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French finance minister says Eurogroup has reached 240 billion euro deal

Reuters
Updated ·1-min read
FILE PHOTO: French PM holds presser over latest decisions on lifting of lockdown from Monday

PARIS (Reuters) - French Finance Minister Bruno Le Maire said on Friday that euro zone finance ministers had reached an agreement on a 240 billion euro(210.27 billion pounds) treasury line to support countries hit by the coronavirus pandemic.

Two European officials had said earlier that the finance ministers had agreed on Friday to offer cheap credit lines that can be tapped until the end of 2022 by countries struggling in the wake of the pandemic.

The credit line of the European Stability Mechanism (ESM), the EU rescue fund, will be operational on June 1, Le Maire said on Twitter.

(Reporting by Sybille de La Hamaide and Jean-Philippe Lefief; Editing by Hugh Lawson)