EU Reach Historic €750bn Coronavirus Recovery Deal

EU leaders finally struck a deal on a huge post-coronavirus recovery package following a fourth night of marathon talks.

It involves €750bn (£677bn; $859bn) in grants and loans to counter the impact of the coronavirus pandemic in the 27-member bloc, reports BBC.

The talks saw a split between nations hardest hit by the virus and "frugal" members who were concerned about costs.

It is the biggest joint borrowing ever agreed by the EU. Summit chairman Charles Michel said it was a "pivotal moment" for Europe.

The deal centers on a €390bn program of grants to member states hardest hit by the pandemic. Italy and Spain are expected to be the main recipients.

A further €360bn in low-interest loans will be available to members of the bloc.

The summit, which began in Brussels on Friday morning, saw more than 90 hours of talks and became the EU's longest since a 2000 meeting in the French city of Nice, which lasted for five days.

The package will now face more technical negotiations by member states and need ratification by the European Parliament.

The agreement followed a long weekend of talks, during which tempers were often frayed. Member states were largely split between those hit hardest by the outbreak and those more concerned about the costs of the recovery plan.