Belgium’s population is 97% urbanized. Crazy, eh? So, it makes sense that the country of decadent waffles and Peter Paul Rubens is pretty boffo for mass transit. The country’s population is connected through an impressive network of rail systems, both on a local and national level, including currently expanding Metros in Antwerp, Ghent and Brussels. Let’s just say that if there ever was a country made for mass transit, the massively dense Belgium is probably near the top of the list.

That said, we were a little frustrated when Belgian bank KBC Group felt like it needed to immediately collect on a $43 million loan provided to WMATA – especially since WMATA’s never missed out on one single payment.

You probably know by now that the mega-collapse of AIG meant that WMATA was without insurance for the $43 million loan from KBC and numerous other loans. Fortunately for the beleaguered D.C. transit agency, KBC somewhat came to it’s senses (perhaps realizing that the political climate for rail funding in America isn’t quite what it is in continental Europe), and granted WMATA a ten-day reprieve on Thursday. A hearing is scheduled for November 12, at which Metro will fairly ask for more time to find alternate insurance means.

The danger for WMATA isn’t just that they won’t be able to pay off the loan in full immediately – although, that is obviously an issue. The wider and more urgent problem if they are unable to find alternate insurance is that other banks will probably also immediately recall loans (totalling upwards of $450 million) from the cash-strapped agency. Fortunately, it seems like WMATA has the backing of the federal government this time, but we all know how dependable that can be.

So, c’mon KBC – maybe you haven’t been following along with Metro’s years-long battle to try and get the government to fund even a small percentage of our high-speed rail, but since you loaned millions to WMATA, you probably should. We’d really, really like it if the newly earned $1.5 billion in funding over the next ten years could be used to rebuild our crumbling platforms and tracks, instead of paying off banks because certain people couldn’t stop with credit default swaps. Of all people, you Belgians must understand the importance of public transit. Cut us a break, will you?

Photo by loufi, used under Creative Commons license