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Dark déjà vu for European economy as virus cases spike

Added 10-17-20 04:04:07am EST - “Bars, restaurants, airlines and myriad other businesses are getting hit with new restrictions as politicians desperately try to contain an? increase in infection cases?” - Foxbusiness.com

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Posted By TheNewsCommenter: From Foxbusiness.com: “Dark déjà vu for European economy as virus cases spike”. Below is an excerpt from the article.

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Europe’s economy was just catching its breath from what had been the sharpest recession in modern history. A resurgence in coronavirus cases this month is a bitter blow that will likely turn what was meant to be a period of healing for the economy into a lean winter of job losses and bankruptcies.

Bars, restaurants, airlines and myriad other businesses are getting hit with new restrictions as politicians desperately try to contain an increase in infection cases that is rapidly filling up hospitals.

The height of the pandemic last spring had caused the economy of the 19 countries that use the euro to plunge by a massive 11.8% in the April-June quarter from the previous three-month period. About 1.5 million more people registered as unemployed during the pandemic. The damage was contained only by governments’ quick decision to spend hundreds of billions of euros (dollars) to keep another 45 million on payrolls and companies running.

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