British Prime Minister David Cameron appears to have won his battle for spending less on the EU.
European leaders have tentatively agreed a headline figure of 960 billion euros to be spent over the next seven years.
It would be the first-ever net reduction to such a budget in the EU’s history.
The number is down by some three percent from the last seven-year plan.
Now the finer details on what money goes where must be set out.
Overnight talks broke off before 10:00 CET this morning.
Diplomats will meet again this afternoon to discuss this draft deal.
“Even if the heads of the government agree on the compromise proposal which is on the table. The European Parliament now has the power to block the agreement,” explains euronews correspondent Olaf Burns.
European Parliament president Martin Schulz says he’ll do just that if spending levels are not high enough, meaning this long-negotiated deal could well unravel.