European Union leaders failed to agree on a huge economic rescue package over the weekend, after fractious talks that were described as some of the most bitterly divided in years.
The European Union is battling a savage recession triggered by the coronavirus pandemic, and the hardest-hit countries like Italy and Spain urgently need fresh economic relief worth hundreds of billions of dollars. But agreement has so far been thwarted by deep divisions over the overall size of the recovery fund, how much assistance should be given as grants rather than loans, and the conditions that should be attached.
Securing a deal was,"not only about money, it's about people, about the European future, about our unity," he said.Dutch Prime Minister Mark Rutte, German Chancellor Angela Merkel, European Commission President Ursula von der Leyen and French President Emmanuel Macron at the Brussels summit.The European Commission said earlier this month that it expects the EU economy to shrink 8.3% in 2020, considerably worse than the 7.4% slump predicted two months ago.
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