Economics
Europe Leaves $2 Trillion on the Table in Virus Recession Fight
- Less than 15% of loan guarantees for companies have been used
- Banks, businesses, officials point finger at each other
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The biggest weapon in Europe’s arsenal to counter the coronavirus economic collapse has yet to find the target.
Less than 15% of funds made available by governments via banks as loan guarantees for business has been used, according to figures from seven of Europe’s largest economies compiled by Bloomberg News. That means more than 2 trillion euros ($2.3 trillion) -- an amount exceeding Spain’s gross domestic product -- was still available to be deployed as of June 18.