MACRON & MERKEL cook up 500 BILLION EU rescue scam
The Duran Quick Take: Episode 555.
The Duran’s Alex Christoforou and Editor-in-Chief Alexander Mercouris discuss the €500 billion European Recovery fund cooked up by Angela Merkel and Emmanuel Macron.
The fund proposes the EU borrows on the financial markets in order to disperse 500 billion euros through grants to EU economies hit by the Covid-19 pandemic. EU member states receiving the funds would theoretically not need to repay the cash, instead liability for the debt would be added to the EU budget, which would eventually be paid for by EU citizens in the form of additional taxation.
If accepted by the other 25 EU member states, this would be a significant move towards a level of burden-sharing and fiscal transfers firmly opposed by Germany, the Netherlands, Austria and other member states. The European commission would borrow the money under the EU’s name.
See: Blain's Morning Porridge - May 19 2020 - Yoorp Kicks The Can
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