A recent article in Time magazine shines a harsh light on the latest report of European Union agricultural subsidies. The region must report how that money was spent every year by April 30, and the latest report published by the magazine notes that the money is going to surprising places.
With the help of the non-governmental organization farmsubsidy.org, the magazine cataloged some interesting payouts. One of the biggest single subsidies, for example, was for $223 million, and went to a French sugar conglomerate Tereos.
Last year more than 1,200 recipients received $1 million each - which compares to 900 who received that amount or more in 2008. This comes at a time when a lot of countries - including the United States - continue to complain about those subsidies.
In addition, the Common Agricultural Policy represents more than 40% of the EU overall budget. And these payments are becoming a political issue as well. For example, the article points out that in Britain the figures weren't released until the new government was established, and then it turns out the Queen received $695,000 for the royal-owned Sandringham Farms.
You can check out the entire Time report HERE.