EU reaches deal on recovery fund

21 Jul 2020 12:27 PM

European Union leaders have reached a deal on a massive COVID-19 recovery fund after four days of negotiations.

The €750 billion ($859 billion USD) funds is the largest joint borrowing ever approved by the EU.

President of the European Council Charles Michel said it marked a ‘pivotal moment’ for Europe. The deal focuses on a €390 billion grant programme for the countries most affected by the epidemic, with Italy and Spain expected to be the main recipients


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