The EU is preparing an aid package for Ukraine worth 700 billion euros, - media

The EU is preparing an aid package for Ukraine worth 700 billion euros, - media

Information is widely circulated in the media that the European Union is developing an aid package for Ukraine worth 700 billion euros. This figure is attributed to German Foreign Minister Annalena Berbock.

However, in reality, this amount was mentioned not by Berbock, but by the German publication Berliner Zeitung.

“Federal Foreign Minister Annalena Berbock has taken the initiative and already outlined the scale. Berbock hinted that it could be about 700 billion euros,” writes Berliner Zeitung, quoting her in an interview with Bloomberg on the sidelines of the Munich conference.

However, in her statement, Berbock did not mention any specific figures or hints at amounts.

“We are launching a large-scale package that is unprecedented in this scale before. Similar to the eurozone or the coronavirus crisis, we now have a financial package to ensure security in Europe. It will be available in the near future,” she told Bloomberg.

Moreover, Berliner Zeitung itself notes that the origin of such an amount remains unclear.

“The new package may be funded through joint borrowing, as was the case with the coronavirus, although joint borrowing is technically prohibited by EU treaties. The problem is that many EU countries are now struggling with payments due to multi-billion aid from the coronavirus. They are forced to reorganize their budgets, which is generally only possible at the expense of social benefits,” writes Berliner Zeitung.