UPDATED: EU leaders reach deal

epa08557683 European Commission President Ursula Von Der Leyen (L) and European Council President Charles Michel (R) give a elbow shot at the end of a news conference following a four day European summit at the European Council in Brussels, Belgium, 21 July 2020. European Union nations leaders meet face-to-face for a fourth day to discuss plans to respond to the coronavirus pandemic and a new long-term EU budget. EPA-EFE/STEPHANIE LECOCQ / POOL

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Updated 0801 – Charles Michel: Pivotal moment for Europe

Summit chairman Charles Michel expressed his delight at the deal that has been reached in an early morning press conference.

“This agreement sends a concrete signal that Europe is a force for action,” Michel said.

“It is about a lot more than money. It is about workers and families, their jobs, their health and their well-being. I believe this agreement will be seen as a pivotal moment in Europe’s journey, but it will also launch us into the future.”

French President Emmanuel Macron said the deal was “truly historic” and that he was convinced the recovery plan and budget could meet the challenge of the coronavirus pandemic.

Updated 0653 – “Largest allocation of funds for Malta”

On Facebook, the Maltese Government’s official account posted: “The largest allocation of European funds for Malta”. A quick glance at a lengthy document published by the Council this morning  refers that in order to recognise the challenges posed by the situation of island Member States and the remoteness of certain parts of the European Union, Malta and Cyprus shall receive an additional envelope of EUR 100 million each for the Structural Funds under the “Investment for growth and jobs” goal.

Updated: 0633 – Politico.eu reveals details of deal

Politico.eu reports that the EU’s recovery fund will be composed of €390 billion in grants and €360 billion in loans. This will be attached to a new €1.074 trillion seven-year budget, the Multiannual Financial Framework (MFF), on which heads of state and government also reached unanimous agreement — bringing the total financial package to €1.82 trillion.

Macron welcomes deal

Macron said the deal followed long and difficult negotiations, during which concessions had to be made to win over member states whose objections were blocking a deal.

But the concessions were proportionate, and necessary to deliver a recovery plan big enough to be effective, he added.

“There is no such thing as a perfect world, but we have made progress,” Macron told a news briefing.

via Reuters

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After marathon talks, EU member states have agreed to a historic coronavirus recovery deal.

 

It comes after days of sometimes bitter discussions over the trillion-euro rescue package. The 750 billion euros recovery fund to be shared as grants and loans has been adopted.

European Council president Charles Michel simply tweeted ‘Deal!’, while French president Emmanuel Macron said it was an ‘historic day for Europe’.

 

Developing story 

via Politico.eu / Reuters 

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