As European countries brace for the economic fallout of the coronavirus pandemic, the president of the eurozone group of finance ministers known as the Eurogroup, Mario Centeno, in an interview with five European newspapers including Kathimerini, has underlined the need for "a suitable mix of grants and loans in the recovery," warning of a new crisis if adequate support is not provided.
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.
Europe should not get hung up on the idea of issuing coronabonds through a specially created European rescue fund, ECB President Christine Lagarde said in a newspaper interview published on Thursday.
"I don't think that we should get fixated on 'coronabonds'. In Europe, things take a bit more time than we would like, but we always find a solution," she told French daily Le Parisien.
We are living in an historic era.
The world is experiencing the greatest crisis since WWII.
The total freezing of the global economy and social life is a phenomenon that is historically unique.
The projections of analysts, economists, and international organisations point to an horrific landscape the day after the pandemic.