Gilles Verstraeten: “Credit downgrade proves the complete failure of the Brussels government”

Brussels MP Gilles Verstraeten pulls no punches in response to the recent downgrade of the Brussels Region's credit rating by agency Standard & Poor’s. “It’s no surprise—just the inevitable result of years of disastrous governance,” he states. “For five years, the N-VA has been warning about the dangers of the government’s unchecked spending spree under Vervoort III. This downgrade is clear proof of its utter failure.”

€1.4 billion deficit

The downgrade comes at a time when the Brussels Region is facing a €1.4 billion deficit and its debt ratio is soaring to an unprecedented 242% of its income. “Interest payments on that debt will only continue to rise,” Verstraeten warns. “The Brussels Region is essentially bankrupt. The consequences of years of financial mismanagement and ongoing political gridlock are already being felt by our institutions, associations, businesses, and citizens.”

“How much longer can we pay our staff and our bills?”

According to Verstraeten, Brussels residents are already bearing the brunt of this mismanagement. “There’s no money left to pay for invoices from completed social housing projects. As of July 1st, the Housing Fund will no longer grant any loans. Renovation grants? They no longer exist in Brussels. And the multi-billion-euro Metro 3 project is no longer financially sustainable. The real question now is: how much longer do we have the funds to pay our staff, our bills, and our short-term debts?”

The situation at the local level is equally dire. “Eleven of the nineteen municipalities are under regional supervision. The Brussels water utility Vivaqua and public hospitals are also grappling with severe financial problems. And we haven’t seen the end of it—more skeletons are bound to tumble out of the closet in the coming years.”

“Brussels residents are crying out for competent governance”

Verstraeten is calling for urgent reforms and strict budget discipline. “We need to get our house in order. That’s the only way we can begin to tackle issues like safety, cleanliness, homelessness, poverty, and unemployment.”

He criticizes the political standstill: “Every day without a functioning government costs Brussels more credibility and more money. The time for delay is over. It’s unacceptable that some parties still refuse to even start a conversation about potential solutions simply because they don’t like the possible partners—yet they have no issue cozying up to the far left. The people of Brussels are crying out for responsible leadership. That’s why our message remains: come to the table and help build a better future for Brussels,” Verstraeten concludes.