Debates over how to respond to the epidemic and its economic fallout have opened up a rift between Northern and Southern European member states, reminiscent of debates over the 2010s European debt crisis. Nine EU countries—Italy, France, Belgium, Greece, Portugal, Spain, Ireland, Slovenia and Luxembourg—called for "corona bonds" (a type of eurobond) to help their countries to recover from the epidemic, on 25 March. Their letter stated, "The case for such a common instrument is strong, since we are all facing a symmetric external shock." Northern European countries such as Germany, Austria, Finland, and the Netherlands oppose the issuing of joint debt, fearing that they would have to pay it back in the event of a default. Instead, they propose that countries should apply for loans from the European Stability Mechanism.