Reports point to a Eurogroup compromise of around 500bln euros to deal with economic fallout from coronavirus

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Eurozone finance ministers pointed to a “successful” conclusion’s to Thursday’s Eurogroup meeting, with “success” in this instance being a reported credit line of 500 billion euros towards member-states for dealing with the punishing effects of the ongoing coronavirus pandemic on the European economy. 

The figure, if confirmed, falls short of the 1.5 trillion-euro support package calculated by the European Central Bank (ECB) to deal with the expected economic implosion. 

Eurogroup president Mario Centeno had earlier hinted that the ministers, participating via a teleconference, were close to a deal.

After the conclusion of the meeing, French Finance Minister Bruno Le Maire took to Twitter to refer to an “… Excellent agreement between European finance ministers over the economic response to #Coronavirus: 500 billion euros available immediately. A stimulus fund pending. Europe decides, and it deals with the seriousness of the crisis.”

Centeno’s spokesman, Luis Rego, Tweeted the that the “…meeting ended with ministers clapping. Press conference in 15 minutes”.

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