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The Boston Globe

Business

EU leaders agree on major cuts to 7-year budget

First spending reduction in group’s history

BRUSSELS — European Union leaders agreed Friday to a significantly reduced seven-year budget worth $1.28 trillion — the first spending cut in the 27-country group’s history.

European Council President Herman Van Rompuy announced the agreement had been reached after two days of nearly round-the-clock negotiations — the longest negotiations of his tenure in office.

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