Many countries hit hardest by the virus are also those that can least afford the costs, like Italy and Spain. Italy has rejected using the bailout fund, the European Stability Mechanism. Italy argues that makes the ESM the wrong tool since the virus is no country's fault. Prime Minister Giuseppe Conte has dismissed the bailout fund as "totally inadequate.'' German Finance Minister Olaf Scholz said he and his peers were close to a deal on the bailout loans, company support and short-work schemes.

Source: The Standard April 08, 2020 10:52 UTC