EU leaders agree to historic 750 billion Euro relief package
After nearly four days of brainstorming, the leaders of the European Union have finally agreed to create a huge fund to combat economic losses caused by the coronavirus. The European Union will create a fund of 750 billion euros (about 858 billion dollars or 64.04 lakh crore rupees). It is being described as a historical relief plan to save the countries of the European Union affected by the Corona pandemic.
During these four days, there was a lot of debate and discussion among all the leaders and at times it seemed that the deal would not be done. France had once threatened to go out of it and Hungary had vetoed it. The Netherlands and Austria vehemently opposed giving such a generous package.
According to the news agency AFP, German Chancellor Angela Merkel said, “Extraordinary circumstances demand extraordinary efforts. It was certainly a very difficult conversation for all Europeans in this very difficult time. This marathon is successful not only for all 27 member countries, but also for the people here.”
Troubled countries will get help
With this package billions of Euros can be given as help to those countries which have been most affected by Coronavirus. These include Spain and Italy. A group of countries under the leadership of Netherlands strongly opposed this package and called this relief package as unnecessary.
Due to Germany and France this package was able to work. French President Emmanuel Macron told reporters, ‘This is a historic change for Europe. The last few months were very tense. But many things have moved forward.
Special effort in extraordinary circumstances
Significantly, this summit was extended for two days due to deep ideological differences among the countries of the European Union. The Coronavirus has killed about 1.35 lakh people in European Union countries, and this year the economy could decline by 8.3 percent.
