‘Long way’ from deal on EU recovery fund – Germany’s Maas
The European Union is a “long way” from agreeing on the €750 billion coronavirus recovery fund, Minister for Foreign Affairs Heiko Maas (pictured) said on Friday.
The recovery plan, which includes €500 billion in grants and €250 billion in loans, will be financed by raising common debt in capital markets, making it the first fund of its kind in the history of the bloc. It will need to be approved by all 27 national parliaments in order to be implemented.
Italian Prime Minister Giuseppe Conte previously expressed approval of the fun, calling it a “good signal” from Brussels.
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