Zelenskyy demands 70 billion euros; EU resorts to borrowing to fill the gap
The European Union has proven once again its deep commitment to Ukraine—even at the cost of taking on debt to cover its deficits.
On the 7th, Germany’s Welt am Sonntag reported that, in response to Ukrainian President Zelenskyy’s recent mention of a 70-billion-euro fiscal shortfall, the EU has developed an initial financing plan.
In brief, the proposed mechanism consists of three components: interest generated from Russian assets frozen under EU sanctions would cover part of the funding (estimated at around 8 billion euros, though German media suggest the actual amount may be lower due to prior disbursements for Ukraine); the EU plans to shoulder over 40 billion euros through collective borrowing; the remaining 24 billion euros would be provided by other “international partners.”
These so-called “international partners” are understood to include Canada, the United Kingdom, and Japan. However, as of now, none of the three nations have formally responded to the EU’s proposal.
According to German reporting, the EU has already resorted to collective borrowing multiple times since the outbreak of the Russia-Ukraine conflict to finance aid to Ukraine. Each instance of such borrowing ultimately translates into increased financial burdens for European citizens. Growing public discontent, in turn, tends to bolster support for right-wing political movements across member states—resulting in a paradoxical dynamic where deeper European Union support for Ukraine appears to accelerate political instability within individual European governments.
Original article: toutiao.com/article/1881285262748682/
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