Foreign
GERMANY’S Constitutional Court has said its hearing several complaints on Tuesday, against the European Union’s 800 billion euros (812 billion dollars) COVID -19 recovery fund.
The fund is one of the EU’s most ambitious joint economic projects.
It brought member states together to guarantee the issuance of joint debt by the European Commission on an unprecedented scale.
The money would be raised on the capital markets and was to be repaid by the end of 2058 at the latest.
Individual member states were to receive it in the form of loans and grants, and were to use the funds primarily for climate protection and digitalisation.
The largest sums would go to particularly hard-hit countries such as Italy and Spain.
Germany is expected to be the largest net contributor, at around 65 billion euros.
According to the plaintiffs, there is no legal basis for this “huge redistribution’’ in the European treaties.
They also warned of incalculable liability risks for the German budget.
The hearing is expected to take place on Tuesday and Wednesday, but no decision is expected in the near future. (dpa/NAN)
A.I
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