Eurozone countries' draft budgetary plans (DBPs) for 2021 mostly envisage modest fiscal tightening supported by a substantial economic recovery, Fitch Ratings says. The coronavirus' resurgence presents risks to these projections, while governments have yet to detail their plans for using the EU's EUR750 billion recovery fund. In aggregate, the DBPs project eurozone GDP to decline by 7.7% in 2020, then grow by 5.9% in 2021. Fitch's GDP forecasts for the 19 eurozone sovereigns result in a sharper aggregate contraction (9%) and weaker recovery (5.5%). The DBPs imply a sharp deterioration in the eurozone's aggregate ... (full story)