EU leaders clinch stimulus package
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European Union leaders have finally agreed a €1.824 trillion deal, including a €750 billion coronavirus recovery fund – dubbed Next Generation EU – to be borrowed from capital markets
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German Chancellor Angela Merkel (left) and French President Emmanuel Macron (right) drafted original proposal in May
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€1,824 billion Proposal agreed July 21, 2020
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€1,074bn
Multiannual Financial Framework
EU long-term budget
(2021-27)
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€750bn
Next Generation EU
Recovery fund
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€390bn
Recovery and Resilience Facility
€312.5bn – grants to member states that pledge to reform economies
€77.5bn – other EU grants
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€360bn 
Repayable loans to facilitate recovery in member states
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“Frugal” states: Austria, Denmark, Netherlands and Sweden opposed borrowing for grants but agreed after accepting increased rebates
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European Parliament: MEPs must ratify package
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Sources: AFP, Bloomberg, Reuters Pictures: Associated Press © GRAPHIC NEWS