Global pressure mounts on Israel as Gaza death toll surges, war deepens    Egypt targets 7.7% AI contribution to GDP by 2030: Communications Minister    Irrigation Minister highlights Egypt's water challenges, innovation efforts at DAAD centenary celebration    Egypt discusses strengthening agricultural ties, investment opportunities with Indian delegation    Al-Sisi welcomes Spain's monarch in historic first visit, with Gaza, regional peace in focus    Cairo governor briefs PM on Khan el-Khalili, Rameses Square development    El Gouna Film Festival's 8th edition to coincide with UN's 80th anniversary    Egypt's gold prices fall on Wednesday    Egypt expands medical, humanitarian support for Gaza patients    Egypt condemns Israeli offensive in Gaza City, warns of grave regional consequences    Cairo University, Roche Diagnostics inaugurate automated lab at Qasr El-Ainy    Egypt investigates disappearance of ancient bracelet from Egyptian Museum in Tahrir    Egypt launches international architecture academy with UNESCO, European partners    Egypt signs MoUs with 3 European universities to advance architecture, urban studies    Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire    Egypt condemns terrorist attack in northwest Pakistan    Egyptian pound ends week lower against US dollar – CBE    Egypt hosts G20 meeting for 1st time outside member states    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



EU leaders show first signs of compromise on stimulus plan
Published in Ahram Online on 20 - 07 - 2020

Signs emerged that leaders of northern European Union countries were willing to compromise on a 1.8 billion euro ($2 billion) coronavirus stimulus plan on Monday as talks in Brussels extended to a fourth day.
Divided and slow to respond at the start of the coronavirus outbreak in Europe, EU leaders believe they now have a chance to redeem themselves with an aid plan that would show Europeans the bloc can react to a crisis.
But old grievances between countries less affected by the pandemic and the indebted countries of Italy and Greece, whose economies are in freefall, have resurfaced, pitting Rome against The Hague and its allies in Stockholm, Copenhagen and Vienna.
With leaders not expected to restart until 1400 GMT, much rested on European Council President Charles Michel's efforts to present a new basis for a deal, taking into account the competing demands of north and southern Europe.
"An agreement is a necessity", French Finance Minister Bruno Le Maire told French BFM TV on Monday as weary diplomats slept or prepared for another day in what could be the longest-ever EU summit.
In the small hours of Monday, French President Emmanuel Macron lost patience with the "sterile blockages" of the Netherlands, Sweden, Denmark and Austria, later joined by Finland, banging his fist on the table, one diplomat said.
A second diplomat confirmed the outburst, saying tensions rose until Belgium's Prime Minister Sophie Wilmes called for calm.
Michel had earlier urged the 27 leaders to achieve "mission impossible", reminding them that more than 600,000 people had now died from COVID-19 around the world. The EU must stand together, he said.
That appeared to edge towards a potential breakthrough.
Within the 750 billion euro recovery fund, 390 billion euros could be considered as non-repayable grants, diplomats said, a compromise between the 350 billion level of the five "frugals" and the 400 billion euros demanded by France and Germany.
There was no immediate clarity on whether a deal was in the making, but Austrian Chancellor Sebastian Kurz told ORF radio he was satisfied with the negotiations. He also praised the blocking minority tactics.
"It was definitely the best decision that the group of the frugals...has been formed," Kurz said. "There were the four of us, now there are five of us. These are all small countries, which alone would have no weight at all."
ECB CALLS FOR AMBITION
Issues over tying payouts to economic and democratic reforms were still to be resolved, however.
"We are not there yet, things can still fall apart. But it looks a bit more hopeful than at the times were I thought last night that it was over," Dutch Prime Minister Mark Rutte said.
European Central Bank (ECB) President Christine Lagarde cautioned against a quick deal at any cost.
"Ideally, the leaders' agreement should be ambitious in terms of size and composition of the package...even if it takes a bit more time," she told Reuters.
Lagarde's comments suggested she was relaxed about any adverse reaction on financial markets if the summit fails, especially as the ECB has a 1 trillion euro-plus war chest to buy up government debt.
News of the EU impasse had little impact on the euro in early Asian trade.
"I think expectations were that we weren't going to get a deal at this meeting anyway, but we needed enough in it to give us a belief that there was one coming in August or September," said Chris Weston, head of research at Pepperstone brokerage in Melbourne, Australia.


Clic here to read the story from its source.