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By April, Ukraine’s budget will be empty. And, unable to tap into Russia’s frozen assets last December, Brussels triggered Plan B: a massive €90 billion loan raised through joint debt.
But not everyone will participate: Hungary, Slovakia and the Czech Republic secured total opt-out.
So, €30 billion will keep the state running and pay doctors, teachers and pensioners. The lion’s share — €60 billion — is for defence.
And since yesterday, that deal is finally locked in.
But Europeans were split. France was leading the “Buy European” team. They insisted EU taxpayer money must support EU factories. After all, if billions are to be spent, they want the cash to stay on the continent.
But Germany and the Netherlands argued Europe lacks the luxury of time. If Ukraine needs certain arms today and the EU does not have them, Europe must buy them from somewhere else such as South Korea, the US and the UK
And speaking of London, can they get a slice of this €90-billion pie? After yesterday’s breakthrough, the answer is yes. But it is strictly “pay to play”.
British companies can bid for these contracts, but only if London pays a “fair share” of the borrowing costs.
So right now, it is down to the European Parliament’s vote. And the MEPs promised to move fast, because with the April deadline, there is no time to waste.
Finally, Russia has to pay for the damages for Ukraine’s loan to be repaid. And since Moscow is not paying up… this debt might never be called in.
Watch the Euronews video in the player above for the full story.