Economy of the European Union

Eurozone govts agree on cheap loans for countries hit by pandemic, sources say

Eurozone finance ministers agreed on Friday to offer cheap credit lines that can be tapped until the end of 2022 by countries hit by the coronavirus pandemic, two European officials said.

"All agreed. The program can be used until the end of 2022," one of the officials said.

Large gap between forecasts

The European Commission's forecast for a 9.7 percent economic contraction in Greece is not only the biggest among all eurozone members, but also considerably more pessimistic than the official forecast by the government - which Athens attributes to Brussels not factoring in Greece's relief measures.

EC: Romania's economy to contract by 6% in 2020; government deficit up to 9.2% of GDP

Romania's economy is projected to contract by 6% in 2020 after many years of robust growth, whereas the general government deficit is forecast to increase to around 9.2% of the GDP in 2020, according to the European Economic Forecast - Spring 2020, published by the European Commission (CE) on Wednesday.