EU reaches deal on post-pandemic recovery after marathon summit

[webfact]

EU reaches deal on post-pandemic recovery after marathon summit

By Jan Strupczewski and John Chalmers

 

Greek Prime Minister Kyriakos Mitsotakis, Spain's Prime Minister Pedro Sanchez and German Chancellor Angela Merkel speak during the first face-to-face EU summit since the coronavirus disease (COVID-19) outbreak, in Brussels, Belgium July 20, 2020. John Thys/Pool via REUTERS

 

BRUSSELS (Reuters) - European Union leaders reached a deal on a massive stimulus plan for their coronavirus-blighted economies at a pre-dawn meeting on Tuesday after a fractious summit that went through the night and into its fifth day.

 

Summit chairman Charles Michel tweeted "Deal" shortly after the 27 leaders reached agreement at a 5.15 a.m. (0315 GMT) plenary session.

While another official present at the summit said: "Conclusions adopted!".

 

Officials said the deal, which came after Michel presented compromises on a 750 billion euro recovery fund, is critical to dispel doubts about the bloc's very future.

 

The EU was slow to coordinate its initial response to the COVID-19 pandemic and, already weakened by Britain's departure from the bloc, a united front on economic aid would demonstrate that it can step up to a crisis and stay united.

 

"It has been a long summit and a challenging summit but the prize is worth negotiating for," Irish Prime Minister Micheal Martin said as the Brussels summit approached the record length set at a 2000 meeting in the French city of Nice of almost five full days.

 

European nations have done a better job of containing the coronavirus than the United States after a devastating early few months that hit Italy and Spain particularly hard, collaborating on medical, travel and economic fronts.

 

The European Central Bank has pumped unparalleled money into economies to keep them going, while capitals hammer out their recovery fund.

Diplomats said the leaders appeared to put aside the rancour that stood in the way of a compromise over hours of haggling through the weekend.

 

"STINGY AND EGOTISTICAL"

Emotions had ran high at a dinner on Sunday as a group of fiscally frugal northern nations led by the Netherlands stood their ground on the level of free grants within a proposed special recovery fund of 750 billion euros overall.

 

French President Emmanuel Macron lost patience in the early hours of Monday, banging his fist on the table in frustration at "sterile blockages" by the "frugals", two diplomats said.

 

Polish Prime Minister Mateusz Morawiecki also railed against the "frugals", branding them "a group of stingy, egotistic states" that looked at things through the prism of their own interests.

 

Poland would be a top beneficiary of the recovery package, receiving tens of billions of euros in grants and cheap loans, along with high-debt Mediterranean-rim countries that have taken the brunt of the pandemic in Europe.

 

But the rhetorical skirmishing faded on Monday, and the leaders homed in on an agreement on the stimulus package and, linked to it, the EU's 2021-2027 common budget of around 1.1 trillion euros.

 

Hopes for a deal to help address Europe's deepest recession since World War Two sent Italy's borrowing costs to their lowest since early March and pushed the euro to a 19-week high.

 

Michel proposed that within the 750 billion euro recovery fund, 390 billion should be non-repayable grants, down from 500 billion originally proposed, and the rest in repayable loans.

 

The Netherlands had pushed for a veto on aid for countries that backslide on economic reform, but diplomats said it was now willing to back a "stop-the-clock" mechanism by which member states could put a brake on disbursements for three months and have them reviewed.

 

Disbursements will also be linked to governments observing the rule of law. Hungary, backed by eurosceptic ally Poland, had threatened to veto the package if funds were made conditional on upholding democracy, but diplomats said a way forward on that was found.

 

($1 = 0.8728 euros)

 

(Writing by John Chalmers; Editing by Michael Perry)

 

-- © Copyright Reuters 2020-07-21

 

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[luckyluke]

Wonder what impact this will have on the daily life of the man in the street.

It never had  before in the history of the E.U.,

it may of course been different now.

 

Well in fact not really true.

It was a huge change for all of us, when the Euro was introduced.

[micmichd]

18 hours ago, luckyluke said:

Wonder what impact this will have on the daily life of the man in the street.

It never had  before in the history of the E.U.,

it may of course been different now.

 

Well in fact not really true.

It was a huge change for all of us, when the Euro was introduced.

Sorry, I'm German, and we Germans were never asked if we want the Euro instead of DM. 

 

The Euro was scam right from the beginning. 

