Germany pledges EUR2 billion to help start-ups through coronavirus crisis - Reuters
In a joint statement with Germany’s Economy Minister Peter Altmaier, Finance Minister Olaf Scholz said that the government is committing allocating EUR2 billion ($2.19 billion) to help support start-ups during the coronavirus crisis, as cited by Reuters.
Meanwhile, Altmaier noted: “All the normal aid programs are of course also available to start-ups but we also want to do something for companies that have fewer options for obtaining credit lines and who benefit less from short-time working,”
“That’s why we have come up with this tailored 2 billion euro program which will help start-ups to survive this difficult time,” he added.
EUR/USD remains heavy below 1.1000
EUR/USD spot faces a double whammy this Wednesday and remains heavily offered, in the wake of broad-based US dollar strength and poor Euro area Manufacturing PMIs, which reflected the economic fallout from the virus outbreak.
At the time of writing, EUR/USD trades at 1.0952, having hit a new daily low at 1.0931. The spot is losing nearly 0.70% on a daily basis.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
