Germany pushes for rapid EU recovery plan
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German Chancellor Angela Merkel has backed a radical stimulus package that will see the EU issue €750 billion in shared debt to give grants and loans to countries hardest hit by the coronavirus crisis
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TOP BENEFICIARIES OF PROPOSED EU FUND (billions of euros)

Grants envisaged 
Concessionary loans

Italy 172.7
Spain 140.5
Poland 63.8
France  38.8 
Greece  32.0
Romania  31.2
Germany 28.8 
Portugal 26.4
Czech Rep. 19.2 
Hungary   15.1 
Slovakia  12.8 
Bulgaria  12.4
Croatia  10.0

     
Two-thirds  of recovery fund will take form of grants: €500bn

Remainder will be loans: €250bn

Merkel urging quick agreement on stimulus package, ideally when EU leaders meet in Brussels on July 17 for their first in-person summit in months
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Plan faces resistance from countries dubbed “Frugal Four” – Austria, Denmark, Netherlands and Sweden – that oppose grants and are reluctant to give money away without strings attached. Package requires unanimous EU approval
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Sources: Associated Press, Bloomberg, Reuters Picture: Associated Press © GRAPHIC NEWS