In recovery race, Europe’s wealthy north spend big

With the pandemic having pushed any talk of austerity to the sidelines, the race is on in Europe to spend its economies out of recession and back to some semblance of normality. While the total cash being thrown at the challenge amounts to trillions of euros, that masks deep national differences between the amount and type of aid on offer. In short, the rich north is able to prop up essential parts of the economy with cash that will never have to be paid back while the poorer south is more reliant on providing short-term relief in the form loans and temporary tax holidays.

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