Emergency Economic Stabilization Act
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.
Greece will not last in the eurozone in the long run and officials working on a review of its bailout package should prepare for such a possibility, a senior member of the Bavarian sister party of Chancellor Angela Merkel's conservatives said.
Greece has lost a quarter of its national output since it first sought financial aid in 2010.
Greece might need a total of EUR 92 B to cover its financial needs, a document issued by the German Finance Ministry suggests.
This is some EUR 6 B more than the third bailout package international lenders are due to grant Athens as the country is still seeking to deal with its debt crisis and the impact on its economy.
Finance Minister Euclid Tsakalotos and Economy Minister George Stathakis are continuing their meetings with Greece’s quartet of creditors from the European Commission (EC), European Central Bank (ECB), International Monetary Fund (IMF) and European Stability Mechanism (ESM). The goal is to surpass obstacles by August 11 for a positive recommendation on a new multi-billion-euro loan for Greece.
Discussions on a third bailout package have started in Athens between Greek authorities and representatives of Greece's international creditors, the European Commission announced on Monday.
A Greek government spokeswoman, however, said that high-level talks would not begin until later this week, according to the BBC.