EU Leaders Reach Budget, Coronavirus Relief Deal
Posted: Mon Jul 20, 2020 10:54 pm
European Commission President Ursula von der Leyen, left, and European Council President Charles Michel bump elbows after addressing a media conference at an EU summit in Brussels, July 21, 2020.
European Union leaders reached an agreement early Tuesday on a $2.1 trillion budget and coronavirus relief package.
The deal came after negotiations stretched on for four days and nights, well beyond what was expected, with various factions of member countries divided over the exact structure of the funding and whether it should include restrictions such as spending controls.
European Union leaders during a round table meeting at an EU summit in Brussels, July 17, 2020.
European Council President Charles Michel announced the finalization of the talks with a one-word tweet: “Deal!”
EU nations have experienced 135,000 deaths from COVID-19, with Italy, France and Spain having among the highest death tolls in the world.
The lockdown orders instituted by many governments to stop the spread of the virus have hurt the EU economy, with economists forecasting an 8.3% contraction this year.