Eurozone agrees on offering cheap loans to countries hit by coronavirus

Eurozone finance ministers have agreed on the details of cheap loans that the bloc will offer to countries hit by the coronavirus crisis.

The deal, struck at a video conference today, forms a key part of the response to the crisis, that’s put the European Union on track for the steepest recession in its history. Italian bonds rallied, with yields on 10-year notes dropping 8 basis points to 1.84%.