Coronavirus: Italy PM calls for European recovery bonds

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MILAN (REUTERS) - Italian Prime Minister Giuseppe Conte has urged the European Union to launch a 'recovery bond'to help fund the response to the coronavirus outbreak, saying failure to tackle the emergency would be a 'tragic mistake' for the bloc.. Read more at straitstimes.com.

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MILAN - Italian Prime Minister Giuseppe Conte has urged the European Union to launch a"recovery bond" to help fund the response to the coronavirus outbreak, saying failure to tackle the emergency would be a"tragic mistake" for the bloc.

"The ESM is a tool created to help single member states that face financial problems caused by asymmetric shocks," Conte said, adding that the virus outbreak was instead causing a shock for whole Europe. A summit of EU leaders on Thursday failed to reach an agreement over a joint economic response to the virus and gave euro zone officials two weeks to come up with a way to support the economy during the epidemic.

Italy, which has seen more fatalities from the coronavirus than any other country so far, is preparing a second stimulus package in April worth more than the 25 billion euro one adopted in March.

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