Economy of the European Union
From mid-March up until the end of May at the earliest, the state looks set to be the main - if not the only - income provider for about 3 million households in Greece, or 70 percent of all families.
The reduction of the private sector's contribution toward the country's total income is unprecedented and the gap will have to be bridged (although not covered) by the state budget.
Bulgaria's Finance Minister Vladislav Goranov has confirmed that Bulgaria is continuing its plan to enter the ERM-2 exchange rate mechanism. One of the commercial banks in the country still need to comply with the European Central Bank's recommendations for additional capital buffers. In doing so, Bulgaria will meet the requirements for applying to join the European Banking Union and ERM-2.
The European Union estimates that the Greek economy will contract by 8 to 9 percent this year due to the coronavirus pandemic, much higher than the government's projections.
Officials in Brussels revealed that forecast on Wednesday, during a conference call with the finance ministers of the Greek government regarding the assessment of the Greek economy.