EU leaders struck deal on recovery package

Special Desk

After prolonged talks for over a fourth night the EU leaders have finally come to a deal on a huge post-coronavirus recovery package.

Summit, which began in Brussels on Friday morning, saw more than 90 hours of talks and became the EU’s longest meeting since a 2000 meeting in the French city of Nice, which had lasted for five days.

This deal in particular will see the 27-nation bloc offering €750bn in grants and loans to counter the economic impact of the pandemic. Summit chairman Charles Michel called the deal a “pivotal moment” for entire Europe.

Talks which had begun on Friday saw a split between nations hardest hit by the outbreak and members who were concerned about costs. They discussed load and grants for long.

The deal centres on a €390bn programme of grants to member states hardest hit by the pandemic. Italy and Spain are expected to be the main recipients. A further €360bn in low- interest loans will be available to members of the bloc.

Also Read : Now China warns UK of ‘consequences’ over Hong Kong

Also Read : UAE’s historic step towards Mars

The summit, which began in Brussels on Friday morning, saw more than 90 hours of talks and became the EU’s longest since a 2000 meeting in the French city of Nice, which lasted for five days.

The package will now face more technical negotiations by member states, and need ratification by the European Parliament.

Michel, president of the European Council, tweeted “Deal” shortly after the 27 leaders reached the agreement. Member states were largely split between those hit hardest by the outbreak and keen to revive their economies, and those more concerned about the costs of the recovery plan.