The European Union would be allowed to raise joint debt under an unprecedented coronavirus recovery plan considered a political and fiscal no-go zone only two weeks ago.
Already weighed down by high debt levels, hard-hit southern nations like Italy and Spain have been warning for months that they will struggle to rebuild their shattered economies unless the EU is able to offer more direct assistance and find a way to lower borrowing costs, possibly through a new shared debt instrument known as a 'coronabond'.
In an attempt to convince sceptical northern countries to sign up, the recovery fund would differ from the original coronabond proposal in two ways.
BevanShields Can anything be done without a sh*t load of debt these days? Such a sad and sorry state of affairs.
BevanShields