{"id":5156,"date":"2020-05-29T13:46:21","date_gmt":"2020-05-29T13:46:21","guid":{"rendered":"https:\/\/www.sportsnewsforyou.com\/?p=5156"},"modified":"2020-05-29T13:46:21","modified_gmt":"2020-05-29T13:46:21","slug":"sebastian-kurz-cautious-on-commissions-e750b-recovery-blueprint","status":"publish","type":"post","link":"https:\/\/googmn.com\/?p=5156","title":{"rendered":"Sebastian Kurz cautious on Commission&#8217;s \u20ac750B recovery blueprint"},"content":{"rendered":"<figure class=\"art\"><figcaption>\n<p>Austrian Chancellor Sebastian Kurz |\u00a0Sean Gallup\/Getty Images<\/p>\n<\/figcaption><\/figure>\n<header>\n<h1>Sebastian Kurz cautious on Commission&#8217;s \u20ac750B recovery blueprint<\/h1>\n<p class=\"subhead\">Austrian chancellor, a leader of EU&#8217;s frugal faction, tells POLITICO he sees some positives in proposal.<\/p>\n<\/header>\n<footer class=\"meta\">\n<p>\n\t\t\tBy\t\t\t<span class=\"byline\"><br \/>\n\t\t\t\t<span class=\"vcard\">Matthew Karnitschnig<\/span>\t\t\t<\/span>\n\t\t<\/p>\n<p class=\"timestamp\"><time datetime=\"2020-05-27T17:59:17+02:00\">5\/27\/20, 5:59 PM CET<\/time><\/p>\n<p class=\"updated\">Updated <time datetime=\"2020-05-28T15:37:58+02:00\">5\/28\/20, 3:37 PM CET<\/time><\/p>\n<\/footer>\n<p>BERLIN \u2014 Austrian Chancellor Sebastian Kurz said that he and the other leaders of the EU\u2019s so-called frugal four group were encouraged by some aspects of the European Commission\u2019s proposal for a coronavirus crisis recovery fund, but cautioned it represents just a \u201cstarting point\u201d for negotiations.<\/p>\n<p>\u201cWhat we find positive \u2014 not just myself, but the Netherlands, Sweden and Denmark \u2014 is that there is a time limit and that the fund will be a one-time emergency measure and not the first step toward a debt union,\u201d Kurz, who has emerged as the unofficial spokesman of the frugal faction, said in a telephone interview with POLITICO on Wednesday.<\/p>\n<p>\u201cConsidering that there are many in Europe who want such a debt union, it\u2019s important to us that this be clarified in writing once and for all,\u201d he said, referring to concerns among the frugal group that the fund could morph into a permanent fixture, opening the door to mutualization of members&#8217; debt under the banner of the EU.<\/p>\n<p>\u201cWhen it comes to the ratio of credits and grants, that\u2019s an area where we really think there needs to be more negotiation,\u201d Kurz added.<\/p>\n<p>Under the proposal put forth by the Commission, the EU would create a \u20ac750 billion fund \u2014 called Next Generation EU \u2014 by selling bonds. About \u20ac500 billion would be disbursed as grants to those member countries most in need as a result of the crisis, while the remaining \u20ac250 billion would be available as credits, which countries would be obliged to repay.<\/p>\n<p>In effect, the Commission proposal fuses a \u20ac500 billion Franco-German plan unveiled earlier this month with a model based on loans put forth by the frugal faction, a group so named due to its members&#8217; purported commitment to budget discipline.<\/p>\n<p>Kurz said that while he wasn\u2019t surprised to see the Commission effectively adopt the Franco-German grant proposal, given those countries are the EU&#8217;s biggest members, the coming negotiations will have to be more inclusive.<\/p>\n<p>\u201cWe need to take everyone\u2019s interests into account and there are very different interest groups: the southern countries, who fundamentally always want more; the East Europeans, who have an interest in preventing everything from flowing south; and, of course, those who have to pay for it all, the net payers.\u201d<\/p>\n<p>At first glance, the Commission plan appears to be an attempt to placate the frugal four by tacking the credit component to the Franco-German plan. Whether the \u20ac250 billion in credits would ever be tapped however, is questionable, in part because the eurozone recently established an emergency loan facility under the aegis of its bailout fund, the European Stability Mechanism (ESM).<\/p>\n<p>The ESM was conceived to help cash-strapped countries combat debt crises like the one that bankrupted Greece. It\u2019s now been retooled to make it easier for countries struggling with the coronavirus crisis to borrow money \u2014 up to the equivalent of 2 percent of their national income, or \u20ac240 billion in total.<\/p>\n<p>Why countries such as Italy, which are already drowning in debt, would need access to an additional credit facility is far from clear and prompted a degree of consternation in some quarters.<\/p>\n<p>Kurz said the frugal four had yet to fully evaluate the Commission\u2019s proposal in detail and settle on a common negotiating position, but would do so in the coming days.<\/p>\n<p><em>Want more analysis from <\/em><span style=\"color: #ff0000;\">POLITICO<\/span><em>? <\/em><span style=\"color: #ff0000;\">POLITICO<\/span><em> Pro is our premium intelligence service for professionals. From financial services to trade, technology, cybersecurity and more, Pro delivers real time intelligence, deep insight and breaking scoops you need to keep one step ahead. Email pro@politico.eu to request a complimentary trial.<\/em><\/p>\n<\/p>\n<footer class=\"content-credits\">\n<h6>Authors:<\/h6>\n<dl class=\"vcard\">\n<dt class=\"credits-author\"><span class=\"vcard\">Matthew Karnitschnig<\/span>&nbsp;<\/dt>\n<\/dl>\n<\/footer>\n<p>Click Here: <a href='https:\/\/www.kankenbags.com\/cheap-kanken-backpack\/fjallraven-kanken-art-spring-landscape-backpacks' title='Fjallraven Kanken Art Spring Landscape Backpacks'>Fjallraven Kanken Art Spring Landscape Backpacks<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Austrian Chancellor Sebastian Kurz |\u00a0Sean Gallup\/Getty Images Sebastian Kurz cautious on Commission&#8217;s \u20ac750B recovery blueprint Austrian chancellor, a leader of EU&#8217;s frugal faction, tells POLITICO he sees some positives in proposal. By Matthew Karnitschnig 5\/27\/20, 5:59 PM CET Updated 5\/28\/20, 3:37 PM CET BERLIN \u2014 Austrian Chancellor Sebastian Kurz said that he and the other&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-5156","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/googmn.com\/index.php?rest_route=\/wp\/v2\/posts\/5156","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/googmn.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/googmn.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/googmn.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/googmn.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5156"}],"version-history":[{"count":0,"href":"https:\/\/googmn.com\/index.php?rest_route=\/wp\/v2\/posts\/5156\/revisions"}],"wp:attachment":[{"href":"https:\/\/googmn.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/googmn.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5156"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/googmn.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}