EU's Michel offers revised plan for recovery fund – Reuters

Eren Sengezer FXStreet

European Council President Charles Michel made a new proposal to break the deadlock at the EU summit, Reuters reported on Saturday, citing an internal document and EU diplomats.

"To assuage concerns by the northern camp of thrifty EU countries led by Dutch Prime Minister Mark Rutte, the share of free grants in the proposed 750 billion euro recovery fund would be reduced to 450 billion euros from 500 billion," Reuters wrote.

With this proposal, rebates on the core EU budget for Austria, Sweden and Denmark will be reportedly raised.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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