Europe allocates 15 billion dollars to confront Corona

According to Arabia Net, diplomatic sources said on Monday evening that the European Union is close to adopting an economic rescue plan for the European countries most affected by the Coruna outbreak, but not at the level of ambition sought by Italy and Spain, as it does not include the issuance of Corona Bond bonds.

The finance ministers of the 27 bloc countries held a video meeting on Tuesday, where it is expected to agree to use the funds of the euro area bailout fund worth 410 billion euros.

There are deep divisions between the rich northern countries and those in the south that are under heavy debt. The ministers are expected to put aside a proposal to issue Corona Bond bonds, to share the debts between the countries of the Union to confront the crisis.

A group of countries, including Italy, France and Spain, are still calling on Germany, Austria and the Netherlands for debt-sharing tools to reduce the economic damage to the pandemic.

But conservative politicians in the Nordic countries fear that the burden of all sovereign debt sharing will lie with the taxpayers in their countries, who may pay the price of the wastefulness of the countries of the South.

According to Bloomberg, the central bank has settled offers to purchase bonds worth 30.2 billion euros, within the framework of its new program, the emergency program to buy bonds to cope with the epidemic, while the value of existing asset purchase program bonds increased by 4 billion euros, equivalent to about 4.3 billion dollars, after adjusting dates Maturity.

Bloomberg indicated that the European Central Bank focused on buying Italian bonds, as last March the bank bought Italian bonds worth about 12 billion euros, equivalent to about 13 billion dollars.