News Summary: Israel may forgo millions in grants

MONEY LOST: Israel would rather forgo hundreds of millions of euros in European Union research grants than accept a clause against settlements in the West Bank and Gaza that Europe wants written into any new partnership deal, an Israeli official said.

THE PROGRAM: Horizon 2020, a seven-year Europe-wide research grant program that begins in 2014, has a budget of about 80 billion euros. If it joined, Israel would pay about 600 million euros and likely receive more than 1 billion euros in grants.

WHAT'S NEXT: Negotiations between Israel and the EU on signing Horizon 2020 are to begin in the coming days. Israel's deputy foreign minister said the country hopes to soften the terms.