Tuesday, July 29, is the deadline for European countries to borrow from the €150 billion Security Assistance Facility for Europe in order to purchase weapons for Ukraine. The idea was proposed last March by the European Commission as part of the ReArm Europe program for the preparation for war with Russia, maybe by 2030. European Commission President Ursula von der Leyen’s idea is to build up Europe’s military industry so as not to be too dependent on the U.S. weapon producers, and to increase “made in Europe.” Terms would be a 45-year payback period at 15% interest.
Given those unappealing terms, not surprisingly, only Greece had signed up, as of this writing, with a request of €1.2 billion. However, Belgium, Bulgaria, Cyprus, Czech Republic, Estonia, Spain, Finland, Hungary, and Lithuania have expressed an interest in the loans, the EU’s defense spokesman Thomas Regnier claimed a week ago. The Czech Republic, Latvia, and Bulgaria were planning to sign up before the midnight deadline, which is now being extended.
