After days of sometimes bitter debate, the bloc’s heads of government agreed on a €750 billion package aimed at funding post-pandemic relief efforts in the EU.
The recovery fund centres on a €390 billion programme of grants to economically weakened member states — a significantly smaller sum than the €500 billion package originally proposed by Berlin and Paris in May.
Leaders also signed off on the EU’s next seven-year budget, which will be worth €1.8 trillion.
"A historical time for Greece and Europe. We return with a 72 billion euro financial package. We have the tools, we have the plan, we will invest the financial package to transform Greece," Greek Prime Minister Kyriakos Mitsotakis stated.
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Speaking to reporters, European Council president Charles Michel called it a "good deal", stating that "Europe is solid."
Meanwhile, European Commission President Ursula von der Leyen, underlined important concessions made in the search for a compromise, saying she regretted the cuts to "modern policies" in research and innovation.
Live | Συνέντευξη Τύπου μετά την ολοκλήρωση των εργασιών του Ευρωπαϊκού Συμβουλίου στις Βρυξέλλες. https://t.co/KLooQOepNt
— Prime Minister GR (@PrimeministerGR) July 21, 2020
Un plan de relance massif est adopté : un emprunt commun pour répondre à la crise de manière solidaire et investir dans notre avenir. Nous ne l’avions jamais fait ! La France a porté sans relâche cette ambition. https://t.co/x3ltuf69Ca
— Emmanuel Macron (@EmmanuelMacron) July 21, 2020
Now the deal will have to pass the scrutiny of the European parliament, which will shortly convene a special plenary session.
