The Greek prime minister was on the same page.
“What sense does it make right now to go and repay the Recovery Fund, thereby eating into the budget for the next six years, when we have no reason to do so and when there is strong demand for European bonds that will also make us stronger as a European Union?” said Mitsotakis.
Mistotakis and Macron, who lead respectively the most-indebted and third most-indebted countries in the EU, are expected to defend their position in tense negotiations around the EU’s €1.8 trillion multi-annual budget for 2028-2034.
The option of rolling over the Recovery Fund debt was mentioned by several EU leaders on Friday during an informal meeting in Cyprus as the EU is due to start repaying €25 billion a year from 2028 on the joint debt it issued to tackle the economic fallout from the Covid pandemic.
But frugal countries have pushed back strongly. “This is not going to happen,” one EU diplomat said on the sidelines of the Council meeting. German Chancellor Friedrich Merz on Friday also spoke against more EU debt.
“Today, many will tell you ‘no way’,” Macron said. “But I am sure that in the end we will get there because Europe wants to be in the race.”
Earlier Saturday, France and Greece strengthened their bilateral ties by signing nine deals, including an overarching defense pact that includes a mutual defense clause and partnerships spanning from defense to nuclear technology and education.
Also Saturday, French defense giant MBDA signed a contract to renew the Mica missiles of the Greek army.