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Von der Leyen: EU plans to spend €100bn to save jobs during coronavirus crisis

Von der Leyen: EU plans to spend €100bn to save jobs during coronavirus crisis

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Ursula von der Leyen has laid out plans to borrow and spend €100bn to stop firms in the EU laying off staff during the coronavirus pandemic, and has apologised to the Italian people for the bloc’s lack of solidarity. The president of the European commission said she was confident the 27 member states would back her scheme, describing the EU’s budget as the Marshall plan for the crisis, in reference to the post-second world war fund that rebuilt Europe. The EU’s executive branch is proposing to borrow from the international markets and make loans to member state governments to allow them to fund short-time working schemes, under which employees work reduced hours with some of their salary paid by the state.
Source: Von der Leyen: EU plans to spend €100bn to save jobs during coronavirus crisis

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