EU leaders reached a deal on a massive stimulus plan for their coronavirus-throttled economies, after a fractious summit that lasted almost five days
BRUSSELS - European Union leaders clinched an “historic” deal on a massive stimulus plan for their coronavirus-throttled economies in the early hours of Tuesday, after a fractious summit that lasted almost five days.
Summit chairman Charles Michel called the accord, reached at a 5.15 a.m. , “a pivotal moment” for Europe. Leaders hope the 750 billion euro recovery fund and its related 1.1 trillion euro 2021-2017 budget will help repair the continent’s deepest recession since World War Two after the coronavirus outbreak shut down economies.
“There were a few clashes, but that’s all part of the game,” said Dutch Prime Minister Mark Rutte, describing a “warm” relationship with his Italian counterpart Giuseppe Conte. Under the compromise, the Commission will borrow 750 billion euros using its triple-A debt rating, disbursing 390 billion in grants - less than the originally targeted 500 billion - and 360 billion in cheap loans.
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