EU announces €500billion rescue package for coronavirus pandemic

The EU finance ministers, after a marathon discussion in Brussels have announced a €500billion salvage package for European nations hit hard by the coronavirus pandemic.

  • The chairman of the Eurogroup, Mário Centeno revealed the decision. Though the announced package is much lower than the one demanded by the ECB (European Central Bank).
  • The Finance ministers of the bloc, however, could not come to any conclusion on issuing so-called corona bonds, as demanded by bigger nations like France and Italy to share out the cost of the crisis.