The head of the Eurogroup, the Minister of Finance of Portugal, Mario Centeno, said that 100 billion euros will go to subsidize wages so that companies can reduce working hours, not jobs. In addition, the European Investment Bank (EIB) will expand lending to companies by €200 billion, while the European Stability Facility (ECM) fund will provide governments with €240 billion of cheap loans.
It is noted that the package of measures taken will increase financial support for the economies of the EU countries in a pandemic to 3.2 trillion euros ($3.5 tron), which is the largest anti-crisis program in the world.
An agreement was reached after Germany and France managed to overcome the opposition of the Netherlands, which insisted on adding economic conditions to the emergency loan for governments experiencing the effects of the pandemic, and convinced Italy that the bloc would show solidarity.
At the same time, the use of joint debt to finance recovery is not mentioned - a point that Italy, France and Spain insisted on, but opposed by Germany, the Netherlands, Finland and Austria.