Actually none of the EU countries except Luxembourg ever fulfilled the Maastricht criteria. Even rich Germany had to use "creative accounting" by adding expected income from 3G licenses (UMTS licenses) to their budget just to fulfill the Maastricht criteria. 

So, the EU is a failed project, and now you can watch them dissolve. 

[Rookiescot]

No doubt it was easier to reach a deal without the UK being a royal pain in the butt.

[luckyluke]

2 minutes ago, micmichd said:

Sorry, I'm German, and we Germans were never asked if we want the Euro instead of DM. 

 

The Euro was scam right from the beginning. 

Actually none of the EU countries except Luxembourg ever fulfilled the Maastricht criteria. Even rich Germany had to use "creative accounting" by adding expected income from 3G licenses (UMTS licenses) to their budget just to fulfill the Maastricht criteria. 

So, the EU is a failed project, and now you can watch them dissolve. 

Always interesting to read an opinion.

As German what concrete changes did the E.U. brought in your daily life except the installment of the Euro?

in Belgium there were/are none, in our daily life.

Of course in the years cost of life and wages went up, but is that because of the E.U.?

[micmichd]

16 minutes ago, luckyluke said:

Always interesting to read an opinion.

As German what concrete changes did the E.U. brought in your daily life except the installment of the Euro?

in Belgium there were/are none, in our daily life.

Of course in the years cost of life and wages went up, but is that because of the E.U.?

Prices almost doubled, at least in the banking quarters of Frankfurt where I worked, while wages actually declined. Also pensions declined because they manipulated the pension formula. 

The last coup the EU staged was the introduction of the SEPA with the effect that my pensions were stalled in Berlin, and I had to show up personally in disgusted Germany just to open a new German bank account. 

Then I got my pensions transferred to Thailand, but the Euro was worth less and less in THB. 

 

And now the EU is sliding down into deep debt again. 750 billions of Euros, wasn't it? 

[luckyluke]

Prices went/go up in Belgium too, but also wages and pensions.

We have a unique system in Belgium, when prices goes up, wages and benefits goes automatically up too.

When I came to Thailand I got 50+ for 1 Euro, now 35.

I don't know how much I will get if the Belgian Frank still existed.

Belgian is a small country, with no saying,

now we are part of an important group.

Germany is an important country on its own.

We therefore have different views.

It seems also that your bank problems are proper to Germany laws/regulations.

I didn't encounter your bank problems. 

The U.K. is an important country too, now it left the E.U..

We will have to wait a few years to see the results.

If positive, it may give other important countries the desire to leave the E.U. too.

[Baerboxer]

1 hour ago, Rookiescot said:

No doubt it was easier to reach a deal without the UK being a royal pain in the butt.

 

What a stupid irrelevant comment. Typical drivel from an SNP supporter.

 

Did you even read the article and understand which nations objected to more free handouts being given to certain countries that won't change while they're getting them?

[micmichd]

26 minutes ago, luckyluke said:

Prices went/go up in Belgium too, but also wages and pensions.

We have a unique system in Belgium, when prices goes up, wages and benefits goes automatically up too.

When I came to Thailand I got 50+ for 1 Euro, now 35.

I don't know how much I will get if the Belgian Frank still existed.

Belgian is a small country, with no saying,

now we are part of an important group.

Germany is an important country on its own.

We therefore have different views.

It seems also that your bank problems are proper to Germany laws/regulations.

I didn't encounter your bank problems. 

The U.K. is an important country too, now it left the E.U..

We will have to wait a few years to see the results.

If positive, it may give other important countries the desire to leave the E.U. too.

Partly you're right. 

Changes in German pension laws are a consequence of the so-called "German reunification" that made Germany a failed state even before the Euro was introduced. 

But the rest is genuine EU legislation. 

 

Now Germany is an important country only because of the post-war London treaties where half of the German reparation debts were suspended in exchange for Germany to open the country (German soil) to foreign investment. And now lots of Germans scream again "we're a country without soil!" 

There's absolutely nothing those Germans can be proud of. 

[Baerboxer]

37 minutes ago, luckyluke said:

Prices went/go up in Belgium too, but also wages and pensions.

We have a unique system in Belgium, when prices goes up, wages and benefits goes automatically up too.

When I came to Thailand I got 50+ for 1 Euro, now 35.

I don't know how much I will get if the Belgian Frank still existed.

