'Impasse' EU talks extended to Sunday

Video Credit: Reuters - Politics
Published on July 18, 2020 - Duration: 01:10s

'Impasse' EU talks extended to Sunday

European Union leaders ended a second day of negotiations late on Saturday without a concrete plan to pump hundreds of billions of euros into their economies ravaged by coronavirus and would resume on Sunday.

Conway G.

Gittens has the details.

'Impasse' EU talks extended to Sunday

European Union leaders on Saturday ended their second day of talks no closer to a deal for a massive stimulus fund to offset the economic damage caused by the coronavirus pandemic.

Italian Prime Minister Giuseppe Conte put in bluntly, saying "We are in an impasse now.

It is more complex that what was expected." Leaders from the 27-nation bloc are haggling over a 750 billion euro fund and a long-term budget as Europe grapples with its worst economic shock since World War Two.

A group of wealthy northern states - led by the Netherlands have balked at giving away so much cash grants to hard-hit indebted nations mostly on the Mediterranean rim, preferring to dole out loans instead.

Backbiting at the meeting has put in jeopardy what could be an unprecedented act of financial solidarity that would send the European Commission to public markets to borrow billions of euros for a rainy-day fund.

EU leaders are set to go at it again for a third day on Sunday.

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