BRUSSELS (REUTERS) - The European Commission will on Wednesday (May 27) unveil a plan to help the EU economy recover from its coronavirus slump with a mix of grants, loans and guarantees exceeding 1 trillion euros (S$1.56 trillion) that raised controversy even before it was announced.. Read more at straitstimes.com.
BRUSSELS - The European Commission will on Wednesday unveil a plan to help the EU economy recover from its coronavirus slump with a mix of grants, loans and guarantees exceeding 1 trillion euros that raised controversy even before it was announced.
It is needed because countries like Italy, Greece, France, Portugal or Spain, burdened with high debt and deeply reliant on tourism, will find it more difficult than more frugal countries in the north to restart their economies through borrowing. The package would also provide loans, repaid by governments who take them, and guarantees that could draw in many times more in private cash by reducing the risk of various investments.
The Commission is to propose such new taxes, following up on its proposal from 2018 when it asked EU governments to give it EU revenues from a tax on plastics and some money from the CO2 emissions trading scheme and national corporate taxes.
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