World leaders wrestle to contain pandemic’s economic fallout

Irish Times | Mar 26, 2020 at 9:49 PM
  • World leaders scrambled to co-ordinate an effective response to economic turmoil that threatens a downturn of historic proportions as the coronavirus pandemic shuts down public life from India to New York.
  • After hours of negotiations over a video conference call, the leaders of the euro zone failed to reach agreement on additional borrowing tools to help countries finance their response to the crisis.
  • Nine countries including France, Italy, Spain, Portugal and Ireland had appealed for common debt issuance or Eurobonds as extra firepower that could ensure “stable long-term financing for the policies required to counter the damages caused by this pandemic”.