EU Seeks Estimated €19 Billion for Interest Payments
- Bloc has seen higher financing costs tied to recovery fund
- Monetary tightening to tame inflation hits interest payments
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The European Union’s executive arm asked member states for additional funds to cover around €19 billion ($20.7 billion) in interest payments through 2027, as the bloc has seen increasing financing costs related to its post-pandemic recovery fund.
The European Commission sought fresh money Tuesday from governments to pay for the funding costs of the Next Generation EU plan for the period 2024-2027. The additional money will be requested on an annual basis.