March 14, 2020 / 12:02 PM / in 25 days

Estonia to raise up to 1 billion euros to tackle coronavirus outbreak

TALLINN (Reuters) - Estonia is preparing to raise up to 1 billion euros ($1.1 billion) to cope with the coronavirus outbreak, including via short-dated bonds, the Finance Ministry said on Saturday.

As a first step, the maximum allowed issuance of short-term bonds would be raised to 1 billion euros from 400 million euros, the ministry said.

“I think it makes sense to create a strong cash buffer immediately as the situation on the financial market is unpredictable and later the price and availability of the needed assets could weaken,” Finance Minister Martin Helme said.

Reporting by Tarmo Virki; Editing by Edmund Blair

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