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The European Union on Wednesday proposed a 750 billion euro recovery package as the economic bloc attempts to crawl out of its worst economic crisis in decades. Representing a major step towards a revival of the 27-member union, the EU fund is expected to be financed through borrowing, by issuing long-term government bonds in global financial markets. While analysts at Bank of America believe the EU fund is a decent starting point to negotiations, they say it is "too small and too late" for urgent economic needs. Goldman Sachs analysts praised the plan as more "ambitious" than the Franco-German proposal valued at €500...
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A 320-year-old Swedish village with a natural spring, spa, and hotel is accepting bids in the range of $7 million through May 31. Known as Sätra Brunn, the 70-building village is situated on 60 acres an hour and a half northwest of Stockholm. Sätra Brunn was founded as a wellness establishment in 1700 by a doctor who believed in the medicinal benefits of mineral water. It has been a wellness destination ever since, hosting locals and foreigners for getaways, weddings, conferences, and festivals. "Of the 10 or so similar health villages built in Sweden during the 18th century, Sätra Brunn is the only...
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The European Commission on Wednesday proposed a €750 billion (about $826 billion) stimulus package to help the European Union recover from a recession brought on by the coronavirus pandemic. Paolo Gentiloni, the European commissioner for economy, described the stimulus package as a "European turning point to face an unprecedented crisis." The package would be the biggest in European history, far outstripping the post-World War II Marshall Plan. The European Commission said it aimed to fund its recovery plan by raising unprecedented sums through the financial markets. The euro gained 0.4%, to $1.10 in European trading. Visit Business Insider's homepage for more stories. The European...
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Germany's Lufthansa has been hit particularly hard by the pandemic, reporting losses of around $1 million per hour. The 67-year-old flag carrier relaunched in 1953 following the dissolution of its initial iteration after World War II.  During its tenure in the world's skies, Lufthansa has established itself as one of the world's leading premium brands.  The German government ultimately stepped in on May 25 to offer assistance in the amount of €9 billion (roughly $10 billion). Visit Business Insider's homepage for more stories. Germany's largest airline is in trouble.  Like most global carriers, Lufthansa has found itself bleeding money as its planes sit idle at...
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I was supposed to fly to Europe the night after President Donald Trump announced travel restrictions due to the coronavirus pandemic.  After the announcement was made, I began the long process of tearing down the trip and getting my money back, which was harder than expected and is still on-going two months later.  The pandemic revealed which airlines were financially responsible and which were less than enthusiastic to assist customers in the wake of a global health crisis.  Visit Business Insider's homepage for more stories. In the weeks leading up to a planned trip to Spain and Morocco in March, I was constantly...
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The US is withdrawing from the Open Skies Treaty, an international pact that allows countries to conduct observation flights over the territory of other member states on short notice to promote transparency. The US has accused Russia of violating the treaty by restricting flights and not upholding its obligations. In a 2018 letter, former Secretary of Defense Jim Mattis said that he felt the treat was "in our Nation's best interest" despite Russian violations. European allies and partners, including France and Germany, issued a joint statement Friday expressing "regret" at the US decision to withdraw. Visit Business Insider's homepage for more stories. European allies...
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