x

Economy

EU Chief Gives Initial Approval to National Recovery Plans

LISBON, Portugal— European Union authorities are moving a step closer to deploying the bloc's massive pandemic recovery fund as the president of the 27-nation bloc's executive commission begins a tour of some EU capitals to announce the initial endorsement of national spending plans.

European Commission President Ursula von der Leyen arrived Wednesday in Portugal, which was the first EU member to formally present ideas for spending its share of the 750 billion euros ($909 billion) earmarked to help countries out of a sharp economic downturn caused by COVID-19.

The money is to be distributed in the form of grants and credit. The EU's 1.1 trillion-euro ($1.3 trillion) seven-year budget from next year will also help national economies.

In Portugal, Von der Leyen was expected to tell Prime Minister António Costa that his government's plan for how to use its 16.6 billion-euro windfall ($20 billion) has earned the European Commission's blessing. Final approval of EU countries' plans is still weeks away.

Portugal says much of its expenditure will go to improving the public health network, reducing pollution from public transportation, making housing more energy efficient and buying computers for schools.

So far, 23 of the EU's 27 countries have submitted their spending plans to Brussels authorities, which vet them to ensure they are in line with the bloc's policy goals and plan to follow up to check whether they are abiding by their commitments.

After Portugal, Von der Leyen was scheduled in Spain later in the day to meet with Prime Minister Pedro Sánchez.

She plans to visit Greece, Denmark and Luxembourg later this week.

RELATED

ATHENS - Outstripping even Germany - the European Union’s biggest economy - in an accelerating recovery, Greece will use growing revenues to make an early repayment of 5.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

Video

Deck the White House Halls: Jill Biden Wants Holiday Visitors to Feel Like Kids Again (Vid & Pics)

WASHINGTON (AP) — Step inside the White House during the holidays by walking beneath the branches of a Christmas tree.

LOS ANGELES – The Los Angeles Greek Film Festival (LAGFF) hosts an in-person screening of Greece’s Oscar entries which compete for nominations in December - Asimina Proedrou’s top Iris Award-winner ‘Behind the Haystacks’ (Πίσω από τις Θημωνιές) and Thanasis Neofotistos’ multiple-award-winning short film ‘Air Hostess – 737’ - on Sunday, December 10, 5:30 PM, at the Gianopulos Family Theater at St.

LOS ANGELES – The Saint Sophia Greek Orthodox Cathedral community is calling for cookies for the reception following the 24th Annual Christmas Concert on Sunday, December 3.

WASHINGTON (AP) — Step inside the White House during the holidays by walking beneath the branches of a Christmas tree.

UTTARKASHI, India (AP) — All 41 construction workers who were trapped in a collapsed mountain tunnel in northern India for more than two weeks were pulled out on Tuesday, bringing an end to a drawn-out rescue mission that had grabbed the country's attention for days.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.