He and his family wanted a stake of at least one third in the new group to ensure veto power on key decisions.

FORBES: Nobutada Saji's Big Deal is Called Off

If lawmakers do have enough support to override a presidential veto, Martinez Cuenca says his group will still seek retribution.

FORBES: Up In Smoke

Guy Verhofstadt, a former Belgian prime minister and now leader of the liberal group in the European Parliament, is threatening to veto the 2011 budget altogether unless governments accept several conditions, including more financial independence for the EU in the next budget cycle.

ECONOMIST: Much stroppiness lies ahead in the EU budget negotiations