NEWS

EU strikes deal on landmark budget, virus recovery fund

eu-strikes-deal-on-landmark-budget-virus-recovery-fund

European Union leaders have sealed an agreement on a massive long-term budget and coronavirus recovery package, EU Council President Charles Michel said Thursday, after they overcame objections from Hungary and Poland.

"Now we can start with the implementation and build back our economies. Our landmark recovery package will drive forward our green and digital transitions," Michel said in a tweet during an EU summit in Brussels.

The 1.82 trillion-euro ($2.21 trillion) long-term budget and recovery package is considered vital for many European countries whose economies have been devastated by the virus. Poland and Hungary had agreed to the deal in July but later vetoed it over a new mechanism that would allow Brussels to cut off EU funds to countries that violate Europe's democratic standards. [AP]