- ZINDZI MANDELA (59) , DAUGHTER OF THE LATE Nelson Mandela and Winnie Madikizela-Mandela and also the South African ambassador to Denmark has died.
- MDC-Alliance leader Advocate Nelson Chamisa has appointed his deputy Professor Welshman Ncube as acting party president with immediate effect.
- ZNA Brighton Matura murdered his girlfriend Fungayi Tendayi and shot himself to death on Wednesday morning at Nyimo shopping centre in Sanyati.
- TWO MURDER ACCUSED INDIVIDUALS INCLUDING THE son of former Midlands Provincial Affairs minister Jason Machaya, Foster, died in a car crash on Wednesday night along the Gweru-Mvuma Road in an accident that also claimed the life of a popular Gweru gold baron who was awaiting trial for murder.
- JUST LIKE AT TSVANGIRAI'S FUNREAL IN 2018, TEMPERS ONCE AGAIN FLARED up from he rowdy, violent MDC youth in Gutu, when Khuphe, arrived to pay her last respects to the MDC Alliance leader Nelson Chamisa was burying his late mother in Gutu on Tuesday.
PIC:HUNGARIAN-US INVESTOR AND PHILANTHROPIST, BILLIONAIRE FINANCIER GEORGE SOROS looks on after having delivered a speech on the sidelines of the World Economic Forum meeting, on January 23, 2020 in Davos, Switzerland. Photo: Fabrice Coffrini/ AFP via Getty Images
Hungarian-born US investor and philanthropist George Soros looks on after having delivered a speech on the sidelines of the World Economic Forum meeting, on January 23, 2020 in Davos, Switzerland. Photo: Fabrice Coffrini/ AFP via Getty Images
Billionaire financier George Soros has warned that the coronavirus pandemic could threaten the survival of the European Union, if the bloc doesn’t issue perpetual bonds to support its weaker member states.
“If the EU is unable to consider it now, it may not be able to survive the challenges it currently confronts,” Soros said in a transcript of a question-and-answer session reported by Reuters. “This is not a theoretical possibility; it may be the tragic reality.”
Soros said he was especially concerned about Italy, saying: “What would be left of Europe without Italy? The relaxation of state aid rules, which favour Germany, has been particularly unfair to Italy, which was already the sick man of Europe and then the hardest hit by COVID-19.”
Soros added that the the EU needs to keep its AAA credit rating to issue the required amount debt, and therefore need to have the power to raise taxes to cover the cost of the bonds: “The taxes only have to be authorised; they don’t need to be implemented.”
READ MORE: Coronavirus: Merkel and Macron propose €500bn EU recovery fund
Italy was the first country in Europe to be brought low by the coronavirus pandemic. According to Johns Hopkins University data as of 22 May, the country has had 228,000 confirmed cases of the virus, and 32,486 deaths from COVID-19.
Italy, Spain, and France have been vocal in demanding joint-debt issuance, in the form of so-called “corona bonds” by the EU to spur economic recovery from the pandemic. Germany, Austria, and the Netherlands have long been staunchly opposed to debt mutualisation across the eurozone.
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However, this week German chancellor Angela Merkel announced that she and French president Emmanuel Macron would jointly back a €500bn (£447bn) recovery fund, a common-debt instrument that would allow aid to be issued to the worst-hit EU member states in the form of grants rather than loans.
The fund would need the backing of all member states, and Austria said it would not support the proposal in its current form.
“Our position is clear: we want to show solidarity with states that were hit particularly hard by the crisis but we believe that loans are the right way, not grants,” Austrian chancellor Sebastian Kurz told a newspaper.BBC