Angela Merkel backlash: Furious Brussels official condemns Germany for risking EU collapse

The European Union’s economy chief Paolo Gentiloni has warned Angela Merkel that she puts the entire EU at risk if she refuses to help fund the recovery of Italy and Spain. Mr Gentiloni told Euronews that the EU project is in danger if Germany continues to ignore calls for solidarity amid the coronavirus crisis. A tense six-hour conference between EU leaders last Thursday ended in furious arguments among EU leaders according to leading officials, as member states struggled to agree on how to respond to the pandemic.

Nine countries including those worst hit, Spain and Italy, demanded the EU agree to “corona bonds” as a way to soften the economic blow of the coronavirus fallout.

Germany and the Netherlands sparked outrage when they rejected these measures, leading to a huge rift to erupt between EU member-states.

The bonds would pool the debt burden of financing the coronavirus response among the EU member-states.

Senior figures in Germany and the Netherlands claim the economic plan is an attempt by “over-spending” southern states to take advantage of rich, frugal countries.

JUST IN: Expert reveals how UK coronavirus recovery could cause EU crumble

At this difficult time for frontline doctors and nurses, sign up here to show your support now to our brave NHS Heroes.

Mr Gentiloni confirmed the EU will slip into a deep recession due to the global pandemic which has ravaged the continent over the last month.

He urged Germany to act immediately, telling Euronews: “A no to solidarity at this moment would put in danger all our project.

“We can’t avoid a recession in the situation where we have a lockdown of our cities, our services and in several countries also our companies in general.

“But we can also have a strong bounce back after the recession.”

Mr Gentiloni had earlier told Italian press that “it will be difficult to keep the European project together” if Germany doesn’t compromise.

Former European Commission president Jacques Delors said the corona-bonds split spells “mortal danger” for the European project.

Politicians in Italy and Spain were further outraged over the weekend when European Commission president Ursula von der Leyen appeared to side with the Netherlands and Germany in an interview with German media.


Andrew Neil blasts journalists at coronavirus press conference [VIDEO]
Meghan Markle ‘terrified’ as Duchess and Harry face ‘financial nightmare’ over Megxit [VIDEO]
Merkel accused of letting euro collapse after defying Macron’s demands [VIDEO]

The European Commission’s chief spokesperson Eric Mamer has since tried to backtrack on these claims, telling reporters on Monday that “all options are on the table”.

At the same time, the former head of the Dutch Central Bank has demanded the Netherlands U-turn on its rejection of corona-bonds, saying that the Netherlands will “no longer be a rich country in the North if the South falls”.

Nout Wellink explained: “A new crisis will begin as soon as this crisis is over: weak countries such as Italy, Spain, Portugal and Greece cannot pay their debts, and the next crisis will begin.”

This comes as the head of the eurozone’s bailout fund has warned the hardest-hit EU countries that it could take up to three years to set up a corona bonds institution.

Source: Read Full Article