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New member states must speed up spending or lose funding, EU says
Brussels- The European Union on Thursday urged its ten new member states to speed up spending EU money or face losing unused funds from 2007. If money available from the 25-member bloc's so-called structural funds is still unspent after two years, it will be automatically cancelled, the European Commission said. The bloc's newcomers are still "gradually catching up," EU Budget Commissioner Dalia Grybauskaite warned when presenting the bloc's 2005 financial report.
Last year, the ten countries that joined the EU in May 2004 received 9.1 billion euros (11.57 billion dollar) from EU coffers, 3 billion euros more than in 2004.
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