The European Union unveiled a €750 billion ($826 billion) coronavirus recovery program as the region attempts to claw its way back from its worst economic crisis in decades by theothersarahh
The European Union on Wednesday unveiled a €750 billion coronavirus recovery program as the region attempts to claw its way back from its worst economic crisis in decades; if negotiations between all 27 member economies are successful, the plan could represent a major step toward unifying the bloc’s financial systems. Under the new plan, the EU will borrow €750 billion by issuing long-term government bonds on international markets.
It will then distribute that money via €500 billion in grants to every member state and €250 billion available for loans . The plan requires approval from all of the EU’s 27 member economies, as well as the European Parliament. The grants are likely to be a sticking point in negotiations for the EU’s wealthier nations like the Netherlands and Sweden, the
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