European Union finance ministers failed to agree in all-night talks on more support for their coronavirus-hit economies and their chairman said on Wednesday morning he was suspending the discussions until Thursday.

reuters.com

Simply put, the argument is over debt mutualization. Germany and The Netherlands (in particular) are worried they’re gonna end up on the hook for the debts incurred fighting COVID-19 in countries like Spain and Italy (Italy is probably going to sink into an economic depression, and I’m sure Spain will take one hell of a beating, to put it mildly).