Australia  

EU agrees 'historic' recovery deal

Video Credit: Reuters - Politics - Duration: 02:04s - Published
EU agrees 'historic' recovery deal

EU agrees 'historic' recovery deal

European Union leaders reached a deal on Tuesday on a package of measures to boost their economies after the coronavirus pandemic, agreeing to borrow and spend hundreds of billions of euros in the next few years and pay them back from new taxes.

Francis Maguire reports.

Euro zone shares reached their highest since March on Tuesday (July 21) as markets welcomed news of an EU recovery deal.

The almost $860 billion stimulus plan is designed to help European economies hit hard by coronavirus.

After a tense five-day summit, EU leaders agreed around $446 billion will be handed out as grants, rather than lent, to countries most in need of stimulus.

While just over $411 billion will go out as cheap loans.

The grants will be given to countries which present job-creating plans that strengthen their growth potential and the resilience of their economies.

The plans must also make economies greener and more digital, and be in line with the Commission's yearly recommendations.

French President Emmanuel Macron.

"The conclusions of this summit are truly historic.

We have set up a capacity to borrow collectively, to put in place a collective recovery plan, for the first time." The grants force the bloc to generate cash to repay the borrowing by 2058.

Leaders agreed green measures to raise the cash.

It includes a tax on non-recycled plastic, with the proceeds to EU coffers.

Another feature of the deal sees net contributors to the EU budget like the Netherlands and Germany receive much deeper rebates than before on what they have to contribute each year to EU accounts, based on the size of their economies.

In early trade, an index of eurozone stocks rose 1.3% to touch its highest level since March 5.

One analyst from financial services firm Jefferies told Reuters environment-friendly companies will benefit from the budget.

He said southern states like Spain and Italy also stand to do well from the deal.

Blue-chip equity indexes in both countries rose around 2.0% following the agreement.




You Might Like


💡 One News Page Knowledge: Other News Mentions

European Union European Union Economic and political union of European states

Magnitsky ally says EU foreign policy 'hijacked' by external interests [Video]

Magnitsky ally says EU foreign policy 'hijacked' by external interests

"If the major countries could make decisions by a majority as opposed to unanimity, you would see a lot more tough actions coming out of the EU towards countries like Russia," Bill Browder told Euronews.

Credit: Euronews English    Duration: 08:12Published
Brexit briefing: 97 days until the end of the transition period [Video]

Brexit briefing: 97 days until the end of the transition period

The UK left the European Union on January 31. Here we look at the latestfigures and key dates in the ongoing Brexit process.

Credit: PA - Press Association STUDIO    Duration: 00:50Published
Hungary, Poland and Czech Republic 'oppose EU's new migration pact' [Video]

Hungary, Poland and Czech Republic 'oppose EU's new migration pact'

"We must ensure that the external borders of the EU and the Schengen Area remain perfectly sealed along all section," a spokesman for the Hungarian Prime Minister said.

Credit: Euronews English    Duration: 03:40Published
Mozambique struggles with armed groups as 300,000 displaced [Video]

Mozambique struggles with armed groups as 300,000 displaced

The Southern African country is turning to the EU for help to stop attacks by ISIL-linked groups in its northern region.

Credit: Al Jazeera STUDIO    Duration: 02:05Published

Emmanuel Macron Emmanuel Macron 25th President of the French Republic

Raspy-voiced French singer Juliette Greco dead at 93 [Video]

Raspy-voiced French singer Juliette Greco dead at 93

President Emmanuel Macron described Greco as " elegance and freedom" in a tribute on Twitter.

Credit: Euronews English    Duration: 01:36Published
Lebanon crisis: No formation of new govt as Macron deadline expires [Video]

Lebanon crisis: No formation of new govt as Macron deadline expires

Credit: FRANCE 24 English    Duration: 04:05Published
Lebanon political crisis: Politicians fail to form govt before Macron's deadline [Video]

Lebanon political crisis: Politicians fail to form govt before Macron's deadline

Credit: FRANCE 24 English    Duration: 01:48Published
Turkey blasts 'arrogant' Macron amid Eastern Med crisis talks [Video]

Turkey blasts 'arrogant' Macron amid Eastern Med crisis talks

Turkey responds to French leader, who earlier criticised Erdogan over Ankara's conduct in Mediterranean and Libya.

