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Topic: EU summit: Leaders reach landmark €1.82 trillion COVID-19 recovery deal - page 2. (Read 341 times)

legendary
Activity: 2730
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EU leaders reached a landmark €1.82 trillion COVID-19 recovery package early Tuesday morning.

That is not true. COVID-19 recovery package is €750 billion. €490 billion out of is given, the rest EU members will be able to lend.

Almost 1.1 trillion is a next 7 years EU budged. It has nothing to do with covid-19.
hero member
Activity: 1330
Merit: 569
Quote
EU leaders reached a landmark €1.82 trillion COVID-19 recovery package early Tuesday morning.

It comes after days of sometimes bitter discussions over the seven year budget and recovery package which includes jointly borrowing a €750 billion recovery fund to be shared as grants and loans.
Source: https://www.euronews.com/2020/07/20/eu-summit-deadlock-see-talks-stretch-into-sunday
Alternative source: https://www.ft.com/content/713be467-ed19-4663-95ff-66f775af55cc

Long overdue deal between EU countries for an assistance package has finally been finalized. It's a historic deal of great proportions. The compromise seems to have come in the fact that around half of the funds will be borrowed.

EU country leaders would like to project that they union is sturdy and stable, but the concession that had to be made might show otherwise. Countries that were notorious for their opposition to the deal initially had great offers made to them for their budget rebates. Essentially now, already rich northern countries that contribute little to the EU will be earning more, all over a pandemic that affected them less than the south. Just the fact that this compromise had to be made only for the deal to pass for me shows some weakness in EU's mechanisms.

While it is commendable that EU is coming to provide succor and plans on how to recover the economy, it is still something appalling to see that close to 50% of the amount is to be borrowed and the concern from me is then that from which country do they want to borrow or from which set of individuals or corporations?

If they go the route of countries does that mean that the same other countries that are also trying as much as possible to boost their own economies would be willing to dole out such huge bailout to another group of countries.

If they are going the route of corporations, then it means that the same corporations they are planning to bail out in terms of grants and loans are the same set of people they want to borrow from.

All of these just beats imagination that majority of the handlers of the economies do not have a solid economic plan and what they are doing is trial and error hoping that one will work out.
sr. member
Activity: 1988
Merit: 453
It´s easy to seperate 1 entity in 50 seperate ones, but it seems utterly impossible to unite 30 parts into 1. As a European, I think  it´s positive, since it´s in almost every country the same situation that there are already so many different regions that want to have different things compared to e. g. what happens in most capital cities. That makes it even worse on a bigger scale, like why should a cattle farmer from the French alps have a vote on Bulgarias refined petroleum industry? I give this EU till 2030, I don´t know even one person who enjoys being in that union....

EU has benefited some of the countries, while it had a detrimental effect on some others (such as the United Kingdom). For example, the Eastern European countries such as Poland, Estonia, Lithuania.etc benefited enormously from the EU membership. The citizens in these countries got the perimission to live and work in Western European nations such as UK, France and Germany. As a result, the economy of these nations received an enormous boost. On the other hand, countries such as Germany have also benefited from the EU. Germany, under Angela Merkel dominates the smaller nations, deciding most of the government policies. So it is mutually beneficial.
member
Activity: 112
Merit: 17
It´s easy to seperate 1 entity in 50 seperate ones, but it seems utterly impossible to unite 30 parts into 1. As a European, I think  it´s positive, since it´s in almost every country the same situation that there are already so many different regions that want to have different things compared to e. g. what happens in most capital cities. That makes it even worse on a bigger scale, like why should a cattle farmer from the French alps have a vote on Bulgarias refined petroleum industry? I give this EU till 2030, I don´t know even one person who enjoys being in that union....
legendary
Activity: 2114
Merit: 2248
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There were so many split interests during the summit and this most likely led to the length of the discussions before a compromise was eventually met. Each leader was seeking out the best interests of his/her people and looking to secure voter supports back at home.

Fractions in the EU also indicated a lack of togetherness and it'll be seen if the EU can maintain its motto and remain United in diversity regarding future meetings and other necessary concessions.
legendary
Activity: 2422
Merit: 1451
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Quote
EU leaders reached a landmark €1.82 trillion COVID-19 recovery package early Tuesday morning.

It comes after days of sometimes bitter discussions over the seven year budget and recovery package which includes jointly borrowing a €750 billion recovery fund to be shared as grants and loans.
Source: https://www.euronews.com/2020/07/20/eu-summit-deadlock-see-talks-stretch-into-sunday
Alternative source: https://www.ft.com/content/713be467-ed19-4663-95ff-66f775af55cc

Long overdue deal between EU countries for an assistance package has finally been finalized. It's a historic deal of great proportions. The compromise seems to have come in the fact that around half of the funds will be borrowed.

EU country leaders would like to project that they union is sturdy and stable, but the concession that had to be made might show otherwise. Countries that were notorious for their opposition to the deal initially had great offers made to them for their budget rebates. Essentially now, already rich northern countries that contribute little to the EU will be earning more, all over a pandemic that affected them less than the south. Just the fact that this compromise had to be made only for the deal to pass for me shows some weakness in EU's mechanisms.
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