sent a no the part of his finance minister the head of the euro group said these are bowed and bishes decisions we made it and all of shows the german finance minister said this is a great day for sort of derry t. and it's also a great day for their european union because the union can act so in the deal itself contains 3 components firstly there is a loan guarantee by the european investment bank in luxembourg 200000000000 euros for small sized and medium sized companies the secondly there is a new unemployment scheme to finance unemployment benefits in poorer member states worth 100000000000 euros by the e.u. commission made available by that you commission and there's also a 3rd component 240000000000 euros from the european stability mechanism the years m. which was created in the greek crisis that now makes money available for italy france and spain without conditions they only have to take care that these finance instruments are used for the technical the corona virus and the health systems so a lot of talk a lot of measures of you mentioned also a lot of talk of solidarity but

source that will be the corona bonds other say that won't happen and that is why the head of the euro group today said they will seek guidance from leaders in other words they kick the can down the road. in brussels thank you germany's chancellor says she sees signs for optimism in the country's fight against the coronavirus social distancing measures have helped slow the spread of figures from the johns hopkins university show the number of new infections is going down but in the latest briefing angela merkel warned that now was not the time to ease the lockdown. deserted streets in the german capital a common sight in countries facing her in a virus around the world but according to experts in germany the restrictions on movement seem to be having a positive effect. the number of new cases there appears to be leveling out but with a long easter weekend looming the german chancellor has warned against getting complacent to do often on smith we mustn't allow ourselves to be lowered into a false sense of security instead we should be really happy that more stringent measures are necessary fo

ago that we would be down an hour or so ago this would be better perhaps the market reviewing the euro group meeting and contemplating why oil is doing better let's roll it over and show you what is going on in individual markets at this point. we do see bigger losses in france the ftse 100 down .09 here as to what the agreement means for credit markets, we are only off about .03% now let's look at energy pricing around speculation of what is going to happen with this saudi meeting it is not going to be a lot of the list here given by comparison given that russia is given the piece. maybe the energy analysts are right that there will be any major commitment to really reign back on output to lift prices to a higher demand. looking at banks, we've seen a lot of these cut the dividend share buy back on monday, with he got some decent strength around financials but as you can see we are weaker around this point >> basic resources you can see gold and precious metals here. we are weaker across the board. >> phil joins us and steve joins us getting to the news that the german cabinet is apparently

finance ministers there 500000000000 euros on the table of the euro group which is the biggest aid package ever. did dealt with in the u. but still this might not be enough because the european central bank says 1.5 trillion 3 times of that might be needed to get out of the crisis and so it's very difficult to find a compromise a netherlands a blocking everything right now because they want and you conditions on your credit lines on the other hand many countries that say we have to develop a recovery plan now and for that recovery plan you need common debt corona bones or euro bonds issued by all countries but this is very difficult germany the netherlands and others say no we will not do that because we cannot calculate the risk is that the only reason for the german opposition to call on a bonds. there's also the fia that germany after this tries is might not be as potent and as wealthy as now so ken germany actually governed t. all these credit lines and stand in for all that debt that might come in the future we just don't know and so enough shows the german minister is very careful in

source that will be the corona bonds others say that won't happen and that is why the head of the euro group today said they will seek guidance from leaders in other words they kick the can down the road. in brussels thank you germany's chancellor says she sees signs for optimism in the country's fight against the coronavirus social distancing measures have helped slow the spread and the number of infections is going down but in her latest briefing angela merkel warned that now was not the time to ease the lock down. deserted streets in the german capital a common sight in countries facing current virus around the world but according to experts in germany the restrictions on movement seem to be having a positive effect. the number of new cases there appears to be levelling out but with a long easter weekend looming german chancellor has warned against getting complacent if you do finance nish we mustn't allow ourselves to be lowered into a false sense of security instead we should be really happy that more stringent measures are necessary for me this means that we cannot be reckless now we m

