Serbia submitted application to join EU and was granted 50mln euros

The European Union on Tuesday granted 50 million euros (71 million dollars) of support for the Serbian budget, the EU delegation to the country said in a statement. The loan comes as Serbia officially submitted an application to join the European Union -- a move the EU presidency called a historic new start for the Balkan nation. Earlier this week Serbia adopted 2010 budget that forecasts a reduction in the public deficit to 4.0 percent of the gross domestic product, meeting IMF demands for a loan.