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Wednesday, 22 July 2020 14:08

EU AGREED €750B RECOVERY FUND

EU leaders have agreed a €750bn recovery fund to help member states mitigate the economic effects of the coronavirus outbreak. After four days of negotiations, all 27 heads of government signed off on a package that consists of €390bn in grants and €360bn in low-interest loans. To raise the money, the European Commission received the go-ahead to borrow on the financial markets for the first time. Leaders simultaneously approved the EU’s next seven-year budget, which will be worth €1.074tn.

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