A furious row had previously taken place about grants for EU member states nearly derailed an agreement to the massive recovery fund.
The 27 EU leaders had failed to agree on a €750 billion bundle of loans and grants to pull Europe out of a recession resulting from the coronavirus pandemic.
The disagreement happened despite three days and nights of discussions. Originally, the bloc’s government leaders were to meet for only two days.
If talks over the coronavirus recovery fund do happen, it will be the longest EU summit since an 85-hour marathon in the French city of Nice in December 2000.
A deadlock has occurred between the coalition of the “Frugals” – the Netherlands, Sweden, Austria, Denmark, and Finland – and member states that have been ravaged by the Covid-19 virus such as Italy and Spain.
The “Frugals” sought to reduce the size of the package and impose strict rules on how it is used while the opposite party is seeking European support.
France and Germany are backing efforts by European Council president Charles Michel to broker a compromise by cutting the grant portion of the deal to 400 billion euros — down from his initial proposal of 500 billion — and raising the loan part to 350 billion, up from 250 billion.