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Miscellaneous News
- Thread starter bd popeye
- Start date
Ukraine, EU's financial black hole.... but for the nth time, if for Ukr democrazy and freedumb, it's all worth it.
The European Union is planning to fund the operating expenses of the government in Kiev for at least three months, Politico Europe reported on Monday, citing diplomatic sources. The €15 billion would be raised through a new debt emission, using the template established for Covid-19 relief.
Ukrainian President Volodymyr Zelensky the International Monetary Fund (IMF) he needed $7 billion per month ($1 = €0.95) to pay salaries, pensions and other government expenditures. The US has pledged to provide a third of that sum for the next three months. The EU intends to make up the difference with special bonds, according to .
The European Commission (EC) briefed ambassadors of the member countries about the plan on Friday, according to the outlet. It involves issuing debt using guarantees from EU member countries. The scheme is structured along the lines of , the program used to raise €100 billion in aid for EU citizens who lost their jobs due to the Covid-19 lockdowns. That debt was then securitized as bonds ranging from 5-30 years.
“Whenever there’s a problem with money, [the Commission] says SURE!” Politico quoted a diplomat as saying.
The plan could be unveiled as early as May 18 and at least three countries – including Austria, Germany, and Greece – have asked for alternative options, according to the outlet. They are reportedly hoping non-EU countries such as Japan, Norway, and the UK would “chip in” as well, leaving the EU with less of a debt burden. France has also proposed that heads of EU states discuss the problem in a summit meeting at the end of May.
Meanwhile, EU foreign policy chief Josep Borrell has another option to fund rebuilding Ukraine: confiscating the Russian foreign exchange reserves currently frozen under EU sanctions. Borrell pointed to the example of Washington confiscating the funds of the Afghan central bank after the US withdrew from Afghanistan and the Taliban took over. It is “full of logic” to use Russian assets the same way, Borrell told FT in an interview published on Monday.
In February, US President Joe Biden seized half of the $7 billion in Da Afghanistan Bank’s assets held in US financial institutions, saying it would go towards compensating victims of 9/11 terrorist attacks, while the other half would go towards “the benefit of the Afghan people and for Afghanistan’s future,” though it was not specified as to how.
The New York Times described the move as “highly unusual,” the Taliban it as theft, and even the former US-backed president of Afghanistan, Hamid Karzai, it “unjust and unfair and an atrocity against Afghan people.”
EU to go into debt for Ukraine – Politico
Brussels is reportedly considering a €15 billion bond emission to finance Ukrainian government operationsThe European Union is planning to fund the operating expenses of the government in Kiev for at least three months, Politico Europe reported on Monday, citing diplomatic sources. The €15 billion would be raised through a new debt emission, using the template established for Covid-19 relief.
Ukrainian President Volodymyr Zelensky the International Monetary Fund (IMF) he needed $7 billion per month ($1 = €0.95) to pay salaries, pensions and other government expenditures. The US has pledged to provide a third of that sum for the next three months. The EU intends to make up the difference with special bonds, according to .
The European Commission (EC) briefed ambassadors of the member countries about the plan on Friday, according to the outlet. It involves issuing debt using guarantees from EU member countries. The scheme is structured along the lines of , the program used to raise €100 billion in aid for EU citizens who lost their jobs due to the Covid-19 lockdowns. That debt was then securitized as bonds ranging from 5-30 years.
“Whenever there’s a problem with money, [the Commission] says SURE!” Politico quoted a diplomat as saying.
The plan could be unveiled as early as May 18 and at least three countries – including Austria, Germany, and Greece – have asked for alternative options, according to the outlet. They are reportedly hoping non-EU countries such as Japan, Norway, and the UK would “chip in” as well, leaving the EU with less of a debt burden. France has also proposed that heads of EU states discuss the problem in a summit meeting at the end of May.
Meanwhile, EU foreign policy chief Josep Borrell has another option to fund rebuilding Ukraine: confiscating the Russian foreign exchange reserves currently frozen under EU sanctions. Borrell pointed to the example of Washington confiscating the funds of the Afghan central bank after the US withdrew from Afghanistan and the Taliban took over. It is “full of logic” to use Russian assets the same way, Borrell told FT in an interview published on Monday.
In February, US President Joe Biden seized half of the $7 billion in Da Afghanistan Bank’s assets held in US financial institutions, saying it would go towards compensating victims of 9/11 terrorist attacks, while the other half would go towards “the benefit of the Afghan people and for Afghanistan’s future,” though it was not specified as to how.
The New York Times described the move as “highly unusual,” the Taliban it as theft, and even the former US-backed president of Afghanistan, Hamid Karzai, it “unjust and unfair and an atrocity against Afghan people.”
TIL US was a communist country all along
Nah..the government itself did a piss poor job with respect to it's own mismanagement of the economy. Just because the sitting P.M. was seen as pro-China that should not mean perpetual assistance from China at all costs. At the end of the day, China's non-interference is a good thing as painful as that sounds to most of us.
When you reach full suffrage you can generate electricity with love
@Strangelove bro even though I live in a third world country, I feel sorry for our European friends....lol May you live in interesting time, may God blessed your unelected European leaders for their wisdom and foresight.
@Strangelove bro even though I live in a third world country, I feel sorry for our European friends....lol May you live in interesting time, may God blessed your unelected European leaders for their wisdom and foresight.
Dude, with Bong Bong & Sarah calling the shots, and with a little help from China, you guys are on the way to the first world.
But it's the complete opposite for the Europeans.... massive hikes in inflation and debt, while productivity and living standards fall, they're returning to the dark ages (but it's all worth it for Ukr democrazy and freedumb!).
Meanwhile, even Qatar is slapping them left and right... LOL
Qatar also wants to contractually prevent Germany from rerouting the LNG deliveries to other European states, and this measure is not welcome by the EU, the sources said.
One of the sources told the publication that the LNG deal between Qatar and Germany “is not expected to happen soon.”
solarz
Brigadier
China's strategy is to cultivate co-operation widely, but let those countries sink or swim in their own. Instead of entering a bidding war with the CIA over unstable regimes, China just use the resource to invest in another country.
This means the money China spends generates value while money the US spends is just gone.
solarz
Brigadier
As I thought, they are learning the wrong lessons from Ukraine.
Wow. Qatar is the black sheep of the Gulf states, they normally do the opposite of what the others do. If they're also playing hard ball on exports to the west, it looks like the momentum for an embargo is strong. Russia should just stop pussyfooting and cut off the gas now.Dude, with Bong Bong & Sarah calling the shots, and with a little help from China, you guys are on the way to the first world.
But it's the complete opposite for the Europeans.... massive hikes in inflation and debt, while productivity and living standards fall, they're returning to the dark ages (but it's all worth it for Ukr democrazy and freedumb!).
Meanwhile, even Qatar is slapping them left and right... LOL
Qatar also wants to contractually prevent Germany from rerouting the LNG deliveries to other European states, and this measure is not welcome by the EU, the sources said.
One of the sources told the publication that the LNG deal between Qatar and Germany “is not expected to happen soon.”