Coronavirus crisis could “wreck” French economy, warns CFO | World | New

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The Mayor told Le Journal du Dimanche: “I would much prefer that we go into debt now, and thus avoid a shipwreck, rather than let the health crisis destroy whole swathes of the economy. “

The government “will provide the necessary financial means as long as the crisis continues” to avoid an economic crisis, he continued, before calling for “a recovery plan at national and European levels to revive the economy on as quickly as possible ”after the pandemic.

The daily death toll in France from the new coronavirus dropped for the first time in days on Sunday, according to health officials.

Department of Health director Jerome Salomon said 357 people died in hospitals, up from 441 on Saturday, bringing the total number of deaths in French hospitals to 5,889.

Salomon added that 2,189 people had died in nursing homes since March 1, bringing the total death toll to 8,078 in the country.

France has repeatedly pledged to spare no effort to help its economy weather the health crisis.

Last month, the government offered to guarantee up to € 300 billion (£ 263.7 billion) in business loans through commercial banks as part of its response to the economic crisis triggered by the ‘epidemic.

It also launched a package of crisis measures worth 45 billion euros (£ 39.5 billion) – 2% of GDP – in the form of deferred tax payments and payroll taxes as well as payments to companies that keep workers on their payroll even if they’re not working. .

The Mayor also called for stronger financial solidarity in Europe to fight the epidemic.

Last week, he said that the European Stability Mechanism, the 400 billion euro (351.7 billion pound sterling) rescue fund in firepower, should be made available as a source of funding for the countries with only minimal conditions and without stigmatization to use it.

He also said that new funding of up to € 200 billion (£ 175.8 billion) should be made available by the European Investment Bank and approved a proposal from the European Commission for a regime of unemployment reinsurance worth 100 billion euros (£ 87.9 billion).

Thursday, Mr. Le Maire said: “These three instruments could constitute our common European framework for immediately facing the economic crisis.

He also said that new funding of up to € 200 billion (£ 175.8 billion) should be made available by the European Investment Bank and approved a proposal from the European Commission for a regime of unemployment reinsurance worth 100 billion euros (£ 87.9 billion).

Thursday, Mr. Le Maire said: “These three instruments could constitute our common European framework for immediately facing the economic crisis.

“In addition to the framework, the EU should think about long-term instruments that would be useful for reviving the economy after the crisis. “

He also pioneered the idea of ​​a temporary pooled fund to finance and coordinate economic recovery after the health crisis.

The fund would be financed by the issuance of bonds backed by all EU member states and managed by the European Commission, said Le Maire, although he refused to say what should be the size of this fund.

Countries could draw on the fund based on the economic damage they suffered during the epidemic.

“In addition to the framework, the EU should think about long-term instruments that would be useful for reviving the economy after the crisis. “

He also pioneered the idea of ​​a temporary pooled fund to finance and coordinate economic recovery after the health crisis.

The fund would be financed by the issuance of bonds backed by all EU member states and managed by the European Commission, said Le Maire, although he refused to say what should be the size of this fund.

Countries could draw on the fund based on the economic damage they suffered during the epidemic.

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