it was a little bit out of the european council must welcome the economic package agreed by the euro group demand the finalization of its preliminary works but so that all instruments are ready by no later than june the 1st this is the key to europe and this is the key to our country well the main opposition to corona bonds as they've being called comes from the netherlands and from germany although the german chancellor has well perhaps somewhat warmed a little more certainly been seeing 2 of warmed a little more to the idea in recent times however in the past she's been very clear that the only way the only 8 packages that germany was going to give its full backing to were those mechanisms that already exist. and i can imagine since you know the down the line more generally i would like to say that germany not only wants to act in solidarity but that it will act in solidarity well the german chancellor has been addressing the bundestag on thursday morning she said that germany could only do well if europe is doing well and she talks an awful lot about solidarity there is she addressed th

sent a no the politic is finance minister the head of the euro group said these are bowed and bishes decisions we made it and all of shows the german finance minister said this is a great day for sort of dairy tea and it's also a great day for you pretend you didn't because the union can act so in the deal itself contains 3 components firstly there is a loan guarantee by the european investment bank in luxembourg 200000000000 euros for small sized and medium sized companies the secondly there is a new unemployment scheme to finance unemployment benefits in poorer member states worth 100000000000 euros by the e.u. commission made available by that you commission and there's also a 3rd component 240000000000 euros from the european stability mechanism the years m. which was created in the greek crisis that now makes money available for italy france and spain without conditions they only have to take care that these finance instruments are used for the technical the corona virus and the health systems so a lot of talk a lot of measures as you mentioned also a lot of talk of solidarity b

netherlands over how to apply the coronavirus recovery from portugal's mario centeno head of the euro group of euro zone finance ministers tweeted after 16 hours of discussion we came close to a deal but we're not there yet i suspended the euro group and continue tomorrow thursday my goal remains a strong e.u. safety net against fall out of coverage 19 to shield workers firms and countries and commit to a sizable recovery plan france is now demanding the e.u. use the existing mechanism set up during the eurozone crisis with no strings attached as well as some promote the needy don't. so i would just like to point out something obvious the european stability mechanism was created to deal with a crisis and what are we facing now a crisis which is serious and profound the spanish prime minister pedro sanchez has warned that e.u. itself could quote fall apart if it fails to agree a plan to help member states deal with debts incurred fighting the pandemic italy and spain have accused northern nations led by germany and the netherlands of not doing enough. that germany has its own covered related

that particular field and that is very promising for spain and italy because as the head of the euro group 17 all said it's a bold and ambitious proposal that was unthinkable just a week ago and that is music in the ears of countries in the house of europe. most in brussels thank you. well germany's chancellor says she sees signs for optimism in the country's fight against the pandemic social to distance in measures of help slow the spread and the number of new infections is going down but in her latest briefing and get a man who warned that now was not the time to ease the lock down. deserted streets in the german capital a common sight in countries facing current virus around the world but according to experts in germany the restrictions on movement seeing to be having a positive effect. the number of new cases there appears to be levelling out but with a long easter weekend looming the german chancellor has warned against getting complacent to do if no snitch we mustn't allow ourselves to be lowered into a false sense of security instead we should be really happy that more stringent mea

do we get a euro group agreement. do we get an oil market agreementout put at this point do we get some progress on the virus plateauing at this stage let's show you the european exchange and what is happening in individual markets. there are some individual reasons why these markets are doing what they are doing. some relief in the housing sector for red wood. we also saw the bank of england talking about this editionnaddil here what about the week to date? we'll give you a good sense of what the markets have done >> we've effectively written the enthusiasm to grind higher in the european session here. as you can see, as usual over the last few years, europe has followed wall street but we have never managed to put in the same degree of performance. okay the dax in germany up over 10% here the messaging around the german economy has been dire. what about the markets week to date what is clear is as always, the u.s. markets seem too outperfor to theupside let's bring in klaus baader, economist. you've been trying to d

talking about that's actually something that's already been agreed on a couple of weeks ago by the euro group that's the finance ministers of all of the countries that use the euro zone that's all about much more immediate urgent support for economies that are struggling right now that's been agreed on the big question is how to fund this kind of future fund it's all about rebuilding the economy once the outbreak has begun begun to ease and there are basically kind of big divisions around a couple of questions one question up until now has been about whether the european union will issue was called mutual debt things like corona bonds euro bonds of the words been floating around it looks like that's off the table because that's firmly opposed by northern european countries like germany unlike the netherlands like austria but the 2nd question is whether there might be a vehicle of some kind that's connected to the e.u. budget which still has to be negotiated also for the next few years by which means the european commission might be able to distribute funds to countries that are suffering and

