Great Recession in the United States

International developments pose a greater challenge for businesses, households and banks - What the Hellenic Financial Stability Report of the BoG says

A man with his dog casts his vote at a polling station in Athens. Greeks were voting Sunday in the first election since their country's economy ceased to be subject to strict supervision and control by international lenders who had provided bailout funds during its nearly decade-long financial crisis. [AP]

The investment projects contracted under the Recovery and Resilience Fund now number 145, out of a total of approximately 400 investment projects submitted to banks for financing.

The way is now open to accept the Greek request for additional loans of 5 billion euros from the Recovery Fund, within the framework of REPowerEU, for Europe's energy autonomy, thus increasing the fund's loan budget by 40%.

Ljubljana – The parliamentary Labour Committee is expected to approve the new coronavirus crisis stimulus bill on Monday. The government-proposed bill brings EUR 320 million in aid, with employers eagerly awaiting the extension of the furlough subsidy scheme and partial cover of new expenses arising with the increase in minimum pay.

Ljubljana – The STA management and staff have described the government’s failure to transfer overdue public service payments as required by the latest economic stimulus act as a defeat of the rule of law, convinced that the decision to seek European Commission input over state aid rules as a delaying tactic meant to financially exhaust the agency.

The next five years could prove pivotal for the Greek economy as the government seeks via its National Recovery and Sustainability Plan to utilize resources from the European Union's Recovery Fund amounting to 32 billion euros - which could reach €45 billion together with private funds - and power the country's GDP to a new level.

Banks have provided 3.6 billion euros in loans to businesses through two programs, Business Financing and the Warranty Fund, both designed by the Hellenic Development Bank (HDB).
Specifically, they have provided €1.6 billion through Business Financing, out of the €1.8 billion currently available, and €2 billion through the Warranty Fund, out of the €3.6 billion available.

The European Commission will propose on Wednesday that Italy and Spain - the countries most affected by the coronavirus epidemic - get the lion's share of a new recovery fund offering a mix of grants and loans, a senior EU official said.

The shutdown of many US companies caused by the pandemic from the coronavirus has caused a huge wave of unemployment, rising to 3.3 million last week, the largest ever recorded. This was reported by the Ministry of Labour, cited by AFP.

The increase is up from 281,000 unemployment applications in the previous week and breaks the previous record of 695,000 set in October 1982.