European Union leaders were struggling to reach an agreement in Brussels Saturday, the second day of their first face-to-face summit in months on two key issues – a massive coronavirus economic recovery plan and an unprecedented $2 trillion multi-year budget. But tensions, especially over the coronavirus recovery fund, were running high.Friday’s discussions by the 27 leaders that lasted late into the night, added more irritation over the amount of spending for the recovery and on conditions for its distribution.The EU executive has proposed $857 billion for the coronavirus recovery fund, partly based on common borrowing, in the form of loans and grants to the most needy countries.That funding is in addition to the seven-year $1.1 trillion budget that leaders were fighting to approve when COVID-19 first slammed Europe with devastating consequences.The 27-nation bloc’s economy has contracted 8.3% this year, according to the latest statistics.About 135,000 people from EU countries have died from COVID-19.
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modern magazine
