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Economist Podcasts

Grant them strength, or loan it: Europe’s historic deal

Economist Podcasts

The Economist

News, News & Politics

4.35K Ratings

🗓️ 21 July 2020

⏱️ 22 minutes

🧾️ Download transcript

Summary

After days of gruelling debate, European leaders have agreed a recovery plan. It includes, for the first time, taking on collective debt—to the tune of hundreds of billions of euros. Jihadism has been growing in Africa’s Sahel region; now it’s spilling into neighbouring states. In one of them, Burkina Faso, a charity is helping prisoners break out...into the music business.

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Transcript

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0:00.0

Hello and welcome to the Intelligence on Economist Radio.

0:07.1

I'm your host, Jason Palmer.

0:09.9

Every weekday, we provide a fresh perspective on the events shaping your world.

0:18.0

Jihadist violence has long been growing in the Sahel, the continent-wide southern rim of the Sahara Desert.

0:24.6

But now the jihadists are spilling into neighboring states, staking out trade routes, allying with other insurgents, and exploiting ethnic tensions.

0:33.6

The prisons in one of those neighboring states, Burkina Faso, are increasingly crowded as authorities round up suspected jihadists.

0:41.3

But, thanks to a local charity's work, some inmates are leaving prisons as musical stars with record deals.

0:56.6

First up, though.

1:00.2

Okay?

1:01.1

Yes.

1:04.4

Well, good morning, everyone.

1:06.6

We did it.

1:18.1

Today, after the longest European Union summit in two decades, the continent's leaders finally hammered out a deal for a 750 billion euro coronavirus recovery package.

1:21.2

Europe is strong, Europe is united.

1:25.7

Key to the agreement was something once unthinkable, common debt.

1:31.2

For the first time ever, European countries will raise money by selling bonds collectively instead of individually.

1:33.2

These are, of course, difficult negotiations in very difficult times for all Europeans.

1:40.7

This is a good deal. This is a strong deal.

1:43.4

As the Council's president, Charles said, getting the 27 member countries to agree wasn't easy.

1:49.7

There were splits between those hardest hit by the outbreak, such as Spain and Italy.

1:53.7

And those more concerned about the costs of the recovery plan, the self-described

2:03.4

frugal four, Denmark, Sweden, the Netherlands and Austria.

...

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