EU Stimulus Deal, Covid-19 Vaccine Hopes Raise Markets – Business Live | Business

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Greek Prime Minister Kyriakos Mitsotakis, Spanish Prime Minister Pedro Sanchez, Portuguese Prime Minister Antonio Costa, German Chancellor Angela Merkel and Romanian President Klaus Iohannis interact at a panel discussion today Photograph: Reuters

Hello and welcome to our continued coverage of the global economy, financial markets, the eurozone and business.

Stock markets are pushing higher this morning after the EU struck a landmark deal on a Covid-19 stimulus fund.

After the longest summit in 20 years, European leaders finally signed the 750 Mds € package to help protect and rebuild economies affected by the pandemic.

Importantly, it includes a € 390 billion grant program for the hardest hit member states. That’s below the 500 billion euro package initially offered by Berlin and Paris in May – but it’s still a very important moment.

EU leaders, even “frugal” Austria, Denmark, the Netherlands, Sweden and Finland, have agreed the bloc can borrow collectively to finance the recovery.

Leaders also approved the EU’s next seven-year budget, worth € 1,074 billion.

EC President Charles Michel said the negotiations (which started on Friday morning) had been difficult, but ultimately successful.

It’s a good deal, a good deal, a good deal for Europeans now. I think this will be seen as a pivotal moment in the journey of Europe. “



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