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The G20 debt moratorium for poor countries needs broad international cooperation, German Finance Minister Olaf Scholz said on Wednesday and added that the participation of China was very important, as reported by Reuters.

Additional takeaways

“Debt moratorium should be followed by more measures to help poor countries recover after coronavirus crisis.”

“Challenge of post-crisis economic revival in Europe needs joint European answers.”

“We first need clarity about how much money is needed for economic recovery, only then we can discuss structure of the EU programme.”

“Continued restrictions needed in Germany to contain the risk of infection, measures are supported by large parts of the population.”

Market reaction

Germany’s DAX 30 Index extends its daily slide and was last seen erasing 2.37% on a daily basis at 10,442.30 points.