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European coronavirus recovery fund could be over a trillion euro

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The European Commission will today launch a recovery plan designed to help the European economy rebound from the devastation of the coronavirus pandemic.

The Commission president, Ursula von der Leyen will outline the plans to the European Parliament this afternoon. Combined with some €540bn already agreed by member states, today's announcement could bring the overall financial rescue to over one trillion euro.

However, member states remain divided over whether the new money should come in the form of loans or grants to those regions worst hit.

The sums envisaged remain a tightly guarded secret. However, France and Germany have already jointly proposed that the recovery fund should be around €500bn.

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