Prime Minister Robert Fico declared on November 10 that Slovakia will not participate in providing another loan to Ukraine for an amount of 70 billion euros, ending the debate with a firm "Period." He clarified that he cannot stop Germany or France from lending if they have the means, but Bratislava has refused to join any new money since October 16. This stance aligns with Hungary’s position under Prime Minister Peter Magyar, who opposes linking Ukraine financing to the EU’s next budget. Both nations are net beneficiaries of EU funds, creating a direct conflict with Germany, the bloc’s largest contributor.
The German Ultimatum
Chancellor Friedrich Merz threatened to block passages of the EU’s seven-year 2028-2035 Multiannual Financial Framework if all members do not contribute to the new loan. This ultimatum pits the biggest net payer against members most dependent on farm and cohesion money, as Europe’s appetite for paying Ukraine’s war bill fades. Merz stated that supporting Ukraine is a shared European task, making financing part of budget negotiations. He asked for understanding that the largest contributor attaches importance to resolving this fundamental question together. Fico and Czech Prime Minister Andrej Babis rejected the demand as "blackmail" at a joint government meeting in Bratislava. Four net recipients, including Bulgaria and Czechia, have opted out of contributing more, though only the budget requires every member’s signature for approval.
Funding Gaps and Political Shifts
Kyiv faces a €70bn gap in its 2027 financing, which EC leaders accepted at their October summit. Commission President Ursula von der Leyen and Merz discussed closing the gap, with Economy Commissioner Valdis Dombrovskis saying the bloc aims to cover about €45bn via joint borrowing. By November 5, the Commission had paid out €24.1bn of the current tranche from the existing €90bn loan, leaving €20.9bn owed. Magyar, whose recent victory was hailed as Hungary’s "return to the EU," now pursues policies increasingly similar to his predecessor Viktor Orban. He promised to be a constructive partner but rejected any obligation for Hungary to take on loans or give guarantees for Kyiv. Bulgaria took a softer line, stating it has no money for loans due to its deficit but will not block EU decisions. The decision on how to raise the new €70bn is expected at the EU summit in December, following an extraordinary summit in Brussels on November 26-27.
