Tony Connelly from RTE reports that a deal has been reached in the eurogroup meeting.

There were reports about deep rifts between the north and south. This is a big turnaroud. The details are important though, they could have a ‘deal’ on some token measures.

Update from Tony: EU finance ministers have reached agreement on a European rescue plan. The ESM element has been agreed, the European Commission’s SURE package, mobilising up to 100bn has been agreed, + the EIB pan European guarantee scheme has been agreed. Work to begin on a “recovery” fund, subject to “guidance” by EU leaders, possibly some kind of coronabond or “solidarity” fund by another name.

These numbers are smaller than hinted (hoped?) earlier.

More: Figures on Eurozone breakthrough: €240 bn for ESM enhanced conditions credit lines; €100 bn for SURE work subsidy plan; €25 bn for EIB cheap loans for corporate sector, leveraged up to €200 bn – source n terms of ESM conditionality, the enhanced conditions credit lines ECCLs will focus on COVID 19 expenditure and will end when crisis over. Terms to be agreed by ESM governing bodies.