Calvino: COVID-19 EU Debts Must Be Repaid

All the debt issued by the European Union (EU) to help its member states in the fight against the coronavirus disease (COVID-19) pandemic will eventually be paid back, according to Spain’s Minister of Economy Nadia Calvino.

“The long-term sustainability of the debt is guaranteed and we are making plans and act responsibly as Europe ever has,” said the Spanish minister as quoted by Reuters on Friday.

Calvino noted that the debt will be directed towards financing projects that foster economic growth.

An EU leaders meeting will discuss on July 17-18 an EUR 750 billion ($840 billion) economic stimulus package.

German Chancellor Angela Merkel recently said that EU members must soon agree on a deal regarding the recovery fund, stressing that an agreement must be reached before the end of summer.

However, Dutch Prime Minister Mark Rutte said today that there is no urgency to reach an agreement during the July summit.