EU Finance Ministers in Cyprus: IMF Warns EU Against a New Debt Crisis

Frankfurter Allgemeine

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EU finance ministers are discussing sustainable long-term financing of their budgets in Cyprus, but in the short term, new debts are at stake again.

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European countries will face massive defence, energy and pension bills in the next 15 years. Thus the IMF told finance ministers during a meeting in Nicosia, suggesting a combination of structural changes, fiscal consolidation and joint debt issuance to manage these financial pressures.

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The International Monetary Fund is warning that the European Union's public debt risks entering an unsustainable trajectory unless urgent action is taken, Politico reports. According to a document presented to finance ministers at an informal meeting in Nicosia, the average debt of a European country could reach 130% of GDP by 2040, almost double the current level. The IMF estimates that, over the next 15 years, European governments will be unde…