The leaders of the European Union have agreed to a major recovery package that will help the countries here to recover from the effects of the corona virus.

The agreement came after four days of long talks. This package will be 750 billion euros. Under which 27 countries of the EU will be given grants and loans to deal with the effects of the corona epidemic.

During the talks, European leaders were divided into two factions. On the one hand there were those countries which were severely affected by the virus and on the one hand were those who were concerned about the huge cost in this package.

This will be the largest joint lending ever in the EU. Summit President Charles Mitchell said it was a 'significant moment' for Europe.

Under the deal, 390 billion euros will be used to provide grants to members most affected by the Corona epidemic. The biggest help from this will be Italy and Spain. In addition, the remaining member countries will be loaned at a lower rate of interest from EUR 360 billion.

It will be especially taken care not to misuse the money. Those who will get the money will have to tell the European Union how they are going to spend it. If something goes wrong, a project can also be blocked by majority. Members will now discuss the technical aspects of the package and will also have to pass it to the European Parliament.

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