Expansion of the in-demand but problem-plagued Paycheck Protection Program got a push toward extension in the House this week, with prospects for Senate action along similar lines to follow. A new big U.S. virus aid package is still many weeks off, though. And the European Commission floats the idea of new taxes as a way to pay pandemic debt.
Citigroup Inc.’s Luigi Pigorini has lived through plenty of economic crises. Still, he hasn’t seen a downturn as rapid as the one spawned by the novel coronavirus. And as nations seek to recoup the cost of the pandemic, the result will likely be that some of the world’s biggest fortunes end up in the crosshairs, Pigorini said.