Belgian government fails to agree on budget; De Wever may offer government’s resignation — Cyprus Mail

In Belgium, the government has once again failed to reach an agreement on next year’s budget. According to the Belgian newspaper De Tijd, cited by Cyprus Mail, this could trigger a government crisis. Prime Minister Bart De Wever, according to this information, is likely to offer the government’s resignation to the king.

Dispute over €10 billion

The coalition parties have been arguing for several months over €10 billion in spending cuts and tax increases. De Wever considers these measures necessary to maintain control over public finances. The source also notes that this is equivalent to approximately $11.2 billion.

De Wever’s Flemish nationalist N-VA party and the liberal MR seek to cut healthcare spending. Their socialist and centrist coalition partners, meanwhile, demand higher taxes on wealth.

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Meeting with the king

De Tijd sources said that De Wever was due to meet with Belgium’s King Philippe to submit the government’s resignation. The publication noted that the king would most likely not accept it immediately.

Interest rates on Belgian government bonds have risen significantly in recent months. De Wever warned that a debt spiral and rising debt-servicing costs could force the government to borrow money solely to pay interest on existing loans.