The EU’s 27 member states are responding to certain recession with individual spending plans, in which rich countries like Germany and the Netherlands have the means to spend big but indebted Spain (health workers pictured) and Italy do not. — AFP/VNA Photo BRUSSELS — EU countries are nearing an economic rescue plan for European countries worst hit by the coronavirus outbreak, sources said on Monday, but not at the level of ambition called for by Italy and Spain. The EU’s 27 finance ministers are to meet for a videoconference on Tuesday, where a deal to use the eurozone’s 410-billion-euro (US$443-billion) bailout fund was expected to be agreed. However, with deep divisions between the rich northern countries and those in the south with heavy debt, ministers were expected to sideline a proposal to issue “corona bonds” which would pool borrowing among EU nations to fight the crisis. A group of states including European heavyweights Italy, France and Spain has been imploring Germany, Austria and the Netherlands for common debt instruments to cushion the economic impact of the virus. But conservative politicians in the north fear the plans would mean the eventual sharing of all sovereign debts and their taxpayers footing the… Read full this story
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