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EU rescue talks fail as Netherlands blocks virus compromise
EU finance ministers failed on Wednesday to agree on a rescue plan to help hard hit member states face the coronavirus outbreak, after the Netherlands blocked the deal over bailout conditions.
“After 16 hours of discussions, we came close to a deal but we are not there yet. I suspended the Eurogroup and (we will) continue tomorrow Thursday,” said Eurogroup chief Mario Centeno.
Bickering EU finance ministers were unable to bridge differences on how to rebuild their economies after coronavirus, with a North versus South split that recalled the worst days of the eurozone debt crisis.
The European economy has been battered by the pandemic as national governments impose strict lockdowns that have closed businesses and put normal life on hold.
The ministers’ video conference dragged on from Tuesday into Wednesday, with Italy and Spain insisting on having no strings attached to the aid plan on the table.
With tensions running high, ministers put off an especially touchy discussion on a solidarity fund that would be paid for by European partners jointly borrowing money on the financial markets.
Sometimes called “coronabonds”, this proposal was firmly resisted by Germany and the Netherlands and ministers agreed to pass the idea over to EU leaders, who will meet later this month.
– ‘Sensible’ conditions –
Berlin and its allies insist that any European rescue should use the eurozone’s existing 410-billion-euro ($443-billion) bailout fund, as well as wait to see the effects of the massive monetary stimulus already unleashed by the European Central Bank.
Sources said the talks dragged on over how to use the European Stability Mechanism (ESM) bailout fund to help countries that need it, with the Dutch insisting that help could not come without some pledge for reform in return.
“Because of the current crisis we have to make an exception and the ESM can be used unconditionally to cover medical costs,” said Dutch Finance Minister Wopke Hoekstra.
“For the long term economic support we think it’s sensible to combine the use of the ESM with certain economic conditions,” he said.
Opting instead to issue bonds to raise the necessary funding would only “create more problems than solutions for the EU,” he added in a tweeted message.
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France and Germany, the eurozone’s most powerful states, said they had agreed on the terms of using the bailout fund, which could offer a total of up to 240 billion euros.
“With German Finance Miister Olaf Scholz, we call on all European states to rise to the exceptional challenges to reach an ambitious agreement,” France’s Bruno Le Maire said after the talks ended.
– No troika –
Entering the meeting, Italy said it would refuse recourse to the ESM, which was created in 2012 during the eurozone debt crisis when states like Greece no longer had access to borrowing on the markets.
ESM programmes come with strings attached for countries that use it — heavy conditions that Italy and Spain say they would refuse if other capitals were to try to impose them.
They fear having their public spending scrutinised by Brussels auditors, as happened to Greece and Portugal after their bailouts.
Northern countries insist that conditions can be kept to a minimum given the cause of the crisis, but that in the longer term a country would have to get their finances in order.
“In the end it was the Dutch who made excessive demands on conditionality,” an EU diplomat said.
“The Dutch were very tough. Without the Netherlands, we would have come to an agreement,” the diplomat added.
Whatever is eventually agreed by the ministers will then go to EU leaders.
Last month leaders met but failed to agree a bailout due to their differences and tasked the ministers to break the logjam.
Italy and Spain, backed then by France, wanted Brussels to back the idea of “coronabonds,” a shared debt instrument sold on the markets to raise money.
Also under discussion is a lending facility from the European Investment Bank for struggling small and medium-sized businesses, and a guarantee fund for certain national unemployment schemes to be run by the European Commission.
Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.
According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.
Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.
Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.
Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.
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Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.
According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.
Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.
Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.
Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.
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I am writing to felicitate with Your Excellency, Atku Abubakar, GCON, former Vice-President of Nigeria (Zege Mule u Tiv & Wazirin Adamawa)
on the occasion of your 79th birthday anniversary.
I join your teeming admirers globally in celebrating you on this special day, an adorable Statesman and my Boss.
I recall with nostalgia, how countless generations have benefited from your generosity, wealth of experience and benevolence including being my key benefactor even as a young lawyer for my professional success.
Your Excellency, may your special day be filled with grandeur befitting your illustrious career.
I wish you continued success, prosperity, and an unending stream of accolades.
It takes a remarkable kind of fortitude to remain active in public life well into one’s golden years. Your dedication and patriotism remain truly exceptional.
May you enjoy a day of reflection on your many years of fruitful service to humanity. It is my prayer that God Almighty grants you many more healthy, fruitful, and fulfilling years ahead, and continues to endow you with wisdom, strength, and the grace to keep contributing to our nation-building.
Happy Birthday, Your Excellency.
Michael Kaase Aondoakaa SAN.
Former Attorney General of the Federation and Minister of Justice
TAU reaffirms commitment to globally competitive learning
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