Eurozone finance ministers have reached a deal on a rescue package for member states to deal with the impact of the coronavirus crisis.
Member states earlier this week failed to reach agreement on the proposals - which will amount to up to €500bn - during a marathon teleconference.
However, Finance Minister Paschal Donohoe confirmed a deal has now been done following another attempt this evening.
Very significant agreement reached in #Eurogroup. Support available for governments, employers and citizens. It took a few hours to agree, but only because this really matters. Very important step forward.
— Paschal Donohoe (@Paschald) April 9, 2020
He said supports will be available to "governments, employers and citizens".
He acknowledged it took a "few hours to agree, but only because this really matters".
According to The Financial Times, the deal will include the European Commission's 'SURE' unemployment insurance scheme and a boost in lending capacity for the European Central Bank.
Earlier disagreements over the plan are said to have revolved around the proposed use of a debt instrument known as 'eurobonds' - a proposal backed by Ireland, Italy and a number of other member states.
Dutch Finance Minister Wopke Hoekstra - who had led opposition to eurobonds - said the member states had now reached a "good conclusion".
However, he stressed that his country remained opposed to eurobonds - saying his government didn't believe they would "help Europa or [Netherlands] on the long-term".
On the deal agreed, Mr Hoeskstra said: "The [European Stability Mechanism] 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."
