24.7 C
Athens
Sunday, June 20, 2021

Recovery Plan: A historic day for the EU - Launching a common European debt

✚ ATHENS

Conscious markets in the Municipal Market of Kypseli

The 1st Conscious Pop up Market in Kypseli The opportunity for Athenian consumers to get in touch with products that have been created with the authorities ...

"Project Athena": Innovation and technology at the service of the Municipality of Athens, for a clean and accessible city

Microsoft and ATCOM are implementing a pioneering pilot project under the "Adopt Your City" initiative. The evolution of cities into "smart" through technology ...

"Culture is Athens": 4 venues, more than 100 events

Culture is Athens / June - September 2021 Technopolis - Kolonos Theater - Gravas Theater - AB Cinema Music - Theater - Dance The lights of culture "turn on" again and the Municipality of Athens offers a summer ...

A multicultural path in Rozan Park in Exarchia

Meet the tribes of Athens An emerging outdoor exhibition with 5 wooden installation boxes, which highlight the traditions of different cultures through art, music, food and ...

A walk to the Industrial Museum of Gas in Technopolis, with a backpack

The successful interactive tour "A walk in the Museum with a backpack" for families with children aged 4-11 takes place again at the Industrial Gas Museum in ...

The EU is now in the process of launching, and will do in June, the historic process of issuing a common debt to finance the project in order to overcome the economic impact of the new coronavirus pandemic, the European Council announced last night.

The institution, which represents the Member States, said it had "received formal notification of approval from all 27, which allows the (European) Commission to place bonds on behalf of the EU on capital markets".

The recovery plan, or "Next Generation EU", as it is called in the announcement, "starts tomorrow!" "The European Union is now in a position to secure the necessary funding," said Antonio Costa, the Prime Minister of Portugal, whose country holds the rotating EU presidency since in January.

In total, € 672 billion in aid or loans are expected to be disbursed to EU Member States under the € 750 billion broader recovery plan. The Recovery Fund will be financed by issuing a common debt, an unprecedented event, which is called the embodiment of European solidarity in dealing with the crisis caused by the pandemic.

"Specifically, the (European) Commission will start the debt issuance process on June 1st (today, Tuesday) with the participation of major international and European banks, and the securities will be available within the month," the Frenchman said on Monday. Undersecretary of State for European Affairs Clement Bonn in an interview with Echos.

The amount of the first issue is expected to be "around 10 billion euros", he clarified and added that "the market appetite is expected to be high and interest rates very favorable".

Last Thursday, the Austrian and Polish parliaments approved the joint debt issuance mechanism, completing the ratification process.

The implementation of the plan, agreed in July 2020 after difficult negotiations, has been repeatedly criticized for its slowness.

The first disbursements, which are expected to finance Member States' investment programs in the digital transformation and green transition sectors, are expected to take place at best by the end of July. These will be pre-financing which will represent 13% of the total aid. Their disbursement will take several years.

EU countries began submitting their national investment plans, linked to structural reforms, in late April to secure funding.

Now 22 of the 27 members have submitted their plans to the Commission, which has a two-month deadline to study and approve them. The European Council will then have a month to give its own green light.

Spain and Italy are expected to be the countries that will benefit the most, with loans of around € 70 billion each, followed by France (around € 40 billion).

Among other things, these funds will allow programs such as the renovation of buildings to become more energy efficient, the creation of networks of fast chargers and chargers for electric cars, the development of high-speed telecommunications networks, data storage infrastructure, and so on.

Source: RES-EAP

Mexico: 192 deaths, almost 4.000 cases

The Mexican Ministry of Health announced yesterday Saturday that 24 patients with Covid-192 succumbed in the previous 19 hours, while 3.964 cases of ...

Britain: Airlines and travel companies step up pressure on government to ease travel restrictions

British airlines and travel companies are planning an "action day" next Wednesday to escalate pressure on the government to relax travelers ...

Cuba: Preliminary data on the effectiveness of the Soberana home vaccine are encouraging

The Cuban candidate vaccine against Covid-19, Soberana 2 showed 62% effectiveness after giving only two of its three doses, announced yesterday ...

Germany: Another 16 deaths and 842 cases in the past 24 hours

The confirmed cases of SARS-CoV-2 in Germany increased by 842 in the previous 24 hours, reaching 3.721.981, show the data published today, Sunday ...

Belgium closes its borders to travelers from Britain due to Delta strain

Belgium will ban all non-EU travelers from entering its territory in a ...

India: The lowest number of new cases in almost three months was recorded in the country

India has announced 58.419 new cases of covid-19 for the past 24 hours, the lowest number in almost three months, according to its data ...

News bulletin at 07:00

On Tuesday at 10 in the morning, Babis Anagnostopoulos, who confessed to the murder of his 20-year-old wife, is expected to apologize before the investigator ...

IT HAPPENS IN ATHENS

Juvenile girls fight in Kolonos - Two injured - One arrest

Two injured and one arrest is the report of a fight between underage girls in Kolonos. According to the Police, at around 6.30 on Saturday afternoon in ...

The key to the city of Tirana to the mayor of Athens, Costas Bakoyannis

The key to the city of Tirana was received today by the mayor of the Albanian capital Erion Veliai, the mayor of Athens Costas Bakogiannis, who is ...

Birthday with reduced admission for the 12 years of operation of the Acropolis Museum

On Sunday, June 20, 2021, the Acropolis Museum closes its 12 years of operation, having gone through its most difficult year, after it remained closed ...

See the line up for the renewed Gazarte terrace

United We Fly, returns to live action and presents the new series of concerts Upstairs Sessions on the cool and renewed roof of Gazarte ...

Open House Athens returns in June with online tours

The city's favorite architectural festival could not fail to return this year, even online. The online event includes a livestream and ...