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EU proposes US$825 billion COVID-19 recovery fund to member countries

The European Union proposed a US$825 billion recovery fund to help countries weather a painful recession triggered by the coronavirus.
 
The funds are also aimed at bridging 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 broken the EU's deficit limit as they've spent to keep healthcare systems, businesses and jobs alive.
 
 


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