Budget, Premier Says

Feb. 7 (Bloomberg) -- The Czech Republic is prepared to veto a promised European Union investment budget for 2014-2020 because it considers the spending plan to be unfair, Prime Minister Petr Necas said.

“The proposal is unacceptable to us and we’re prepared to veto it,” he told reporters today in Brussels. “The proposal isn’t fair.”

EU spending on cross-border transport, energy and research projects was chopped in a first round of talks in November and faces further cuts when leaders meet today in Brussels to set the 27-nation bloc’s budget for 2014-2020. The proposal has yet to be officially distributed to national delegations.

A July 2012 European Commission proposal for a seven-year package of 1.047 trillion euros ($1.4 trillion) was shaved to 973 billion euros in November. The wealthier countries that provide the financing want to shear off another 20 billion euros. The seven-year budget expiring this year totaled 994 billion euros.

To contact the reporter on this story: Jeffrey Donovan in Prague at jdonovan26@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

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