EU finance ministers agree on 540 billion euros economy rescue package

EU finance ministers agree on 540 billion euros economy rescue package

The European Union finance ministers agreed to allocate 540 billion euros (about US$590 billion) to support member countries affected by the coronavirus pandemic. This has been reported by Eurogroup President Mario Centeno in a video statement following the agreement.

The funds will be allocated within the next two weeks. In particular, it includes a joint employment insurance fund worth 100 billion euros (US$109 billion), a European Investment Bank instrument intended to supply 200 billion euros (US$218 billion) of liquidity to companies, as well as credit lines of up to 240 billion euros (US$262 billion) from the European Stability Mechanism.

 

Photo: grozny-inform.ru