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There will not be a limit on the overall volume of the loans programme for small and medium-sized businesses, German Economy Minister Peter Altmaier said during a joint press conference with Finance Minister Sholz on Monday, per Reuters.

Ministers further noted that they were expecting heavy demand for the state-backed loans of up to €800,000 

Regarding the European coronavirus aid that will be discussed by EU finance ministers on Tuesday, Altmaier said that the aid should not endanger the creditworthiness of member countries providing it.

EUR/USD extends slide

The EUR/USD pair largely ignored these remarks and was last seen trading at 1.0783, erasing 0.24% on a daily basis.