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EU nations close in on $2.1 trillion budget, virus aid deal

Jul 21, 2020 11:37 IST

European Union on Tuesday finalised an unprecedented 1.82 trillion euro or $2.1 trillion budget and coronavirus recovery fund, somehow finding unity after four days and as many nights of fighting and wrangling over money and power in one of their longest summits ever. To confront the biggest recession in its history, the EU is offering 750 billion euros in grants and loans to the countries hit hardest by the virus. The coronavirus has sent the EU into a tailspin, killing around 1,35,000 of its citizens and plunging its economy into an estimated contraction of 8.3% this year.

Economy