Europe locked its economy in place. Unlocking it could be ugly
Europe’s enthusiasm for job-furlough programs is partly based on Germany’s experience during the 2008-09 global financial crisis
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Tom Fairless,
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For nearly a year, large swaths of Europe’s economy have been in a deep freeze.
Trillions in state-backed subsidies and inexpensive loans have kept businesses alive, while governments pay millions of furloughed workers to stay home. In much of Europe, layoffs or forced bankruptcies are banned.
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