Germany and Netherlands demand massive spending cuts in European Union budget. Six countries sign letter insisting deep reforms are absolutely essential for agreement.
Financial Times reveals leaders want hundreds of billions of euros cut swiftly.
Diplomats warn consensus cannot be reached without these substantial financial reductions. Letter calls for more funding to defense and innovative European companies urgently.
Every European Union country’s approval required for new budget adoption this year. Ireland to present new negotiation draft for review at October European Union summit.