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EU nations clinch $2.1 trillion budget, virus aid deal after 4 days

Updated : July 21, 2020 10:36 AM IST

To confront the biggest recession in its history, the EU will establish a 750 billion-euro coronavirus fund, partly based on common borrowing, to be sent as loans and grants to the hardest-hit countries.
With Macron and Merkel negotiating as the closest of partners, the traditionally powerful Franco-German alliance struggled for days to get the quarreling nations in line.
The coronavirus has sent the EU into a tailspin, killing around 135,000 of its citizens and plunging its economy into an estimated contraction of 8.3 percentthis year.
EU nations clinch $2.1 trillion budget, virus aid deal after 4 days

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