EU agrees 500bn euro coronavirus rescue package

EU finance ministers have agreed a 500bn euro (440bn pounds) rescue package for European countries hit hard by the coronavirus pandemic.

The chairman of the Eurogroup, Mario Centeno, announced the deal, reached after marathon discussions in Brussels.

But the ministers failed to accept a demand from France and Italy to share out the cost of the crisis by issuing so-called coronabonds.

The package is smaller than the European Central Bank had urged.

The ECB has said the bloc may need up to 1.5tn euro (1.3tn pounds) to tackle the crisis.