European Union (EU) officials are examining ways to roll over hundreds of billions of euros of COVID-19 era bonds in order to prevent the bloc’s common budget being overwhelmed by repayment costs, the Financial Times reported on Thursday.

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This move which is backed as an option by former European Central Bank chief Mario Draghi would extend as much as 350 billion euros ($385.49 billion) of unprecedented pandemic-era EU borrowing, the newspaper reported, citing people familiar with the matter.