Euractiv: Von der Leyen’s EURO 800 Billion ‘Rearm Europe’ Plan and the Holes in it … Monster-Debts

Euractiv reports: “Von der Leyen said on Tuesday morning that the EU leverage in issuing bonds and loosening its regulations could free up to €800 billion for the defence industry and member states’ purchases.”
“But the Commission provides few details as to how it achieves the €800 billion figure through the less-controversial options proposed.”
Even though the EU Commission is calling its main initiative an “instrument under Article 122 of the treaty,” its proposal includes the very controversial joint borrowing of up to €150 billion for defence.
“It is not joint borrowing” though, a senior EU diplomat assured, as they said the fund is guaranteed by the EU budget. 
The Commission would borrow that money in capital markets, then loan it to member states under the condition they jointly procure weapons in Europe. ”
“Joint borrowing for defence costs needs only support from a qualified majority of EU countries, which means it might be easy to set up even though shared debt has faced critics in the past. Germany, the continent’s largest economy, remains unclear on common borrowing idea, while France has historically supported the move. The Commission did not propose redirecting the leftover money from the pandemic recovery fund, where around €93 billion in loans remains available.”
At some point, the governments will have to reduce their deficit somehow by raising taxes or reducing expenses … that’s when the hard time starts.
“The proposal also does not mention confiscating Russia’s frozen assets. The EU’s top diplomat, Poland and the Baltic countries also want to use Russian Central Bank assets frozen inside the bloc to fund support to Ukraine and its defence needs. France remains against it, its government repeated today.”
This is pure Management by Crisis. A defense crisis is claimed to exist publicly. Lots of money will be raised, mainly on the capital markets, in a joint effort, and then charged to the individual EU member states. Why the 93 billion leftover from Covid cannot be included in the new defense effort but must stay untouched in the EU’s bank account? The EU is a money collecting machine for its own purposes but costs will be charged to the big countries mainly, such as Germany.
The EU will swim in debts, so will Germany, after announcing a mega fast new debt while lifting the constitutional debt ceiling.
Future generations of tax payers will have to cover these monster deficits.