May 8, 2020 / 4:19 PM / a month ago

Euro zone agrees on offering cheap loans to countries hit by coronavirus

FILE PHOTO: European Union flags fly outside the European Commission headquarters in Brussels, Belgium, February 19, 2020. REUTERS/Yves Herman

BRUSSELS (Reuters) - Euro zone finance ministers agreed on Friday on the details of cheap loans that the bloc will offer to countries hit by the coronavirus crisis, an EU document showed.

“We agreed today on the features and standardized terms of the Pandemic Crisis Support, available to all euro area Member States for amounts of 2% of the respective Member’s GDP,” the ministers said in a joint statement issued at the end of an online meeting.

“Subject to the completion of national procedures, we expect the ESM Board of Governors to adopt a resolution confirming this well before the 1st of June 2020,” they said, referring to the European Stability Mechanism - the EU rescue fund - which will provide the credit lines to states.

Reporting by Francesco Guarascio @fraguarascio; Editing by Hugh Lawson

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