EU to unveil stimulus plan for economic recovery

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This story is an English language news item from CGTN. CGTN is a Chinese state-funded broadcaster. More from CGTN

The European Commission is expected to unveil a plan on Wednesday to help the bloc’s economy recover from the effects of the coronavirus pandemic. The plan valued at more than one trillion euros would contain a mix of grants, loans, and guarantees. The package is needed for countries like Italy, Greece, and Spain that are burdened with high debt and reliant on tourism. However, the grants that are financed through joint borrowing worry the Netherlands, Sweden, Austria, and Denmark. That’s because they believe that the borrowing will cause higher national contributions to the EU budget in the future.

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