Alex Christoforou
@AXChristoforou
Germany has decided that deindustrialization is not good enough. Its time for definancialisation.POLITICO: The idea is to take billions of euros of Russian state cash currently held in a Belgian depository, send it to Ukraine, and replace the withdrawn cash with EU-backed bonds.By replacing the frozen cash with IOUs, the Commission hopes to avoid accusations of illegally confiscating property of the Russian state — an idea one diplomat described as "legally creative."
@AXChristoforou
Germany has decided that deindustrialization is not good enough. Its time for definancialisation.POLITICO: The idea is to take billions of euros of Russian state cash currently held in a Belgian depository, send it to Ukraine, and replace the withdrawn cash with EU-backed bonds.By replacing the frozen cash with IOUs, the Commission hopes to avoid accusations of illegally confiscating property of the Russian state — an idea one diplomat described as "legally creative."