Montebourg pleads for the cancellation of the debt resulting from the Covid-19 crisis

The former minister pleads for a concerted cancellation of the Covid debts of all the countries of the euro area, and a massive buyout by the European Central Bank.

Former Socialist Minister Arnaud Montebourg, who is considering a return to politics, pleaded Sunday for the cancellation of the debt contracted by European states to face the exceptional crisis caused by the Covid-19 pandemic. “If anyone can tell me how we are going to pay off 500 billion more debt, or seven times the annual income from income tax … It is impossible, and we will not be able to do it without jacqueries and revolts», Pleaded Mr. Montebourg during the Great meeting Europe 1-Les Echos-CNEWS.

According to him, “we will have to find innovative formulas“, specifically “a concerted cancellation of all the Covid debts of all the countries of the euro zone, and a massive takeover by the European Central Bank, which will not rob anyone.» «We are not going to have austerity plans ad vitam aeternam to repay a debt in which we have no moral, political or economic responsibility.“, Insisted the one who had preceded Emmanuel Macron in Bercy between 2012 and 2014, under the presidency of François Hollande.

European leaders approved in July a recovery plan of 750 billion euros to get out of the economic crisis caused by the coronavirus. This plan is backed by a European budget of 1.074 billion euros for 2021-2027, currently suspended from the green light of MEPs. Given the context of the exceptional crisis linked to the Covid-19 pandemic, the EU also announced in March a suspension of its budgetary discipline rules, inviting the various countries to temporarily let their fiscal deficits slip.

Macron, a “Californian liberal”

Former lawyer Arnaud Montebourg, now an entrepreneur, also portrayed Emmanuel Macron as a weather vane on Sunday, “a Californian liberal, a surfer, who takes all the waves, the green, the red, the blue», Presenting himself in counterpoint as a man of conviction. Asked about what could be a presidential roadmap, he listed: “Reform the Republic, reform capitalism (…), ecologically rebuild industry and agriculture, dismantle Islamism in our country, and put France before Europe».

If he “look for the way to [son] engagement“And does not know”not how yet“He wants to participate in the campaign for the presidential election of 2022, Arnaud Montebourg considers that”The objective of the Republic is to beat Emmanuel Macron (in the first round) to prevent Ms. Le Pen from winning in the second round.»

To see also – Pierre Moscovici envisages a “public debt which should reach 120%”