Controversies surrounding the Eurozone crisis

The international rating agency "Fitch" (Fitch Ratings) confirmed the long-term credit rating of Bulgaria in foreign and local currency BBB with a positive outlook.

European governments have spent hand over fist, despite ballooning public debt, to prevent the coronavirus pandemic from triggering economic calamity.

Now, the European Union faces calls to loosen its budget rules to allow the largesse to continue, but the topic is a sensitive one for many member states.

The European Central Bank told eurozone finance ministers that the eurozone could need fiscal measures worth to 1.5 trillion euros this year to tackle the economic crisis caused by the COVID-19 epidemic, officials told Reuters.

EU finance ministers agreed reforms to better fight against a financial crisis on Tuesday that fell short of the original ambitions to relaunch Europe by French President Emmanuel Macron.

The agreement between the EU's 27 finance ministers, without Britain, is intended to hand authorities a more powerful tool box in the event of a major shock to the European economy.

Greece wants to repay loans owed to its lenders from the European Central Bank (ECB) and the International Monetary Fund before they are due in a bid to cut its debt servicing costs, its finance minister said on Tuesday.

Greece has decided to push back by a few months its plan for a new bond issue due to increased political risk in Italy that has rocked euro zone debt markets, government officials said on Wednesday.

The European Commission believes a deal on the Greek bailout is possible in the coming weeks, the economics commissioner told EU lawmakers on Tuesday, adding that a failure to reach an agreement quickly could pose risks.

Reuters news agency quotes a European Commission official as saying that if Athens implements the necessary reforms within the next two months, then the Eurozone would be willing to make some concessions on the Greek debt. According to Reuters, the Eurozone government would discuss servicing up to 15% of the Greek debt to GDP.