EU Finance Ministers Reach $590 Billion Coronavirus Rescue Deal

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The EU's finance ministers have reached a deal on a $590 billion rescue plan to support the continent's coronavirus-stricken economies.

Police officers check documents as they enforce anti-coronavirus quarantine rules in Sceaux, France, on Wednesday. European Union leaders agreed on a package of measures Thursday to try to counter the economic damage from the lockdown.Police officers check documents as they enforce anti-coronavirus quarantine rules in Sceaux, France, on Wednesday. European Union leaders agreed on a package of measures Thursday to try to counter the economic damage from the lockdown.

"Today, we agreed upon three safety nets and a plan for the recovery, to ensure we grow together, not apart, once the virus is behind us," Eurogroup President Mário Centeno said in a video statement following the agreement."These proposals build on our collective financial strength and European solidarity."

The only requirement to access this line of credit is a commitment to use the funds for the financing of direct or indirect health care, cure and prevention-related costs associated with COVID-19,Dutch Finance Minister Wopke Hoekstra called it"a sensible agreement" for Europe."The ESM can provide financial help to countries without conditions for medical expenses," heon Twitter."It will also available for economic support, but with conditions.

 

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EU 'rescue plan' to cripple southern Europe for generations

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