Brussels plans €130 billion stimulus package

A massive €130 billion prime-the-pump operation to stimulate the European economy is currently being planned by the European Commission.

First revealed by German weekly Der Spiegel's online edition, the EU executive is constructing a package that would see each of the 27 member states commit one percent of their GDP to fiscal stimulus measures to pull the bloc out of its downturn and stave off the greater threat of deflation.

The plan would see the commission itself commit some mo...