he is saying that he suspended the euro zone, sorry, the euro group meetings. they have gone very late, of course, and he will continue tomorrow. we may not get that 9:00 a.m. meeting. looks like we are not going to get that 9:00 a.m. meeting as we had planned, according to the head of the euro group, portuguese finance minister mario santana. anna. anna: so that is some of the breaking news on the corporate side and the fiscal support side that we are getting or not getting this morning. let us get up-to-date with first word news. here are your first word news stories from bloomberg, are top stories this morning. boris johnson remains in intensive care. his deputy is trying to reassure britain that the fight against coronavirus is under control. the u.k. is heading into the peak of its outbreak and the government is contending with criticism over its handling of the crisis. is confident the minister will move through, saying he is a writer. at as theeing a mass city relaxes is locked down. 55,000 people had train tickets out of the city today and flights are r

the euro group -- one option is the funding for the so-called eurobond. but this is a contentious issue. are countries like germany staunchly against these debts. claire: yemen has announced its coronavavirus. now, my guest from care france. yemen's health care system is already crippled. the virusns if spreads. -- if the virus spreads? >> if the system collapses the rapidly.will go very .e have stocks available we will have prevention measures to try to tell people how to do social distancing, if they can. it will be horrible. claire: of course, social distancing and washing your hands several times a day is very difficult for people around the world. are there particular zones you are concerned about right now? ngo's workining we share a lot. we c coordinate ouour effortsts. obviously therere is social distance. you must have access to some work daily. urbaban zones arare out. and not to mention all the people who have left going to neighbor -- neighboring countries. claire: what would you like to see done now? >>>> of course, support from the internati

netherlands over how to apply the coronavirus recovery from portugal's marial centeno head of the euro group of euro zone finance ministers tweeted after 16 hours of discussion we came close to a deal but we're not there yet i suspended the euro group and continue tomorrow thursday my goal remains a strong e.u. safety net against fall out of coverage 19 to shield workers firms and countries and commit to a sizable recovery plan france is now demanding the e.u. use the existing mechanism set up during the eurozone crisis with no strings attached as well as some promote the need he knows i would just like to point out something obvious the european stability mechanism was created to deal with a crisis and what are we facing now a crisis which is serious and profound the spanish prime minister pedro sanchez has warned that e.u. itself could quote fall apart if it fails to agree a plan to help member states deal with debts incurred fighting the pandemic italy and spain have accused northern nations led by germany and the netherlands of not doing enough that germany has its own covered related ec

would appear a bit out of the european council must welcome the economic package agreed by the euro group demand to finalize nation of its preliminary works but it's a good old instruments are ready by no later than june the 1st this is the key to europe and this is the key to our country well the main opposition to corona bonds as they've being called comes from the netherlands and from germany although angela merkel the german chancellor has well perhaps somewhat warmed a little more certainly been seeing 2 of warmed a little more to the idea in recent times however in the past she's been very clear that the only way the only a packages that germany was going to give its full backing to were those mechanisms that already exist instrument the kind of i can imagine since you know the down the line more generally i would like to say that germany not only wants to act in solidarity but that it will act in solidarity well the german chancellor has been addressing the bundestag on thursday morning she said that germany could only do well if europe is doing well and she talks an awful lot abou

lot what is missing i think is a more action more fiscal action level i think of what that the euro group that has a recently agreed is welcome but is not my sufficient and indeed they even said it is not sufficient because i don't talk of the recovery fine we don't know whether these recovery finder will be how it will be engineered or rugged will what it will do but in a way it's rico denies the debt that the lending that they have established. even if there is an agreement is not quite enough and that more needs to be done i don't think and then we are ready european ready the euro zone is ready for permanent euro bonds and the conditions are not adequate for them there is insufficient control of the fiscal situation of countries to come to this on a permanent bases however i do believe there are not transition not unlimited bases they could be common issuance to find out the expenses that are needed or to deal with cobbett both sanitary and economic expenses francesco just briefly is there a feeling then that accumulated debts may hurt the recovery or will bondholders just have to get

