EU member states could be forced to collectively cut their budgets by more than 100 billion Euro next year under the Council’s plans to reintroduce austerity measures.
France (26bn), Italy (25bn), Spain (14bn), Germany (11bn), Belgium (8bn) and the Netherlands (6bn) would have to make the biggest annual cuts to meet the deficit reduction targets within four years.
Member states could request to extend the cuts over a seven year period but risk to be in exchange for commitments to harsher anti-worker economic reforms.