EU proposes 750 billion-euro coronavirus recovery fund
The European Union (EU) Commission has proposed a 750
billion-euro ($825 billion) recovery fund "European breakthrough" to
help the bloc's economy through the deep recession induced by the COVID-19
It was announced by the commissioner Paolo Gentiloni.
The aim is to
tackle an unprecedented crisis.
The move comes as the EU plans to enter its deepest-ever
recession as the impact from the COVID-19 pandemic ravages economies.
The plan comes following big pressure from Italy and Spain.
If EU member states accept the deal as drafted, Italy would
receive 81.8 billion Euro, over the next three years, and Spain would receive 77.3
Germany would receive 28.8 billion Euro and France would receive 38.7 billion Euro.
The fund will be linked to the EU's long term budget for
2021 to 2027.