EU proposes €200 bn bailout plan
The European Commission urged EU governments Wednesday to jointly combat the economic slowdown with €200 billion ($256.22 billion) in spending and tax cuts to boost growth and consumer and business confidence. If fully enacted, its two-year "European Economic Recovery Plan" would see the 27 EU governments spend 1.5 per cent of the bloc's gross domestic product to halt the slowdown that has already pushed some European nations into recession.
