Ministers also sparred over the wording of a joint statement hinting at the possible issuance of joint debt to finance the response.

Markets had been expecting a package of stimulus measures totaling around half a trillion euros, involving support from the European Stability Mechanism, the European Investment Bank and the European Commission.

“This is negative for the periphery who are suffering the most from the crisis,” said Pooja Kumra, senior European rates strategist at Toronto-Dominion Bank. “These mutual decisions will be a struggle and could drag.”

This article was provided by Bloomberg News.

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