Barroso announces early payouts for new EU member states

Speaking in Prague at the European Summit of Regions and Cities, the President of the European Commission José Barroso announced on Friday that new EU member states, the Czech Republic among them, will be able to make early use of more than 7.5 billion EUR, or roughly 210 billion Czech crowns. The European Commission has decided to free up money from European funds set to expire in 2013 as a means of combating the persisting economic crisis. The money is primarily recommended for easing the strain on small and medium-sized enterprises and for projects supporting the environment and sustainable resources. 350 million EUR from EU funds remains available to the Czech Republic until the end of the year.