The EU agrees a historic, unprecedented $860 billion recovery fund as the bloc fights the fallout of coronavirus

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• 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.
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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.

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See Also:

• US economic activity improved slightly through early July but remained well below pre-crisis levels, according to Fed's Beige Book
• Global consumer confidence posted a record plunge in the 2nd quarter as the coronavirus pandemic slammed job prospects, finances
• US small business optimism jumped the most since 2016 in June as owners anticipated better sales amid the economic reopening

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