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Deal struck for rescue package

International

Deal struck for rescue package

Rebecca Noonan
Rebecca Noonan

08:47 10 Apr 2020


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A deal has been struck with EU member states for a rescue package to deal with the fall out from the coronavirus pandemic.

The agreement follows an earlier stalemate due to opposition to the plan from Germany and the Netherlands.

Business journalist Gavin McLoughlin outlines what's contained in the deal.

"There's going to be access to the Eurozone bailout fund, member states will be able to borrow 2% of their GDP.

"There's an extra 25 billion of grantees for the European Investment Bank and that's going to allow the bank to raise 200 billion euro to deploy on various projects.

"There's a 100 billion euro pot to be used to protect employment, that's schemes like the wage subsidy scheme like we have here.

"Finally there's going to be a recovery fund set up in future, whoever how this will be funded they don't know yet."


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