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Reuters reports — European Union leaders failed to reach agreement on Friday on a new seven-year budget for their troubled bloc, calling off talks in less than two days after most countries balked at far deeper spending cuts demanded by Britain and its allies.
Chancellor Angela Merkel of Germany, the biggest contributor to EU coffers, said she had not expected a deal at the first attempt and played down the consequences of failure, saying there was a real potential for agreement at the start of 2013. Read the full story.
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According to the article, it is a complicated affair indeed. However it ends up working in the end, the impact will affect everyone who lives, works or visits Europe. We also can expect the United States to feel the ramifications as nations like Greece continue to struggle with unemployment, while its neighbors try to help it move forward through these new negotiations.