EU pledges €37 billion for coronavirus crisis and green lights big spending by member states.
Current Affairs Coronavirus Thread - Serious stuff !!!
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1. Where did the EU get all of that money?
2. Why would the member states need "green-lighting"? lol
1. Where did the EU get all of that money?
The European Union will launch a €37 billion investment initiative as part of a package of measures to cushion the bloc's economies from the impact of coronavirus, European Commission President Ursula von der Leyen said.
Other steps the EU's executive will take include giving member states flexibility on budget deficits and state aid, von der Leyen told a news conference.
The move is meant to grant full spending flexibility to Italy, the European country so far most affected by the crisis.
The EU will also use €1 billion of EU money to guarantee up to €8 billion in loans to 100,000 virus-hit firms in tourism, retail, transport and other ailing sectors, von der Leyen said.
"I am convinced that the European Union can withstand this shock," she said.
"But each member state needs to live up to its full responsibility and the European Union as a whole needs to be determined, coordinated and united," she added.
Earlier this week she announced a €25 billion investment plan based exclusively on existing EU funds already committed to EU states.
Meanwhile, the European Commission is ready to activate a clause in EU fiscal rules that would allow a suspension of budget commitments by countries most affected by the coronavirus crisis, the EU executive's vice president said today.
"We stand ready to activate the general escape clause to accommodate a more general fiscal policy support," Valdis Dombrovskis told a news conference.
"This clause would suspend the fiscal adjustment recommended" and can be triggered in case of a severe downturn, Dombrovskis said.
Speaking about Italy in particular, von der Leyen told reporters: “We are absolutely ready to help Italy with whatever is necessary. This is of the utmost importance. This country is severely hit by coronavirus.”
“So whatever is necessary, we support. Whatever they will need, we will answer.”
Von der Leyen also boosted the amount of existing EU budget money to be devoted to the crisis to €37 billion.
The spending in question will come from EU subsidies left unspent and rules will be loosened to keep funds flowing.
All eyes are on a meeting on Monday of EU finance ministers who between them have more power to build a response sizeable enough to be felt on the markets.
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Pointed out Liverpool was infected last night on QT by the former health expert .....he refused to go on that point..,..
witchdoc187
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Bitcoin dropped 18% and then back to 15.5% in one minute.
Paris
What is love?
Paris
What is love?
Not going to panic buy or anything like that, but I might purchase a couple of tins and a pot noodle or two down the supermarket tonight, just in case stuff really hits the fan
This is pure dystopia.
It's like they are trying to make these info sheets as nightmarish as possible
Probably where I live is I'm now being forced to hoard just to battle the hoarders.
Well just look at the development today totally against the 3 stooges press conference yesterday.......
witchdoc187
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The local government here has locked down 6 towns. I believe there's at least 4 locked down in the North of Spain too. We've been told to stay in our houses but can go supermarket. Local parks are closed and ask public buildings
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