The EU would borrow the money and then hand it out to member
states. And for the first time in EU history, two-thirds of the money
handed out would be grants — not loans — that the recipient countries
wouldn't have to repay.
Read more at:
Angela Merkel takes her cue from Alexander Hamilton to overhaul the European Union | CBC News
In fact, though, this
was German Chancellor Angela Merkel's moment. Nine days earlier, she had
launched this quiet European revolution along with French President
Emmanuel Macron.
Together
they said their countries would put up Euro 500 billion in grants to
help Italy and Spain climb out of the economic hole caused by COVID-19,
the illness caused by the novel coronavirus.
That sum is now the core of
the announced EU program.
Spain's central bank forecast last month
that the country's economy could contract by more than 12 per cent this
year, and unemployment could surpass 21 per cent. It has lost more than 27,000
Read more at:
Angela Merkel takes her cue from Alexander Hamilton to overhaul the European Union | CBC News
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