A government spokesman confirms that the German government has signed off on taking on billions in new debt to battle against the economic fallout

The size of the package is the outstanding part as it equates to roughly 22% of GDP. Let's see if they will be willing to explore further options if needed down the road. The measures above have already been talked up by lawmakers since the end of last week already.

The split of the package here is €150 billion in supplementary government budget, €100 billion for an economic stability fund that can take direct equity stakes in companies, €100 billion in credit for loans to struggling businesses, and €400 billion in loan guarantees to secure corporate debt at risk of defaulting.