Coronavirus: Europe announces US$825 billion recovery fund to help countries survive recession

The European Union on Wednesday proposed a €750 billion (US$825 billion) recovery fund to help countries weather a painful recession triggered by the coronavirus and bridge divisions over the conditions that should be attached for access to the money.The fund, to be mostly made up of grants and tied to the 27 member nations’ common budget, comes as the world’s biggest trading bloc enters its deepest ever recession, weighed down by the impact of the coronavirus. Virtually every country has…

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