Record bankruptcy numbers forecast for EU
Jerome Hughes
Press TV, Brussels
The European Commission forecasts a wave of businesses in the EU will go bankrupt as governments withdraw COVID-19 financial support. Problems with the bloc's vaccination strategy are contributing to economic uncertainty.
EU finance ministers have just concluded two days of talks relating to the 27-country bloc's dire economic situation resulting from the COVID-19 pandemic.
The European Commission warns a record number of businesses will go under when governments start easing financial aid programs. The commission claims firms that were not viable prior to the crisis will be impacted most. Only six EU nations have so far submitted draft plans to draw down money from a €750bn coronavirus recovery fund.
Illegal US sanctions against Iran, preventing EU businesses from trading with the Islamic Republic, show how the dollar is too dominant over the euro. Eurozone Finance ministers have been encouraged to strengthen the currency's position on the international stage.
Economists warn the biggest threat to the eurozone economy right now is the EU's dysfunctional COVID-19 vaccination strategy.
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