Brussels approves €300 billion in French state aid as coronavirus death toll surges


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Brussels approves €300 billion in French state aid as coronavirus death toll surges

As French health department had reported 1,847 newer coronavirus cases alongside 112 deaths due to the Covid-19 infection over the past 24 hours, raising France’s total coronavirus cases to 14,459 as of Saturday (March 21st) night and making up the bloc’s second-largest economy the seventh-worst hit country by the ongoing pandemic which had infected 304,900 people and killed 13,001 during preparation of the report, March 21st, GMT.

23.40, across the globe, European Union Commission said on Saturday, the 21st of March 2020, that the governing body of the ‘bloc’ had approved a stark sum of €300 billion under three French state aid schemes aimed at backing up the ailing French economy which would unlikely to recover in a near-term outlook without further monetary stimulus.

On top of that, according to the EU Commission’s Saturday’s (March 21st) statement, two of three schemes would allow the French public investment bank Bpifrance to offer state guarantees on credit lines for firms having up to 5,000 employees alongside other commercial loans, while the third scheme was engineered to enable lenders to offer liquidity to any company that might need it in context of a new world hit with a nefarious wave of coronavirus, where dry leaves had been filling up the empty streets alongside popular tourist destinations instead of tourists and a number of the bloc’s industries had stopped humming.

Meanwhile, addressing to a likely grievous impact of the coronavirus pandemic on French economy, EU Competition Commissioner Margrethe Vestager said on Saturday (March 21st), “Our decision approves three measures taken by the French government to help its economy manage the impact of the Coronavirus outbreak.

These are expected to mobilise 300 billion euros of liquidity support for companies affected by this unprecedented situation. ”