EU Leaders embark today on paramount budgetary negotiations (Barcelona) - Leaders of the euro zone members will gather again today in Brussels, in a two-day meeting in order to come to an agreement regarding the bloc’s budget for the next seven years against a backdrop of increasing dissent amongst its members.
The main point of these talks would be to achieve budget figures for the 2014-2020 period, surrounding €1.0 billion, as well as its purposes and application.

As mentioned above, dissent prevails amidst the sovereigns, as members claiming further cuts would find strong opposition from those requesting extra funds.

In order to promote harmony, and before the gathering kicks off at 19:00 GMT, the President of the European Council Heman Van Rompuy would hold a meeting with different leaders. Spanish President Mariano Rajoy is scheduled to meet the politician at 17:00 GMT.

Van Rompuy would forward a new plan tonight, amending previous figures talking about cuts worth €80 billion in comparison with the initial plan presented by the European Commission. According to diplomatic sources, these negotiations promise to be hard and could extend towards Friday, with a probable conclusion on Saturday. However, the negotiating positions remain quite far from an agreement, and a failure should not be ruled out. In such a case, the talks are likely to resume in February.

The tug-of-war between the different positions faces countries pushing for cuts according to recent austerity measures, in contrast with another countries defending the need of keeping the same distributive scheme.
Among others, the UK would press for bigger cuts than the initial proposed by Van Rompuy, while Spain and other countries would present a hard battle to keep the status quo in order to maintain the pace among its regions and its agricultural sector