By John Smith • Published: 17 Apr 2020 • 15:11
WHILST there are in theory strict controls imposed on members states by the EU with regards to support of local businesses it has decided that as a ‘measure of last resort’ this may be overlooked if all governments agree.
The intention is that with the drop in value of shares due to the coronavirus Covid-19 pandemic, still wealthy foreign governments may attempt to take over weaker companies and this is something that the European Union wants to block.
It therefore wants to allow temporary state control by injecting funds into vital companies.
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Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica. Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene. Currently he is acting as Editorial Consultant for the paper helping to shape its future development. Share your story with us by emailing newsdesk@euroweeklynews.com, by calling +34 951 38 61 61 or by messaging our Facebook page www.facebook.com/EuroWeeklyNews
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