A government financial support package is expected to help limit coronavirus-related impact on banks’ asset quality, Moody’s ratings agency has said.

The financial support package of €700m is equivalent to 3 per cent of GDP, of which €450m are fiscal measures and €250m liquidity support with no fiscal effect on government finances.

European stocks were up slightly in early trading on 19 March 2020, as investors took heart from efforts by officials in the United States and Europe to shore up the world economy.

The European Central Bank said it would embark on an enormous wave of bond purchases intended to counter the “serious risks” to the eurozone caused by the coronavirus pandemic.

 Image: REUTERS/China Daily

17 Feb 2020

Rosamond HuttSenior Writer, Formative Content

   

As the world grapples with the coronavirus, the economic damage is mounting with the OECD warning the virus presents the biggest danger to the global economy since the financial crisis.

As outbreaks spread outside China, spiking in Italy and South Korea, investors are growing increasingly concerned about a global economic slowdown.

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