PARIS - After closing their external borders to help slow the spread of coronavirus, European countries are now scrambling to reduce the economic fallout of COVID-19, even as experts say more needs to be done.
Rescue packages and fiscal stimulus measures — even the possibility in France of nationalizing some struggling companies—European governments are looking for ways to calm coronavirus-spooked businesses and citizens.
Analysts said the European Union’s second-largest economy, France, is taking the most dramatic steps so far. Addressing the nation this week, French President Emmanuel Macron said no company would risk collapse. His government has announced a roughly $50-billion financial relief package, along with another 300 million in loans for small businesses.
French President Emmanuel Macron speaks during a television address, Monday, March 16, 2020 in Ciboure, southwestern France…
French President Emmanuel Macron speaks during a television address, Monday, March 16, 2020 in Ciboure, southwestern France. For most people, the new coronavirus causes only mild or moderate symptoms.
And while most of France is in lockdown, with people only allowed to go out for key necessities, French Economy Minister Bruno Le Maire urged companies and workers allowed to keep running to show up for work. He has also not ruled out nationalizing some strategic companies, if needed, to save them.
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