Claim of miserliness as second day sees negotiations split over size of fund and seven-year budget European Union leaders agreed to reconvene at noon on Sunday after spending Saturday evening locked in intense negotiations in an attempt to save a summit on the terms of a €750bn (£682bn) pandemic recovery fund from an acrimonious end as the debate over the bloc’s financial future became “heated”. A second day of talks in Brussels saw Poland’s prime minister, Mateusz Morawiecki, publicly accuse the Netherlands, Austria, Denmark and Sweden of being “misers” while the Italian prime minister, Giuseppe Conte, claimed the Dutch were trying to rewrite the EU’s rules. Continue reading...
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With her long experience as German chancellor, she shapes a necessary compromise on virus aid for...With her long experience as German chancellor, she shapes a necessary compromise on virus aid for the battered European south. But it’s consensus at a cost.
The EU agrees to a historic $860 billion recovery fund as the bloc fights the fallout of coronavirus
Leaders of the European Union reached a historic deal Tuesday on an $860 billion recovery fund...Leaders of the European Union reached a historic deal Tuesday on an $860 billion recovery fund aimed at the reconstruction of the 27-member bloc. By the end of a 4-day summit, the heads of states agreed on distributing 390 billion euros ($446 billion) in grants, and 360 billion euros ($412 billion) in loans after reaching a compromise with a group of nations nicknamed the "Frugal Four." The EU's seven-year budget, which supports long-term green and digital investments, was ratified at 1.8 trillion euros ($2 trillion). New debt from the recovery package is expected to be repaid by 2058. Visit Business Insider's homepage for more stories. EU leaders have agreed on a landmark 750 billion euro ($860 billion) recovery fund for the reconstruction of the region disrupted by the coronavirus pandemic. The agreement was made public after European council president, Charles Michel, tweeted "Deal!" early Tuesday. "These were, of course, difficult negotiations in very difficult times for all Europeans," he said in a statement. French president Emmanuel Macron cheered the end of the successful 4-day summit as a historic day for Europe. After heated debate and difference of opinion on the specifics of grants and loans since last Friday, the heads of states reached common ground on an outline of how to invest the new funds at their first in-person summit in five months. The leaders finally agreed on distributing 390 billion euros ($446 billion) in non-repayable grants, down from an originally proposed 500 billion euros ($641 billon) which was opposed by the Netherlands, Austria, Sweden, and Denmark — the so-called "Frugal Four." The 27-member bloc accepted low-interest loans worth 360 billion euros ($412 billion) following a compromise with the "Frugal Four" countries, which had raised concerns on whether the funds would be used only for the health crisis. Read More: BANK OF AMERICA: Buy these 9 stocks poised to crush the market in any market environment as they spend heavily on innovation Originally, the total recovery fund was set at an amount of 500 billion euros in grants and 250 billion euros in loans. The massive debt that will surface from the EU's recovery plan is expected to be repaid by 2058. During the summit, leaders also agreed on a 1.8 trillion euro ($2 trillion) seven-year budget and COVID-19 recovery package aimed at rebuilding the bloc and supporting investment in "green and digital transitions." The positive conclusion of the marathon Brussels summit will relieve many market participants whose hopes were pinned on the EU recovery agreement, said Sam Cooper, a vice president at Silicon Valley Bank. Germany's benchmark DAX index gained 1.5% in early European trading, rising to a 5-month high. The pan-continental Euro Stoxx 50 rose 1.3%. However, the euro remained neutral and stayed at 1.14 against the dollar. "Although the euro initially sold off in the aftermath in what appears to be a classic case of buy the rumor, sell the fact, many will welcome the developments and view the intraday weakness as an opportunity to buy a ticket for a long-term euro rally," Cooper said. Read More: Leka Devatha quit a cushy corporate career to start flipping houses. She breaks down how she made $1 million on a single deal by supercharging a simple strategy.SEE ALSO: COVID-19 will create a new generation of zombie companies, followed by a wave of business defaults, a bank CEO says Join the conversation about this story » NOW WATCH: What makes 'Parasite' so shocking is the twist that happens in a 10-minute sequence
After four days of acrimonious debate, the bloc’s heads of state move towards agreementEU leaders shifted...After four days of acrimonious debate, the bloc’s heads of state move towards agreementEU leaders shifted their positions on Monday evening towards reaching a historic agreement on the bloc’s long-term spending plans and a €750bn pandemic recovery fund following days of acrimonious debate at the longest leaders’ summit in two decades.A new “spirit of compromise” had been found, Emmanuel Macron said, despite the French president thumping the negotiating table at the Brussels event in frustration the previous evening and likening those thwarting his spending plans to the ill-fated British in previous budget negotiations. Continue reading...