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EU Weighs Joint Debt to Fund Ukraine’s Long-Term Rebuilding

  • Bloc also considering guarantees to provide urgent loans
  • EU is ready to contribute $9 billion for near-term needs
Destroyed buildings in Seversk, eastern Ukraine on May 8.

Destroyed buildings in Seversk, eastern Ukraine on May 8.

Photographer: Yasuyoshi Chiba/AFP/Getty Images

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The European Union is considering the issuance of joint debt to finance Ukraine’s long-term reconstruction, which may end up costing hundreds of billions of euros, according to an EU official familiar with the plan. 

The European Commission is also weighing the use of loans from the EU budget -- and guaranteed by member states -- to provide urgent funds to Ukraine to pay salaries and benefits that may amount to as much as $15 billion over the next three months, said the official, who asked not to be identified because the plan is private.