Economy
World / Countries / MNCs COVID-19: European Commission proposes borrowing 750 bln euros as recovery fund
Just Earth News | @justearthnews | 27 May 2020, 08:00 am Print
Pixabay
Brussels/Xinhua: The European Commission on Wednesday proposed borrowing 750 billion euros (826 billion US dollars) in its name from the financial market to help the world's largest trading bloc recover from a recession owing to the coronavirus pandemic.
The money is proposed to be channeled to member states through European Union programs and repaid over a long period of time throughout future EU budgets, not before 2028 and not after 2058.
More Economy
- Automobile giant Tesla likely to remove 10 percent of its workforce
- Crypto market tanks amid Middle East crisis
- Elon Musk's Tesla inks strategic deal with India's Tata Electronics to procure semi-conductor chips
- Apple plans to reduce 614 workers in California
- Tech major Apple to open its new Shanghai store on Thursday