Economy of the European Union

Moody's: Crisis is temporary

The crisis from the coronavirus pandemic is expected to constitute no more than a transitional shock for the Greek economy, estimates Moody's, stressing that the country's credit profile continues to be on an improvement course even though this was interrupted by the Covid-19 lockdown.

EU exec to propose 1 trln euro recovery plan with grants and loans

The European Commission will present a pandemic recovery plan next week that will exceed 1 trillion euros in a mix of grants and loans, Executive Vice President Valdis Dombrovskis said on Tuesday.

Dombrovskis, speaking after a meeting of EU finance ministers, welcomed a proposal by France and Germany for a 500 billion euro fund to disburse grants to worst-hit regions and sectors.

Germany, France propose EU economic recovery fund

The leaders of Germany and France proposed Monday a 500 billion-euro ($543 billion) recovery fund for European economies hit by pandemic.

In a joint statement, German Chancellor Angela Merkel and French President Emmanuel Macron said the proposed fund would see European Union budget expenditure used to help sectors and regions that are particularly affected by the outbreak.