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

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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.
  • 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.

See the rest of the story at Business Insider

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