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Business Maverick: EU Proposes $858 Billion Stimulus With $446 Billion in Grants

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European Union leaders were given a new compromise proposal for a 750 billion-euro ($858 billion) economic recovery fund as negotiations continued through a fourth day.

European Council President Charles Michel distributed the latest plan on Monday, which would include 390 billion euros of grants, down from an initial 500 billion euros, and 360 billion euros of low-interest loans, according to a copy of the proposal seen by Bloomberg.The new plan seeks to break an impasse between fiscal conservatives in northern Europe and a majority who want decisive action to help the southern nations hardest hit by the coronavirus pandemic.

Leaders have been warning that an accord is far from a given, though they have been sounding cautiously optimistic over the past few hours. All 27 member states need to agree before the plan can move forward.

 

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