EU nations close in on COVID-19 aid deal

European Union leaders finally were closing in on an unprecedented 1.82-trillion-euro (2.1 trillion U.S. dollars) budget and coronavirus recovery fund early Tuesday, finding unity after four days' marathon meetings over money and power, after the chairman presented a new proposal to bridge gaps between them.

To confront the biggest recession in its history, officials said the EU had as good as a consensus on a 750 billion euro coronavirus fund to be sent as loans, and grants to the countries hit hardest by the virus. That comes on top of the seven-year 1 trillion euro EU budget. At first the grants were to total 500 billion euros, but the figure was brought down to 390 billion euros.

"I know that the last steps are always the most difficult, but I am convinced that an agreement is possible," EU Council President Charles Michel said.

The EU was slow to coordinate its initial response to the COVID-19 pandemic and, already weakened by Britain's departure from the bloc, it needs the deal on economic aid to demonstrate publicly that it can step up to a crisis and stay united.

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