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EU countries have agreed on the number of subsidies for economic recovery

Germany and France were unable to achieve the goal of sending half a trillion euros to restore the economy of countries affected by the coronavirus. According to diplomats, 390 billion euros will be allocated for this purpose.

The States of the European Union have agreed on the size of the package of assistance to restore the economy of countries affected by the coronavirus. According to the agreement, the allocation for these purposes should not be 500 billion euros, as demanded by Germany and France, but 390 billion, European diplomats said on the evening of Monday, July 20, on the fourth day of the ongoing EU summit in Brussels.

Austria, Denmark, Finland, the Netherlands, and Sweden were in favor of reducing the amount of non-refundable subsidies. Initially, they insisted on providing only loans, not subsidies, in order to persuade countries like Italy to adopt bolder reform policies.

The aid plans have been particularly criticized, among other things, because the EU wants to take on many joint debt obligations for the first time for a program of investment and economic stimulus.

The emergency EU summit has been running since Friday, July 17, although it was originally scheduled for only two days. The leaders of the 27 countries must also agree on a long-term EU budget for 2021-2027 — until it is adopted, the aid program cannot be launched.

It is also an open question of whether aid will be linked to countries committed to climate protection and respect for the rule of law. Countries like Poland and Hungary reject this.

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