BRUSSELS - The European Commission said on Wednesday the eurozone economy would contract by a staggering 7.7 per cent in 2020 as the catastrophic consequences of the coronavirus outbreak sweep through the continent.
That question is pressing, amid gripes by Italy and Spain that wealthier Germany and the Netherlands have the means to swiftly turbocharge their own recoveries, lessening their enthusiasm for measures to help the south. Greece's recession would reach an eye-watering 9.7 per cent, wiping out all the gains of its post-bailout recovery, and only pull back by 7.9 per cent in 2021, the commission said.
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