Eurozone budget deficits rise nearly tenfold to counter Covid-19 pandemic

Eurozone governments plan to go deeper into the red than ever before this year, racking up budget deficits of close to €1 trillion as they splash out on emergency measures to counter the coronavirus crisis, Financial Times reported.
 

Draft budget plans published by member states on the European Commission website indicate the 19-country bloc will slide to an aggregate fiscal deficit of €976 billion, equal to 8.9 per cent of gross domestic product this year, according to Financial Times calculations.
 

That means this year’s budget deficits would be almost 10 times higher than both last year’s levels and the commission’s