Europe's GPS - Galileo wins €2.4 billion bailout
The European Union on Wednesday ratified a €2.4 billion public bailout of the European satellite project meant to rival the GPS system in the United States. The European Parliament endorsed new rules underlying a plan to tap the EU budget for the extra $3.8 billion to build the Galileo road, rail, ship and air-traffic control network.
The approval removes the final hurdle after EU governments decided in November to use taxpayers' money to rescue the project, which is over budget and behind schedule. "We are giving the go-ahead to one of the most important projects in the EU," Angelika Niebler of Germany, head of the Parliament's Industry Committee, told the assembly here. "This is a technology that we need."
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