Germany says proposed recovery fund is not about joint borrowing


Reuters | Berlin | Updated: 20-05-2020 18:19 IST | Created: 20-05-2020 17:39 IST
Germany says proposed recovery fund is not about joint borrowing
Representative Image Image Credit: Wikipedia
  • Country:
  • Germany

A Franco-German proposal for a half-trillion euro fund to support European Union countries worst hit by the coronavirus pandemic is not about joint borrowing or joint bonds, a German government spokesman said on Wednesday.

The bloc's budget rules would still apply, Chancellor Angela Merkel's spokesman Steffen Seibert said at a regular news conference. "There is also a binding repayment plan."

"It is distinctly different from joint borrowing," Seibert said, adding the proposal does not mean there would be joint bonds in disguise.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Give Feedback