Credit: Al Jazeera STUDIO    Duration: 02:37Published
Macron: Europe must have a 'more united and clear voice' with Turkey [Video]

Macron: Europe must have a 'more united and clear voice' with Turkey

Europe must be more united against Turkey, French President Emmanuel Macron said, emphasising that the country is "no longer a partner".View on euronews

Credit: euronews (in English)    Duration: 00:46Published

Jefferies Group Jefferies Group American multinational independent investment bank and financial services company

Tesla Could Surge Another 19% [Video]

Tesla Could Surge Another 19%

Investment firm Jefferies raised its Tesla price target to a Wall Street high $2,500 per share from $1,200 on Wednesday. That implies a roughly 19% climb from its current levels. The case for investment in Tesla "has too often been reduced to cars." Analysts feel Tesla's battery innovations and cost efficiencies could hold more value. Jeffries said legacy car makers will catch up to Tesla's levels only once they ditch outdated products and build out electric-vehicle production.

Credit: Wochit News    Duration: 00:37Published

Italy Italy Country in southern Europe

Alan Kurdi docks in Italy: Rescue ship with 125 migrants arrives in Sardinia [Video]

Alan Kurdi docks in Italy: Rescue ship with 125 migrants arrives in Sardinia

Credit: FRANCE 24 English    Duration: 01:22Published
Milan forward Ibrahimovic tests positive for COVID-19 [Video]

Milan forward Ibrahimovic tests positive for COVID-19

RESENDING WITH COMPLETE SCRIPT VIDEO SHOWS: B-ROLL OF AC MILAN FOOTBALLER ZLATAN IBRAHIMOVIC, WHO HAS TESTED POSITIVE FOR COVID-19 SHOWS: MILAN, ITALY (FILE - JANUARY 3, 2020) (ESTE NEWS - ACCESS ALL)

Credit: Reuters - Sports    Duration: 02:33Published
Italian Hotel Has New Hobbit Hole-esque Wellness Centre [Video]

Italian Hotel Has New Hobbit Hole-esque Wellness Centre

A stunning hotel in South Tyrol, Italy, has a new hobbit hole-style wellness centre. The Apfelhotel (APPLEHOTEL) TORGGLERHOF has been newly-redesigned & includes a tolkien-esque entrance to its treatment area. In 2014, design creatives NOA* (NETWORK OF ARCHITECTURE), won a design competition for expanding the hotel's existing structure. In 2020, 18 new suites were built for guests and carefully designed to fit into the farmyard's landscape structure. NOA* designed the wellness area as central “MASTERPIECE” of this rural development with architecture and greenery that resemble a modern lush garden.

Credit: Cover Video STUDIO    Duration: 01:01Published

Harry Styles Drives Sports Car, Speedboat for New Music Video

Here's Harry Styles whipping around in a fancy sports car and a super cool speedboat in Italy for a music video shoot ... which could double as his audition to..
TMZ.com
Biomimetic prosthesis Hannes acts like human hand [Video]

Biomimetic prosthesis Hannes acts like human hand

Researchers in Italy have developed a new biomimetic prosthetic hand that is able to restore over 90% of functionality to people with upper-limb amputations.

Credit: Reuters Studio    Duration: 01:23Published

Tweets about this


Related videos from verified sources

EU leaders clinch 'historic' deal and Covid-19 recovery fund [Video]

EU leaders clinch 'historic' deal and Covid-19 recovery fund

European Union leaders have finally clinched an unprecedented 1.82 trillion euro (£1.64 trillion) budget and coronavirus recovery fund.The leaders finalised the agreement in Brussels in the early..

Credit: PA - Press Association STUDIO     Duration: 01:14Published
EU COVID recovery fund deal reached after marathon talks [Video]

EU COVID recovery fund deal reached after marathon talks

After four days of talks that seemed shaky at times, EU leaders have agreed to a historic coronavirus recovery deal.

Credit: Al Jazeera STUDIO     Duration: 31:01Published