Non-payment of UK debt to the EU would be tantamount to a sovereign default

A source surrounded by French President Emmanuel Macron noted that the consequences of non-compliance with international agreements “are well known.”

The UK must pay the debt to the EU in the amount of $50 billion before leaving the community, otherwise, it will be considered a sovereign default. This is reported by Reuters, citing a source surrounded by French President Emmanuel Macron.

“Non-compliance with debt obligations is a failure to comply with international agreements, equivalent to a sovereign default, the consequences of which are well known,” the source said.

The former Foreign Minister of the United Kingdom and the main candidate for Prime Minister Boris Johnson promised in an interview with The Sunday Times not to pay Brussels a compensation of £39 billion ($50 billion) for the country’s exit from the European Union until London agrees upon new, satisfying the UK agreement on “Brexit” conditions.

The UK was due to leave the EU on March 29, 2019, two years after giving written notice of withdrawal. However, members of the House of Commons of the United Kingdom Parliament rejected the draft agreement on “Brexit” conditions three times. As a result, the EU agreed to postpone “Brexit” date first on April – May, then – on October 31.