After weeks of uncertainty, the European Union has finally agreed on a 500-billion-euro stimulus plan to safeguard the regional bloc from the worst of the coronavirus outbreak.
The Chairman of the Eurogroup, Mario Centeno, announced the deal on Thursday following marathon talks in Brussels.
The plan will shore up three safety nets.
First, by protecting workers and their livelihoods especially those who are self-employed through flexible work schemes and benefits.
Second, it'll give more support to hard-hit businesses, chiefly with 200 billion euros in loans for small and medium-sized firms.
And third, i'll establish a Pandemic Crisis Support scheme worth 240 billion euros to support member states.
The plan, however, does not include the issuance of so-called 'Coronabonds,' which for weeks had been at the heart of contention between northern and southern member states.