Austrian Finance Minister: Some EU virus aid can be handouts

Dhwani Mehta FXStreet

In an interview with Austrian public TV, the Finance Minister Gernot Bluemel softened his position on the European Union's (EU) coronavirus aid plans, as cited by Bloomberg.

Bluemel said that Austria is prepared to accept some grants in EU recovery fund.

The 'not so' frugal four, Austria, the Netherlands, Denmark and Sweden had outlined a counterproposal for the coronavirus recovery fund on Saturday.

According to the Austria Press Agency, the countries issued their position paper after French-German proposed a joint fund of 500 billion euros (USD 550 billion) to aid the virus-stricken bloc.

Market reaction

The softening of the stance from Austria seems to put fresh bids under the shared currency, as EUR/USD refreshes session highs at 1.0938, up 0.35% on the day.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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