The Scotsman: The European Union’s executive proposes injecting €2.4 billion from the bloc’s budget to aid its troubled satellite navigation system Galileo, an EU source said on Monday.
The new cash will plug a hole left in the €3.4 billion project, meant to rival the United States’ Global Positioning System, after private companies refused to pay part of the bill.
“The new funds for Galileo will come from the Community budget,” the source said. In June EU ministers conceded that plans to secure private financing for Galileo had failed, but did not agree whether a resulting shortfall should be covered by EU states or the 27-nation bloc’s collective budget.
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