The EU proposed a record-breaking new stimulus package of $826 billion to soothe Europe's economic pain from the coronavirus
The European Commission unveiled a planned deployment of 750 billion euros on Wednesday as part of its new long-term budget and recovery plan to help fight the impact of the coronavirus on the continent's economy.
The European Union executive arm's groundbreaking push to aid the economic recovery of Europe against the coronavirus crisis will be paid for by raising funds from financial markets, according to multiple reports. Out of the total package, 500 billion euros will be categorized under non-repayable grants, while 250 billion euros will be considered as loans,Although a formal announcement is not expected until later Wednesday, Paolo Gentiloni, the European Commissioner for Economy, said in a
:"The commission proposes a 750 billion Recovery Fund which is added to the common instruments already launched. A European turning point to face an unprecedented crisis.
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