Saturday is the second day of a Brussels-based summit gathering all of EU leaders. News of a revised coronavirus recovery fund was confirmed by diplomats and officials.
Dutch Prime Minister Mark Rutte expressed his hesitance to agree on a €750 billion worth of free grants as part of the coronavirus recovery fund.
The figure has been further reduced from €500 billion to €450 billion.
Plans for an ‘emergency brake’ in fund disbursements were also introduced to appease the wealthier but thriftier northern EU member-states.
The northern EU states also requested conditions be attached to grants while preferring the bloc’s countries most affected by the pandemic to take loans.
The proposal would also increase rebates on the core EU budget for Austria, Denmark, and Sweden.