Belgian is a small country, with no saying,

now we are part of an important group.

Germany is an important country on its own.

We therefore have different views.

It seems also that your bank problems are proper to Germany laws/regulations.

I didn't encounter your bank problems. 

The U.K. is an important country too, now it left the E.U..

We will have to wait a few years to see the results.

If positive, it may give other important countries the desire to leave the E.U. too.

 

That's a very realistic post - thank you.

[sawadee1947]

2 hours ago, micmichd said:

Sorry, I'm German, and we Germans were never asked if we want the Euro instead of DM. 

 

The Euro was scam right from the beginning. 

Actually none of the EU countries except Luxembourg ever fulfilled the Maastricht criteria. Even rich Germany had to use "creative accounting" by adding expected income from 3G licenses (UMTS licenses) to their budget just to fulfill the Maastricht criteria. 

So, the EU is a failed project, and now you can watch them dissolve. 

I suppose you are a follower or member of AFD? 

[sawadee1947]

1 hour ago, micmichd said:

Partly you're right. 

Changes in German pension laws are a consequence of the so-called "German reunification" that made Germany a failed state even before the Euro was introduced. 

But the rest is genuine EU legislation. 

 

Now Germany is an important country only because of the post-war London treaties where half of the German reparation debts were suspended in exchange for Germany to open the country (German soil) to foreign investment. And now lots of Germans scream again "we're a country without soil!" 

There's absolutely nothing those Germans can be proud of. 

Totally BS, just right wing bla-bla????

[welovesundaysatspace]

 

Quote

And now lots of Germans scream again "we're a country without soil!" 

Only a small minority of idiots screams that. 
 

Quote

There's absolutely nothing those Germans can be proud of. 

I have a lot of friends in Germany who are very proud of their PhDs and excellent positions they are in. Or the little real estate empires that have amassed. Maybe you only know Germans who didn’t achieve anything to be proud of (and that’s why you find them on Internet boards spreading their right-wing nonsense). 

Edited July 22, 2020 by welovesundaysatspace

[micmichd]

1 hour ago, sawadee1947 said:

I suppose you are a follower or member of AFD? 

No, I'm far from. 

[micmichd]

1 hour ago, welovesundaysatspace said:

 

Only a small minority of idiots screams that. 
 

I have a lot of friends in Germany who are very proud of their PhDs and excellent positions they are in. Or the little real estate empires that have amassed. Maybe you only know Germans who didn’t achieve anything to be proud of (and that’s why you find them on Internet boards spreading their right-wing nonsense). 

Partly correct. 

I'm also an intellectual, and many say I'm elite and hate me for this. But sad to say, most of those call themselves left-wingers. 

[welovesundaysatspace]

3 minutes ago, micmichd said:

Partly correct. 

I'm also an intellectual, and many say I'm elite and hate me for this. But sad to say, most of those call themselves left-wingers. 

Well, then you just refuted your own assertion that Germans have nothing to be proud of (I assume you are proud of what you have achieved if others call you’re “elite”). 

[nauseus]

2 hours ago, welovesundaysatspace said:

 

Only a small minority of idiots screams that. 
 

I have a lot of friends in Germany who are very proud of their PhDs and excellent positions they are in. Or the little real estate empires that have amassed. Maybe you only know Germans who didn’t achieve anything to be proud of (and that’s why you find them on Internet boards spreading their right-wing nonsense). 

As pompous and nasty as ever.

[micmichd]

41 minutes ago, welovesundaysatspace said:

Well, then you just refuted your own assertion that Germans have nothing to be proud of (I assume you are proud of what you have achieved if others call you’re “elite”). 

I'm quite proud of what I personally achieved, yes. But not as a German. Most Germans always tried to keep me down. Especially "the poor" in Old Heidelberg who wanted me to stay in their peer group and bashed me as a "traitor" when I made career. They ran mad when they found out that I would emigrate to Thailand instead of staying with them. 

 

Anyway, Germany can prove now if they are able to handle their environmental issues. Where their environment (the Global North) is also my environment in the Global South. I really doubt when I see all these comments about the new EU deal on Facebook. 

Edited July 22, 2020 by micmichd

[welovesundaysatspace]

22 minutes ago, micmichd said:

I'm quite proud of what I personally achieved, yes. But not as a German.

