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Fiscal relief saved European governments from an even worse COVID-19 recession, but failure to approve additional support could plunge the continent into new economic pain, the International Monetary Fund said Tuesday.

The IMF projects that Europe stands to lose 15 million jobs unless authorities roll out new equity support. Liquidity bolstered by central banks gave European firms easy access to cash and prevented widespread bankruptcies at the start of the pandemic. But today’s problems lie on the equity side of the equation, with businesses’ debts worryingly exceeding their assets, according to the IMF.

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