The $857 billion package includes unprecedented steps to help less wealthy countries, including selling collective debt and giving much of the money as grants, not loans.
Tag: Credit and Debt
China Is Dismantling the Empire of a Vanished Tycoon
Three years after Xiao Jianhua was snatched from a luxury hotel in Hong Kong, Beijing is making it clear that his style of freewheeling finance is a thing of the past.
European Union Leaders Meet to Discuss Coronavirus Recovery Plan
Domestic political pressures and longstanding cultural differences are putting a brake on Angela Merkel’s push for swift agreement.
Virus Revives Italy’s Age-Old Shadow Safety Net: The Pawnshop
Italians have put up valuables as collateral for loans for centuries, through plagues and sieges. Today they do it as part of the formal banking system. And business is booming.
A €750 Billion Coronavirus Recovery Plan Thrusts Europe Into a New Frontier
Adopting the proposal would make history for the bloc, vesting authority in Brussels in ways that more closely resembled a central government.
A €750 Billion Virus Recovery Plan Thrusts Europe Into a New Frontier
The European Commission wants to issue bonds to raise the funds, taking a step closer to a shared budget potentially paid for through common taxes.
Argentina Tries to Escape Default as It Misses Bond Payment
Despite the missed payment, its creditors have agreed to extend negotiations on restructuring $66 billion in foreign debt.
E.U. Moves to Shore Up Economies Reeling From Virus
As the leaders of the European Union’s 27 countries approved a half-trillion euro bailout package Thursday night, their attention immediately turned to what to do next, where much disagreement remains.
Microloans, Seen as Salvation for Poor Women, Trap Many in Debt
In Jordan, an unregulated microloan industry offers easy money. But with no way to repay loans, many women end up buried in debt, or in prison.
As Europe Confronts the Coronavirus, What Shape Will Solidarity Take?
Contentious talks over how to help economies decimated by the virus have become a pivotal political moment for the world’s richest bloc of nations.