Coronavirus: Key steps taken by wealthy nations to combat the fallout

Governments are leaving no stones unturned to contain the damage caused by the coronavirus pandemic. Most countries have announced or are in the process of doling out large packages to help individuals and business tide over the crisis. Here is a quick look at major announcements:

US

The world’s largest economy has been hit hard by the virus outbreak, with its markets dropping nearly 30 per cent. The Donald Trump government is working on a scheme to directly pay individual Americans. The cost of this package is pegged at a whopping $1.2 trillion. The proposal has brought the concept of’ 'helicopter money’ into the limelight again.

UK

The British government as announced a GBP 330 billion package of emergency loans guarantees to business. It has also pledged GBP 20 billion fiscal support.

Spain

The country is providing 100 billion euro in state loan guarantees

France

The country has announced a 45 billion euro package. It also plans to nationalize troubled companies. Further, it will give 300 billion euro bank loans to businesses.

Collectively, the Eurozone has pledged 1 trillion euros in national guarantees

Japan

The Asian powerhouse has announced tax cuts and a spending package of $280 billion. Further, it has been agreesively buying equities to support the market.