Wealth of Nations

Wealth of Nations

Europe's Glass Half-Full

A guest post by Hugo Dixon, one of the architects of the Ukraine reparation loan plan, on why he rates last week's EU deal as only 6 out of 10 - and why still holds out hope of getting to 10 out of 10

Hugo Dixon's avatar
Hugo Dixon
Dec 22, 2025
∙ Paid

clear drinking glass filled with water
Photo by manu schwendener on Unsplash

By Hugo Dixon

Simon Nixon has suggested I have been too negative on the European Union’s €90 billion loan to Ukraine. I gave it only 6 marks out of 10. I would have preferred to use the frozen Russian assets rather than EU borrowing to get cash to Kyiv. I am one of the architects of this “reparations loan” concept.

To …

User's avatar

Continue reading this post for free, courtesy of Simon Nixon.

Or purchase a paid subscription.
Hugo Dixon's avatar
A guest post by
Hugo Dixon
Hugo Dixon is Commentator-at-Large for Reuters. He was previously the founding chair and editor-in-chief of Breakingviews and, before that, editor of the Financial Times’ Lex Column.
Subscribe to Hugo
© 2026 Simon Nixon · Privacy ∙ Terms ∙ Collection notice
Start your SubstackGet the app
Substack is the home for great culture