March 26, 2020 / 9:57 PM / 15 days ago

Germany's Merkel: ESM is the main instrument to help other European countries fight coronavirus

BERLIN, March 26 (Reuters) - Germany views the euro zone bailout fund as the main instrument to help other European countries fight the social and economic impact of the coronavirus crisis, Chancellor Angela Merkel said on Thursday following an European Union leaders summit.

Asked if EU leaders discussed the issuance of joint debt, also known as eurobonds or coronabonds, Merkel said that the ESM bailout fund was giving enough scope to react to the crisis without giving up “fundamental principles”.

Merkel also confirmed that EU leaders had asked euro zone finance ministers to work out in two weeks details of a special ESM credit line to support economies hit by coronavirus. (Reporting by Michael Nienaber; Editing by Sandra Maler)

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