| UPDATED: 11:16, Mon, Mar 1, 2021
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US President Joe Biden has announced a stimulus package that would see annual spending reaching $1.9 trillion (£1.3trn). The plan will help America return to its pre-pandemic economic levels by mid-2021. In stark contrast to President Biden s swift response to the crisis, the EU s Recovery Fund packages will only help eurozone countries reach their pre-Covid levels by mid-2022, a year later than the US.
| UPDATED: 15:13, Sat, Feb 27, 2021
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Europe’s economic pain is expected to worsen before it gets better, potentially boosting the popularity of populist leaders and the need for more action from the European Central Bank, analysts have warned. While the International Monetary Fund upgraded its global growth forecasts at the end of January, it said the outlook for the eurozone had deteriorated. The Fund cut its growth expectations for the region by 1 percentage point to 4.2 percent this year.
| UPDATED: 15:31, Thu, Feb 25, 2021
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The proposal was put forward by Frexit campaigner Patrice Cali, who said his country was suffering at the hands of the EU and its protectionist laws. Amid a growing row over China and its dominance over the EU, Mr Cali said France should go it alone and follow the UK out of the bloc.
Miranda Xafa
Like the rest of the world, the Greek economy has entered into another deep economic recession in 2020. While the economy appeared to be on a modest recovery from its ‘great depression’ of 2010-2016, it was hit by a new major international economic shock due to the Covid-19 pandemic.
Greece appears to have experienced a very deep recession in 2020 and even under optimistic assumptions, a full recovery will take some time beyond 2021. In addition, the recession and the cost of the measures to mitigate it have already led to a further sharp rise of Greece’s already exorbitantly high public debt.