I thought you wrote somewhere that you’re German. Anyway, let me tell you that I have met many Germans who are proud of what they have achieved, so the statement “Germans have nothing to be proud of” is definitely wrong. 

 

[micmichd]

2 minutes ago, welovesundaysatspace said:

I thought you wrote somewhere that you’re German. Anyway, let me tell you that I have met many Germans who are proud of what they have achieved, so the statement “Germans have nothing to be proud of” is definitely wrong. 

 

First of all, I'm an individual. 

What I have achieved was rather against the Germans than with their support. 

I define myself as part of a working class, but part of an international working class. No patriotic pride whatsoever. 

[welovesundaysatspace]

3 minutes ago, micmichd said:

First of all, I'm an individual. 
 

Then it makes even less sense to write that “Germans have nothing to be proud of” and that your own achievements were “against the Germans”. I assume all Germans are individuals. 

 

[micmichd]

9 minutes ago, welovesundaysatspace said:

Then it makes even less sense to write that “Germans have nothing to be proud of” and that your own achievements were “against the Germans”. I assume all Germans are individuals. 

 

Then please go over to Germany or look at Facebook where the followers of the extreme German politicical fractions (AfD and Antifa) agree in one issue : Individualistic people are unpatriotic psychopaths.

Especially when they leave their German women at home and move to Thailand. 

[david555]

5 hours ago, luckyluke said:

Prices went/go up in Belgium too, but also wages and pensions.

We have a unique system in Belgium, when prices goes up, wages and benefits goes automatically up too.

When I came to Thailand I got 50+ for 1 Euro, now 35.

I don't know how much I will get if the Belgian Frank still existed.

Belgian is a small country, with no saying,

now we are part of an important group.

Germany is an important country on its own.

We therefore have different views.

It seems also that your bank problems are proper to Germany laws/regulations.

I didn't encounter your bank problems. 

The U.K. is an important country too, now it left the E.U..

We will have to wait a few years to see the results.

If positive, it may give other important countries the desire to leave the E.U. too.

The change BF. to the Euro is done at 40.339 on 1 Jan. 1999

[welovesundaysatspace]

8 minutes ago, micmichd said:

Then please go over to Germany or look at Facebook where the followers of the extreme German politicical fractions (AfD and Antifa) agree in one issue : Individualistic people are unpatriotic psychopaths.

Especially when they leave their German women at home and move to Thailand. 

Thanks, I see enough trash every day, I don’t need to visit the Facebook pages of right-wing idiots. 
 

I don’t understand how you’re pointing out that we are all individuals (which I agree to), but then talking about “the Germans” and how “Germans have nothing to be proud of”.

[micmichd]

5 minutes ago, welovesundaysatspace said:

Thanks, I see enough trash every day, I don’t need to visit the Facebook pages of right-wing idiots. 
 

I don’t understand how you’re pointing out that we are all individuals (which I agree to), but then talking about “the Germans” and how “Germans have nothing to be proud of”.

Because it was Germans that killed millions of my peer group in WW2, and it was Germans that collectively looked away when that happened. 

[Boomer6969]

1 hour ago, micmichd said:

I'm also an intellectual, and many say I'm elite and hate me for this.

Is this a fact?

[micmichd]

1 minute ago, Boomer6969 said:

Is this a fact?

I wouldn't call myself "elite" just because of my former Bank IT job. But it's a fact that many - especially the unemployed - do this. 

[transam]

6 hours ago, Rookiescot said:

No doubt it was easier to reach a deal without the UK being a royal pain in the butt.

You sure you're from the UK...?  ????

[sawadee1947]

8 hours ago, micmichd said:

Partly you're right. 

Changes in German pension laws are a consequence of the so-called "German reunification" that made Germany a failed state even before the Euro was introduced. 

But the rest is genuine EU legislation. 

 

Now Germany is an important country only because of the post-war London treaties where half of the German reparation debts were suspended in exchange for Germany to open the country (German soil) to foreign investment. And now lots of Germans scream again "we're a country without soil!" 

There's absolutely nothing those Germans can be proud of. 

Really? Having surrendered, destroyed and punished they are the winners of WW2. The losers. ????

And now look into this little kingdom on this island. The winners ????

Can't you see the difference? 

[steve187]

3 posts before there is a dig at the Brits, on a thread that is nothing to do with the Brits, its all in the hands of that wonderful group called the EU. who know how to look after money in an above board manner

Edited July 22, 2020 by steve187