BUDGET: EUROPEAN COMMISSION BORROWING OVER THE FIRST HALF YEAR.

Between January and June 2002, the European Commission contracted EC borrowing to the tune of Euro 12 million to finance loans for balance of payments assistance to the Member States, and medium-term financial assistance for non-member countries. The Euro 12 million loan will run for 15 years, with interest charged at the Euribor 6M flat rate. During the first half of 2002, the Commission also contracted a Euratom loan required to cover pending applications for loans. The...