The Fort Worth Press - Budget impasse threatens Belgium's ruling coalition

USD -
AED 3.672796
AFN 65.501672
ALL 81.949571
AMD 381.460187
ANG 1.790403
AOA 917.000318
ARS 1457.031038
AUD 1.494902
AWG 1.8
AZN 1.756834
BAM 1.663067
BBD 2.015017
BDT 122.369327
BGN 1.663497
BHD 0.377009
BIF 2965
BMD 1
BND 1.286458
BOB 6.928454
BRL 5.581702
BSD 1.000493
BTN 89.919475
BWP 13.153129
BYN 2.889418
BYR 19600
BZD 2.012074
CAD 1.36912
CDF 2199.999776
CHF 0.79044
CLF 0.023314
CLP 914.620114
CNY 7.005903
CNH 7.00209
COP 3731.15
CRC 495.650621
CUC 1
CUP 26.5
CVE 94.249635
CZK 20.64245
DJF 177.719762
DKK 6.35341
DOP 62.950107
DZD 129.514976
EGP 47.669842
ERN 15
ETB 155.296925
EUR 0.85067
FJD 2.27485
FKP 0.740878
GBP 0.74135
GEL 2.684976
GGP 0.740878
GHS 11.324967
GIP 0.740878
GMD 73.999671
GNF 8742.501543
GTQ 7.670788
GYD 209.317948
HKD 7.77445
HNL 26.359756
HRK 6.409903
HTG 131.017066
HUF 328.499496
IDR 16763
ILS 3.18085
IMP 0.740878
INR 89.87785
IQD 1310
IRR 42125.000455
ISK 125.389979
JEP 0.740878
JMD 159.385044
JOD 0.708961
JPY 156.177501
KES 128.846549
KGS 87.4115
KHR 4015.000328
KMF 417.999701
KPW 900.000979
KRW 1435.04982
KWD 0.307303
KYD 0.833709
KZT 502.232086
LAK 21629.999689
LBP 89550.000176
LKR 310.143104
LRD 177.702233
LSL 16.689908
LTL 2.95274
LVL 0.60489
LYD 5.414992
MAD 9.12875
MDL 16.777063
MGA 4560.000241
MKD 52.361165
MMK 2100.336705
MNT 3556.548102
MOP 8.010731
MRU 39.780034
MUR 46.080534
MVR 15.450362
MWK 1736.999693
MXN 17.98322
MYR 4.059748
MZN 63.900193
NAD 16.689665
NGN 1448.520186
NIO 36.549503
NOK 10.05618
NPR 143.87133
NZD 1.722519
OMR 0.384503
PAB 1.000468
PEN 3.364501
PGK 4.252501
PHP 58.8615
PKR 280.149972
PLN 3.596275
PYG 6780.49693
QAR 3.64099
RON 4.334403
RSD 99.798396
RUB 78.594329
RWF 1452
SAR 3.750473
SBD 8.153391
SCR 15.036238
SDG 601.499408
SEK 9.195997
SGD 1.28591
SHP 0.750259
SLE 24.074966
SLL 20969.503664
SOS 571.496458
SRD 38.248972
STD 20697.981008
STN 21.25
SVC 8.754028
SYP 11056.906484
SZL 16.689804
THB 31.670241
TJS 9.209445
TMT 3.51
TND 2.885502
TOP 2.40776
TRY 42.931985
TTD 6.801697
TWD 31.340247
TZS 2455.000266
UAH 42.252667
UGX 3618.986072
UYU 39.284712
UZS 12050.000202
VES 288.088835
VND 26285
VUV 120.879191
WST 2.770882
XAF 557.777079
XAG 0.01401
XAU 0.000231
XCD 2.70255
XCG 1.8031
XDR 0.692271
XOF 556.493084
XPF 102.124994
YER 238.449624
ZAR 16.69495
ZMK 9001.200568
ZMW 22.410333
ZWL 321.999592
  • CMSC

    -0.0250

    23.065

    -0.11%

  • BCC

    -0.7400

    74.39

    -0.99%

  • SCS

    0.0200

    16.14

    +0.12%

  • BCE

    0.2250

    23.275

    +0.97%

  • JRI

    0.0280

    13.498

    +0.21%

  • GSK

    0.0550

    49.135

    +0.11%

  • NGG

    0.0400

    77.68

    +0.05%

  • RYCEF

    -0.1300

    15.4

    -0.84%

  • BTI

    0.0000

    57.27

    0%

  • RBGPF

    -0.5500

    80.71

    -0.68%

  • RIO

    -1.8900

    80.35

    -2.35%

  • CMSD

    -0.0300

    23.08

    -0.13%

  • AZN

    -0.1600

    92.74

    -0.17%

  • RELX

    0.1450

    41.255

    +0.35%

  • VOD

    0.0450

    13.165

    +0.34%

  • BP

    0.1700

    34.44

    +0.49%

Budget impasse threatens Belgium's ruling coalition
Budget impasse threatens Belgium's ruling coalition / Photo: © AFP

Budget impasse threatens Belgium's ruling coalition

Belgium's fragile governing coalition could be staring at collapse as Prime Minister Bart De Wever threatens to resign unless it approves a cost-cutting budget Thursday.

Text size:

The straight-talking Flemish conservative -- who only became premier in February after seven months of painstaking negotiations -- is seeking to turn the screws on his ruling partners as he tries to push through 10 billion euros ($11 billion) of savings by 2030.

Those around De Wever admit his gambit is likely a bluff -- but, if the deadlock persists, it risks plunging a country long-used to political wrangling into a fresh crisis.

Talks over the new budget have already dragged on for several months, with a number of self-imposed deadlines missed.

De Wever portrays the cuts as vital to help reduce Belgium's eye-watering national debt, one of the steepest in the European Union.

He is calling for a series of "historic" reforms to liberalise Belgium's labour market, curb high unemployment benefits and cut back on pension costs.

"The budget is horrible, the national debt is horrible, we must take strong measures" and "continue with this government", Defence Minister Theo Francken said Monday.

Francken, De Wever's party ally, insisted that it would be "crazy" if the government fell over the budget impasse given the current geopolitical tensions as Russia's invasion of Ukraine continues to destabilise Europe.

- 'Damage his image' -

But trying to get a disparate five-party coalition that includes French-speaking economic liberals and Dutch-speaking socialists to agree on what needs to be done is proving tough.

While those on the right are rigidly opposed to hiking taxes, the left are pushing to hit the wealthy harder rather than slash benefits.

De Wever, a cat-loving ex-mayor of Antwerp known for his three-piece suits, is hoping his pressure tactics pay off and he can solve the deadlock.

A long-time proponent of independence for his Flemish-speaking region, he would be loath to relinquish the post of prime minister after years of questing for the top job.

His threatened resignation would come at a tricky time as well, with De Wever set to hold an emergency security meeting after unexplained drone flights shut down several Belgian airports late on Tuesday.

"Announcing his resignation on the day of a security council meeting on drones would damage his image on the European stage, where he likes to present himself as a statesman capable of exerting influence," political scientist Jean Faniel, who heads Brussels think tank CRISP, told AFP.

And while the budget talks are consuming his attention at home, De Wever is also facing pressure himself on the European stage for holding up a potential mammoth EU loan to Ukraine using frozen Russian assets.

The vast majority of those assets are housed in international deposit organisation Euroclear in Belgium, and De Wever has insisted he needs strict guarantees from EU counterparts before giving his green light.

P.Grant--TFWP