Coronavirus: EU leaders reach recovery deal after marathon summit

EU leaders have struck a deal on a huge post-coronavirus recovery package following a fourth night of talks.

It will see the 27-nation bloc offering €750bn (£677bn; $859bn) in grants and loans to counter the economic impact of the pandemic.

Summit chairman Charles Michel said it was a “pivotal moment” for Europe.

Talks which began on Friday saw a split between nations hardest hit by the outbreak and “frugal” members who were concerned about costs.

The deal centres on a €390bn programme of grants to member states hardest hit by the pandemic. Italy and Spain are expected to be the main recipients.

A further €360bn in low- interest loans will be available to members of the bloc.

The summit, which began in Brussels on Friday morning, saw more than 90 hours of talks and became the EU’s longest since a 2000 meeting in the French city of Nice, which lasted for five days.

The package will now face more technical negotiations by member states, and need ratification by the European Parliament.

<<BBC>>