EU talks deadlocked over division of vast economic recovery fund

Netherlands' Prime Minister Mark Rutte looks on next to Germany's Chancellor Angela Merkel , President of the European Commission Ursula von der Leyen and France's President Emmanuel Macron ahead of talks in Brussels, July 18 2020. Picture: FRANCISCO SECO/AFP

As the leaders haggled into the evening over a plan designed to help haul Europe out of its deepest recession since World War 2, diplomats said it was not clear if they would abandon the summit and try again next month, or plough on through the night. On the table is a €1.8-trillion package for the bloc's next long-term budget and recovery fund. The €750bn proposed for the recovery fund would be raised on capital markets by the EU's executive European Commission and funnelled mostly to hard-hit Mediterranean rim countries.

Luxembourg Prime Minister Xavier Bettel said such conditions were needed to safeguard democratic values that were the backbone of the EU.

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