European Union strikes rescue deal as hopes rise of coronavirus easing
Ursula von der Leyen
Tentative signs of hope emerged Thursday that the coronavirus pandemic was peaking, as the European Union sealed a rescue package to help the hard-hit continent.
With the death toll passing 94,000, there remained plenty of grim news, with the IMF warning that the world was dipping into a new Great Depression and new data showing the United States has shed a massive 17 million jobs in a matter of weeks.
But hospitalisations dropped in several countries and British Prime Minister Boris Johnson, the highest profile of the 1.5 million people infected by the virus, exited three days of intensive care.
"The fire started by the pandemic is starting to come under control," said Prime Minister Pedro Sanchez of Spain, where fatalities inched down to 683 from 757 a day before, pushing the total above 15,000.
"Our priority now is not to turn back, especially not to return to our starting point, not to lower our guard," Sanchez told parliament.
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France reported that 82 fewer people were in intensive care for COVID-19 -- the first fall since the pandemic broke out.
EU finance ministers agreed in late-night talks to a 500 billion-eurorescue package aimed at reducing pain across the 27-nation bloc, especially hardest-hit Italy and Spain.
"Europe has decided and is ready to meet the gravity of the crisis," French Finance Minister Bruno Le Maire tweeted after the talks.
He warned earlier in the day that France's economy is expected to shrink six percent this year, even with the country's own 100-billion-euro relief plan.
EU finance ministers put aside proposals by France and Italy for pooled borrowing. The Netherlands relented and let the deal come through after pushing hard for Italy and other affected countries to undertake economic reforms.