EU Commission proposes €750bn recovery fund

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The EU Commission will propose on Wednesday a €750bn recovery package, economics commissioner Paolo Gentiloni said in a tweet, calling it a "turning point" in the Covid-19 crisis. It comes on top of the one-trillion euro EU budget and the €540bn already agreed in financial support to EU countries. German press agency, DPA, reported that €500bn of that will be distributed to member states via grants and €250bn through loans.