Business Standard
Dated: April 11, 2020
By Yuvraj Malik
Europe, the most affected by the coronavirus pandemic globally at present, has finally agreed upon a relief package totalling 500 billion euros ($560 billion). This marks the end of a long deadlock — mostly on a video conference — among finance representatives of European nations.


The main component of the rescue plan is 240 billion euros worth of credit lines to indebted countries hit by Covid-19. A part of the money will also go to European Investment Bank, which has been asked to increase lending to recovery initiatives.
And finally, 100 billion euros will be set aside for a new unemployment insurance scheme.
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