EU to unveil massive stimulus plan for post-coronavirus recovery
The European Commission will on Wednesday unveil a plan to help the EU economy recover from its coronavirus slump with a mix of grants, loans and guarantees exceeding 1 trillion euros that raised controversy even before it was announced.
The aim is to help countries and sectors worst hit by he Covid-19 pandemic recover quickly and protect the EU single market of 450 million people from being splintered by divergent economic growth and wealth levels as the 27-nation bloc emerges from its deepest ever recession expected this year.
It is needed because countries like Italy, Greece, France, Portugal or Spain, burdened with high debt and deeply reliant on tourism, will find it more difficult than more frugal countries in the north to restart their economies through borrowing.
The disputed novelty of the plan is for the Commission to borrow cheaply on the market...