September 24, 2020

Coronavirus: Financial crisis ‘on steroids’ looms for EU leaders

“Sixteen hours in a virtual meeting and virtually nothing was achieved,” said one Spanish diplomat, who spoke of an exhausting EU video conference all too reminiscent of the days of the Greek financial crisis.

This time though, in the words of a Danish colleague, “it appears to be a financial crisis, on steroids”.

A deep, deep recession is looming across the EU as a result of the coronavirus pandemic.

The all-nighter into Wednesday, pulled by the EU’s 27 finance ministers, was supposed to provide a financial solution to help shield the worst-hit countries.

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