The draft outlines further cuts of about 27 billion euros from a proposal drafted by the Cypriot EU presidency at the end of last month.The Cypriot plan already reduced the roughly 1 trillion euro ($1.3 trillion) budget proposed for 2014-2020 by more than 50 billion euros, meaning the overall reduction from the European Commission's original plan now lies at about 80 billion euros.That is unlikely to be deep enough to satisfy countries like Britain, Sweden, and the Netherlands, who are pushing for cuts of between 100-200 billion euros to the Commission blueprint.
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