EU's Michel proposes 750 bn Recovery Fund

(ANSA) - Brussels, July 10 - European Council President Charles Michel on Friday proposed a 750 billion euro Recovery Fund, the same as the European Commission's initial proposal, meant to help the pandemic-hit bloc recover.
    Michel will next week be chairing the first face-to-face talks of the 27 European Union heads since lockdowns began in March.
    Finnish prime minister Sanna Marin countered, however, on Twitter that ''much work needs to be done on the recovery package. We need a lower overall level and better balance of grants and loans''.
    Northern European countries are insisting most of the fund must come in loans, and not grants as proposed.
    They also want to see the overall sum reduced.
    Italy and other southern European countries are pushing for the EC's proposal to be approved. (ANSA).