World

EU finance ministers fail to clinch coronavirus rescue deal

75Views

Issued on: 08/04/2020 – 09:01Modified: 08/04/2020 – 09:01

European Union finance ministers failed to agree in all-night talks on more support for their coronavirus-hit economies and their chairman said on Wednesday morning he was suspending the discussions until Thursday.

Advertising

Read more

Diplomatic sources and officials said a feud between Italy and the Netherlands over what conditions should be attached to euro zone credit for governments fighting the pandemic was blocking progress on half a trillion euros worth of aid.

"After 16 hours of discussions we came close to a deal but we are not there yet," Eurogroup chairman Mario Centeno said on Wednesday morning. "I suspended the Eurogroup and (we will) continue tomorrow."

The finance ministers, who started talks at 1430 GMT on Tuesday that lasted all night with numerous breaks, resumptions and bilateral negotiations, are trying to agree a package of measures to help governments, companies and individuals.

They had hoped to agree on a half-trillion-euro programme to cushion the economic slump and finance recovery from the pandemic, and turn a page on divisions over how far to go that have marred relations as the bloc struggles with the outbreak.

But divisions emerged prominently again, one diplomatic source said: "The Italians want a reference to debt mutualisatiRead More – Source