London (CNN Business) European governments are writing blank checks to protect businesses and workers from the deep recession into which the global economy is sinking rapidly because of the coronavirus pandemic. The government will guarantee hundreds of billions worth of loans, delay tax payments and suspend rent and utility bills for smaller firms. UK finance minister Rishi Sunak announced that the government will back an initial £330 billion ($400 billion) in loans for companies. Mortgage providers have agreed to delay payments for three months for people affected by the coronavirus, he said. One laggard is the United States, which has yet to announce major stimulus measures despite having nearly 5,000 coronavirus cases.

Source: CNN March 17, 2020 18:41 UTC