Finance

Joe Biden wrote off $10,000 to $20,000 in student loans

The new package includes student debt relief, an extension of the 4-month moratorium on student loan repayments, and plans to cap payments on such loans at 5% of the borrower's income.

Loans would be forgiven up to $10,000 for Americans with an annual income of less than $125,000. Debt forgiveness of $20,000 would apply to loans for those who also receive Pell grants.

The U.S. president also said in his speech that these are very difficult times and getting a college degree does not guarantee that Americans will make it into the middle class population.

ECB tries to save EU economy - central bank will be flexible in reinvesting PEPP program

The pandemic has left persistent vulnerabilities in the eurozone economy that contribute to the uneven normalization of our monetary policy among different countries, the ECB said. The ECB has instructed Eurosystem committees and ECB services to accelerate the development of a new mechanism to combat fragmentation. Why it matters. Rising

Price for oil price cap yet to be determined, head of European Commission

"The EU is ready in principle to go to the oil price cap," von der Leyen added. Earlier, the head of the U.S. Treasury Yellen said that the U.S. is not against the purchase of oil by India above the price cap. The WSJ also reported citing sources

U.S. officials forced to roll back plan to limit Russian oil prices - Bloomberg

India and China - Russia's most important trading partners - will not participate, Bloomberg sources said. The price cap plan is still alive after all. However, the price cap will be higher than previously thought. Earlier, U.S. Treasury Secretary Yellen said the price ceiling could be in the range

Read next