BRUSSELS — Europe will lose out because of €159 billion in cuts to the bloc’s next long-term budget, the European Commission has warned days before EU leaders gather in Brussels for talks on the bloc’s future spending plans. In an unusual attack, the Commission told governments that scrapping billions from several rainy-day funds will leave Europe less equipped to deal with crises during the next seven-year budget cycle, said four EU diplomats briefed on the talks, granted anonymity to speak freely about confidential discussions.
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