4 years ago
European Union leaders reached a pre-dawn agreement on Tuesday on a huge post-COVID economic recovery proposal after a fractious summit that continued for more than 90 hours, agreeing to borrow and spend hundreds of billions of Euros in the next few years and lend them back from new taxes.
The deal centers on a €390bn program of grants to member states hardest hit by the pandemic, according to a document seen by AFP news agency. It was reached alongside agreement on the bloc’s next seven-year-budget, worth about €1.1tn.
The agreement followed a long day of communication between European countries, during which tempers were often frayed.
European council president Charles Michael said it was a “pivotal moment” for Europe. Shortly he also tweeted “Deal” in his twitter after the 27 leaders reached agreement at about 5:15 AM (0315 GMT) plenary session on Tuesday.
The President of France said it was a “historic day for Europe.” Belgian president Minister Sophie Wilmes tweeted on his twitter, “Never before did the EU invest in the future like this.”
