Italy Finance Minister: We Will Face Battle Over Coronabonds

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The overall compromise was messy to say the least, with the Netherlands moving their stance on conditionality for ESM loans as Italy and Spain also relaxed their red lines by accepting a delay on any explicit agreement to coronabonds.

Given the latter situation, this issue is still far from being over. Austria has already come out to say that the deal struck "should not be a back door to coronabonds", with Dutch finance minister Wopke Hoekstra also reaffirming their position on the matter:

"The ESM can provide financial help to countries without conditions for medical expenses. It will also available for economic support, but with conditions. That's fair and reasonable. We are and will remain opposed to eurobonds. We think this concept will not help Europa or NL on the long-term."