France Spent $1.5 Million Daily During EU Presidency

During his six-month stint as EU president, French President Nicholas Sarkozy set new records for spending, according to a report from France's national audit office. Between July and December 2008, France shelled out around $1.5 million a day, or $254 million total in EU funds. Prior to this, EU presidencies generally cost between $105 and $120 million. Experts aren't exactly sure where all the money went, although the Guardian notes that Sarkozy held a lavish banquet for European leaders at the Grand Palais in Paris last year, spending $1.5 million in a single evening. Of this, $290,000 went to gardening, $448,000 to the podium, and $136,000 to carpets. "The scale of this summit, the irregular nature of its procedures and its massive impact on public finances together make this summit a kind of record," the report stated. In spite of all this, Sarkozy somehow managed to come in $42 million under budget.
BBC | Tuesday, Oct. 27, 2009