Tuesday, 25 November 2003

EU auditors blast budget failings

The European Union is failing to keep track of huge annual subsidies, and 91 per cent of its budget is riddled with errors or cannot be verified, a financial watchdog said yesterday. “it is almost impossible to track funds once they had been handed over to member states, which administer 80 per cent of the budget. Money also disappears into Russia, Central Asia, the Balkans and developing countries.”

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