After spending four days (and nights) of rigorous negotiations, EU has stuck a € 750 Billion deal to bail out member economies out of Covid-19 induced recession. The deal will ensure grants and bails for the 27member nations to recover their economies from the devastating impacts of Lockdowns and complete breakdown in commerce.
Charles Michel, Summit chairman called this a “strong deal. And most importantly, the right deal for Europe right now”
We did it! We have reached a deal on the recovery package and the European budget for 2021-2027.
— Charles Michel (@eucopresident) July 21, 2020
This is a strong deal. And most importantly, the right deal for Europe right now. #EUCO pic.twitter.com/c6fQ5ppwpf
The deal grants €390bn of grants to member states hardest hit by the pandemic.
The deal was was agreed alongside agreement on the bloc’s next seven-year budget of 1 Trillion Euro.
The agreement in Brussels, needed the unanimous approval of all EU member states (27 countries and territories) and was a brainchild of German Chancellor Angela Merkel and French President Emmanuel Macron.
With NATO being questioned and US losing its leadership, the deal represents a major victory for Brussels for being there when its members needed it most.
French President Emmanuel Macron called it a Historic day for Europe when all Europeans have come together as a community.
Un plan de relance massif est adopté : un emprunt commun pour répondre à la crise de manière solidaire et investir dans notre avenir. Nous ne l’avions jamais fait ! La France a porté sans relâche cette ambition. https://t.co/x3ltuf69Ca
— Emmanuel Macron (@EmmanuelMacron) July 21, 2020
Bloomberg reported that Italy will be the biggest benefactor of the deal securing € 82 Billion in grants and € 127 Billion in loans.
