Dutch Prime Minister Mark Rutte, European Council President Charles Michel, French President Emmanuel Macron and European Commission President Ursula von der Leyen connect throughout the last roundtable conversation following a four-day European top at the European Council in Brussels, Belgium, July 21, 2020. (Stephanie Lecocq/Reuters)
The European Union reached a “historic” offer early Tuesday morning on a massive coronavirus stimulus strategy after nearly five days of extreme negotiations.The deal includes$
857 billion in grants and loans, the largest joint borrowing in the history of the E.U., which will go towards fixing and rebuilding the economies of the group’s 27 members after the destruction wreaked by the coronavirus pandemic. Considering that the pandemic hit, Europe has sunk into its deepest economic crisis given that The second world war.
“This contract sends a concrete signal that Europe is a force for action,” E.U. Top chairman Charles Michel said at a press conference after the arrangement was reached. “It has to do with a lot more than money. It has to do with workers and households, their jobs, their health and their wellness. I think this agreement will be viewed as a turning point in Europe’s journey, but it will likewise introduce us into the future.”
“This is a strong deal. And most importantly, the right offer for Europe today,” Michel added on Twitter.The summit began on Friday in Brussels and saw more than 90 hours of extreme talks that included a risk from France to leave and one from Hungary to ban the bundle. On the other hand,” economical” members led by the Netherlands consisting of Sweden, Denmark, and Finland opposed the plan as too pricey. They argued that help to Mediterranean nations like Italy and Spain that were hit hard by the pandemic ought to remain in the form of loans instead of non-repayable grants.Leading the push for the offer were German Chancellor Angela Merkel and French President Emmanuel Macron, who called it”really historical.”The relief bundle still needs ratification by the European Parliament.After a deal was reached, the Euro rose to a four-month high of$1.147 on Tuesday.Send a tip to the news group at NR.