EU leaders to get together to seek virus plan

will meet in person next month to negotiate how to raise and then distribute a major recovery fund to revive a European economy ravaged by the coronavirus pandemic.

"It's no exaggeration to say we are facing the biggest economic challenge in the history of the European Union," Chancellor Angela Merkel said after the summit. But a sceptical Dutch leader, Prime Minister Mark Rutte poured cold water on hopes for a rapid decision at a July summit. Michel, a former Belgian prime minister, faces sniping from countries known as the"frugal four" -- The Netherlands, Sweden, Denmark and Austria -- who have promised to fight to trim the von der Leyen plan.

Crippled with overstretched finances, these countries lack the ability to fight the recession with a wave of extra spending and are looking for a highly visible act of solidarity from other countries.The commission's plan is inspired by a German and French proposal in which EU money is raised on the financial markets to spend Europe-wide in the biggest slice of joint borrowing ever undertaken by the union.

They have vowed nonetheless to fight on and refused to be rushed despite the depth of the coronavirus crisis that has wreaked havoc on the world economy.Swedish Prime Minister Stefan Lofven said there would need to be"some big improvements" before any deal could be struck.

پاکستان تازہ ترین خبریں, پاکستان عنوانات

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