Belgium's PM to offer resignation after budget talks fail

The Belgian national debt amounts to over €735 billion, more than 110% of Belgium's GDP, while 60% is permitted by the EU, Euronews reports.

Belgium’s Prime Minister Bart De Wever will offer his government's resignation to King Philippe on Monday following failed overnight budget talks, local media are reporting.

The government must save €10 billion to stay within EU spending limits.

The budget deficit amounted to 5% last year, while a deficit of a maximum of 3% is permitted under European rules. Due to the failure to reach an agreement, interest rates on government bonds have increased, and Belgium has to pay more to meet its debt obligations.

If the King accepts his resignation, new elections will be called. The King may also refuse the resignation.