E.U promises 1 Trillion Euro for battling coronavirus

The teleconference of the finance ministers of the Eurogroup member states ended with applause, following the agreement for the allocation of one trillion euros to the member states of the European Union, in order to deal with the coronavirus pandemic. At the same time, a total of 87 people have lost their lives in Greece and another 10 in Cyprus from the pandemic.

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The finance ministers of the member states of the European Union have decided to open the funds and allocate 1 trillion euros in the fight against coronavirus. This is the most important economic plan in the history of the EU. The 500 billion will be readily available, followed by the creation of a special support fund.

Eurogroup President Mario Centeno announced the agreement after intense negotiations that lasted 16 hours in Brussels, saying that in the financial crisis of 2009 the European Union did very little, very late.

Where will the 1 trillion Euros go?

The agreement is based on three axes:

1.€ 100 billion will be provided by the European Commission to member states to support workers and the unemployed. Through the strengthening of national unemployment protection systems.

2. Support for companies with loans of 200 billion euros from the European Investment Bank.

3. Support for Member States with credit lines from the European Stability Mechanism, which corresponds to 2% of each country's GDP, reaching a total of 240 billion euros.

The only condition is that the relevant amounts should be allocated only for direct and indirect expenses related to the coronavirus pandemic. The decision was met with applause and was hailed as a point of reference for a Europe that is finally helping.

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