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Europe proposes a bailout of 750 billion euros to overcome the consequences of COVID-19

European Commission President Ursula von der Leyen (Image: BBC)

European Commission President (EC) Ursula von der Leyen on May 27 announced the proposal for a post-COVID-19 economic recovery fund worth € 750 billion for European Union (EU) member countries. Reuters said.

The head of the EC also urged members of the coalition to set aside their preconceptions and support a joint recovery strategy.

"Tomorrow, the price of not taking action against crisis will be even more expensive. This is the work that laid the foundations for our future, the clear and appropriate response to a crisis. Now let us get rid of the old stereotypes."
Ms. Leyen emphasized.

Under the proposal, Italy received 81.8 billion euros in direct aid over the next three years, Spain received 77.3 billion euros. In addition, Italy and Spain will receive loans of 90 billion euros and 31 billion euros, respectively. In addition to 650 billion in support and loans, 100 billion euros are for rescue programs.

However, to be approved, this proposal needs to win the support of member countries. There are still a number of countries in Europe that oppose this proposal.

Speaking of this plan, Italian Prime Minister Conte called it "a great signal from Brussels". According to him, € 500 billion in subsidies and € 250 billion in loans is a fair proposition.

The Spanish government, meanwhile, also welcomed the proposal, considering it a response to "many of its proposals" and a basic basis for further negotiations.

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