EU Leaders Agree Corona Recovery after Epic Summit

TIRANA – EU leaders finally reached a deal on a massive stimulus package to help their corona-hit economies in the small hours of Tuesday (21 July), after a testy marathon summit that went into its fifth day, reported EUobserver on Tuesday.
The agreed €750bn recovery package and the €1.074 trillion seven-year budget mean a milestone in the EU’s history, as member states decided – temporarily – to borrow jointly a large amount of capital on the markets.
On Monday, German Chancellor Angela Merkel reaffirmed her support for “substantial parts of grants” to be handed out to countries most severely-hit by the economic impact of the COVID-19 pandemic.
“That is the answer we need for an exceptional situation,” she said, adding: “exceptional situations also require exceptional efforts”.
Early Tuesday, Austrian Prime Minister Sebastian Kurz shared a photo of the “frugals”, stating that the final package was a “good result for the EU”, said euronews.
Now the deal will have to pass the scrutiny of the European parliament, which will shortly convene a special plenary session. /argumentum.al