European leaders are back in Brussels to hammer out details a 750 billion euro ($855 billion) recovery fund.
In May, the European Commission, the executive arm of the EU, suggested raising 750 billion euros in pubic markets to invest in the hardest-hit sectors and countries.
The 27 European Union governments have been at loggerheads for months over how to mitigate the economic shock from the coronavirus. In May, the European Commission, the executive arm of the EU, suggested raising 750 billion euros in pubic markets to invest in the hardest-hit sectors and countries. However, there are still disagreements over how to distribute that money, how to oversee its application, and even whether such a high amount of borrowing is needed.
He added that if there was no breakthrough this weekend, it would be "very bad" for Europe and financial markets, as it would raise questions about the credibility of the bloc to deliver on further fiscal stimulus.One of the main obstacles ahead of Friday's summit is how the money will be invested across Europe.
"My prediction is as good as yours, but the first possibility for a deal is sometime between Saturday night and Sunday morning," Alexander Stubb, the former prime minister of Finland, tweeted Friday.
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