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EU leaders reach a breakthrough on the region’s recovery fund


German Chancellor Angela Merkel (R) and French President Emmanuel Macron (L) arrive for a joint press conference at the end of the European summit at the EU headquarters in Brussels on July 21, 2020.

JOHN THYS | AFP | Getty Images

The 27 European Union governments have reached a breakthrough agreement over new fiscal stimulus, following marathon talks in Brussels that lasted four days.

The European Commission, the executive arm of the EU, has been tasked with tapping financial markets to raise an unprecedented 750 billion euros ($857 billion). The funds will be distributed among the countries and sectors most impacted by the coronavirus pandemic, and will take the form of grants and…


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