THE European Union (EU) has a growing debt mountain of £203billion (€238billon) and has admitted difficulties in paying its bills.
The European Commission (EC), which oversees the budget and is run by unelected president Jean-Claude Juncker, says it tried to make the funding crisis “disappear” .
Luxembourg politician Mr Juncker, who represents the European People’s Party (EPP) and earns €304,212 per year plus allowances of as much as 15 per cent more, took over the budget of the bloc in 2014.
But according to the latest “past due” figures, which the EC also calls “payment backlogs” and “reste à liquider” or (RAL), the funding gap has shot up dramatically in less than two years.
The most recent officially reported figures were made public in a document issued by the European Commission in 2015 and were calculated at £22bn (€26bn).
However, the EC is now facing an unprecedented crisis after it admitted to Express.co.uk £203bn is now owed.
The commission has a seven year budget which it tries to administer on an annual basis using money paid in by member states.