European Union leaders on 28 June 2013 have signed a deal of a 1.3 trillion dollar for seven-year budget from 2014-2020.
All 27 member states of European Union collectively approved the deal in Brussels after providing a solution to British concerns about a rebate that remains intact.
It is expected that the plan for 2014-2020 period is going to be approved by the European Parliament in July 2013. EU leaders also resolved to spend 8 billion dollar over the next two years to support job creation, training and apprenticeships for young people.
The EU budget deal came in line with the landmark bank rescue agreement. It is worth mentioning here that the European Union has sent hundreds of billions of dollars in bailouts to debt-ridden countries over the last three years.