The aid program — especially the 500 billion euros allocated for grants — would offer critical support to the region’s hardest hit economies like Spain, Italy and Greece, which are projected to shrink by almost 10% this year. These countries have also been constrained by dangerously high debt levels while their peers in the north have been able to use national budgets straight away to support companies and workers.
France and Germany, the countries that first agreed the plan should be anchored by grants rather than loans, have been lobbying governments across the bloc to figure out what it will take to bridge the differences.The debate is further complicated by the fact that the proposed recovery fund will have to be agreed alongside the EU’s next long-term budget, which is set to kick in next year. Negotiations over the seven-year spending plan were already testy before the pandemic struck.
Underpinning it all are the long-standing differences over how far and on what basis EU members are willing to pool their finances and ultimately their sovereignty.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Business Maverick: Hertz Kills Share Sale, Ending Unusual Effort to Fund BankruptcyHertz Global Holdings Inc. called off efforts to raise cash by selling potentially worthless stock after U.S. regulators questioned its highly unusual approach to paying off creditors.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Hong Kong People Shifted Pension Out of City, China StocksHong Kong workers stepped away from local and Chinese equities last month at levels not seen since 2016, as political tensions returned and investors chased big stock gains elsewhere.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Asia Stocks Drop With U.S. Futures; Havens Gain: Markets WrapAsian stocks and U.S. equity futures dropped, while the yen and Treasuries advanced, as optimism over policy stimulus gave way to recovery concerns caused by rising infection numbers in some locations.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: Implats decides not to take option in Waterberg project as miners conserve cashImpala Platinum has decided not to exercise its option to raise its stake in a promising palladium project in the Waterberg. Palladium was all the rage a few months ago, but the Covid-19 pandemic has dramatically altered the global economic landscape and mining companies are focused on cash preservation rather than expansion.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: New SAA requires R26.7bn from taxpayers to be airborneSAA, which last turned a profit in 2011, is still expected to have a negative cash flow position over the next five years. The airline is expected to have a cumulative negative cash-flow position of R59.7bn between the financial years 2021 and 2025.
Source: dailymaverick - 🏆 3. / 84 Read more »