Economy
COVID-19: European Commission proposes borrowing 750 bln euros as recovery fund

Just Earth News | @justearthnews | 27 May 2020 Print

COVID-19: European Commission proposes borrowing 750 bln euros as recovery fund

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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.