The package will send tens of billions of euros to countries hardest hit by the coronavirus, most notably heavily indebted Spain and Italy that had lobbied hard for a major gesture from their EU partners
European Union (EU) leaders on Tuesday approved a landmark stimulus package to fight the withering aftershocks of the coronavirus outbreak that has sunk Europe into its deepest recession in history.
The 750-billion-euro ($858-billion) deal was sealed after four days and nights of intense negotiation that saw threats of walkouts and fierce intransigence by the Netherlands.
“Deal!” tweeted EU Council Chief Charles Michel, whose job was to guide the tortuous talks over more than 90 hours.
The package, seen by AFP, was made possible by the crucial backing of Germany and France and includes the biggest ever joint borrowing by the 27 members of the bloc, something that had been resisted by Berlin for generations.
The deal is a special victory for French President Emmanuel Macron who came to office in 2017 committed to strengthen the European Union, but had struggled to deliver against member states with less ambition for the seven-decade-old EU project.
He hailed “a historic day” for Europe.
The package will send tens of billions of euros to countries hardest hit by the virus, most notably heavily indebted Spain and Italy that had lobbied hard for a major gesture from their EU partners. ❑