preliminary preliminary step but there's a lot of relief that countries have agreed that the euro euro group finance ministers have agreed to take more of a joint approach to dealing with the economic fallout now some of the major elements are that there will be and employment insurance fund for companies so that they can cut employees hours and not jobs that's a huge concern with so many people sitting at home so many people having lost their jobs already so this is expected to help businesses keep more people on the payroll they will also loosen credit lines for both businesses and for governments and that's a big deal it of course doesn't go as far as many governments like italy and spain would like to see at the moment but it will provide some relief some assurances for these countries that they will not have to borrow at record high levels while they're going into so much debt at the moment well it wasn't easy to reach the agreements which countries have achieved what they wanted which mills. well that's right we know from 16 hours of debate and having failed to come to agreement alread

is a bit of an unequal reaction to this so all the eyes were on the euro zone my dear were the euro group my do or do you my do more generally so what we have so far is the european central bank has stepped in quite significantly with an extra promise to notice security is worth about $750000000000.00 over the next year will begin to do of course also by greek bonds for change so if you see it allows governments in italy greece etc to themselves go out and borrow more and have x. the come to market so that's good news but in terms of sharing the burden a little bit more equally what we've got from the european union in terms of the the latest package of 50400000000000 euros or thereabouts there's been a certain amount of direct support to countries through the lending facility many of you see the yes cent which is basically a facility that was created after the financial crisis this is a loan. which has no conditions even though some northern countries want to have those conditions but that's good news that's about 250000000000 up about 500 we have some help for the unemployed in the sens

safety nets was half a trillion euros that's according to maurice antonio the head of the so holds euro group of eurozone finance ministers but there are deep divisions about the best way to cushion the inevitable economic blow caused by the pandemic i think outside of the box that is what council president michel told eurozone finance ministers this appears to be the result 3 potential measures to breathe life into europe's a virus hit economy. first the e.u. adapts its bailout fund with the firepower of $410000000000.00 euro ups that safe to greece during the financial crisis 2nd an extra $200000000000.00 euros in loans for small and medium sized companies from the european investment bank. and finally a short time work scheme suggested by the e.u. commission worth $100000000000.00 euros it would encourage companies to cut workers' hours not their jobs. hearted nations such as spain and italy welcome the idea but they say they need more so-called corona bunts a new type of public debt instrument backed by the euro zone so far germany austria finland and the netherlands strongly oppose the i

round of applause on this and amalia was sent a no the portuguese finance minister the head of the euro group said these are both into business decisions that ben not to possibility just a few weeks ago at the german finance minister or not show it said this is a good day for you going to good day for so today t. the package contains of 3 components 1st there come 200 billions of loans for small and medium enterprises from the european investment bank in luxembourg 100000000000 euros in a new unemployment scheme and 240000000000 euros of cheap loans from the european stability mechanism a rescue fund originally created in the greek crisis and these loans not come without any conditions in the netherlands caved in here and italy one said the italian finance minister after the deliberations all together 540000000000 euros the biggest package the union has ever made and italy and spain date they were among these countries needing the most. very urgent for those 2 nations did they get what they wanted. yes and no they get this emergency funding but the bigger issues do to be resolved the minister

responses in the at the european level are short to medium term like the one we saw last week in the euro group but some will require and this is where we are focused now having a plan to restart the economies of europe. but also in a very robust manner versus where we still need a bit more work in order to give us selves the means to exit the recession in which all our economies will be in 2020 as we have heard from the international monetary fund at the global level i think there is space to do more space to do this in a more coordinated manner one again one of the other lessons we draw from the 2008 crisis is that when you've got a global crisis and this is what we have today as a recession in 2024 the world irrespective of where you are irrespective of how big or small you are irrespective of whether you are in the north or in the south it requires think earnestly synchronizing their responses it requires investing in greater coordination i know it's not very fashionable to talk about these days where some seem to be pursuing more national responses but lessen his. 3 lessons from the 2008 c