Latest News

EU needs 'more robust' China strategy: Foreign policy chief

EU needs 'more robust' China strategy: Foreign policy chief EU needs 'more robust' China strategy: Foreign policy chief
The European Union must adopt a "more robust" strategy to deal with an increasingly assertive China, the bloc's foreign policy chief said Monday...
Read More...

IMF approves $2.77 bn emergency virus loan for Egypt

IMF approves $2.77 bn emergency virus loan for Egypt IMF approves $2.77 bn emergency virus loan for Egypt
The IMF board approved $2.77 billion in emergency aid for Egypt on Monday, to help the country deal with the impact of the coronavirus pandemic,...
Read More...

EU to reassure Balkan hopefuls they are not forgotten

EU to reassure Balkan hopefuls they are not forgotten EU to reassure Balkan hopefuls they are not forgotten
With the coronavirus crisis hardening Europe's borders and draining the continent's resources, Brussels is trying to reassure its Balkan neighbours...
Read More...

Divided EU leaders meet on virus recovery plan

Divided EU leaders meet on virus recovery plan Divided EU leaders meet on virus recovery plan
EU leaders are set to haggle on Thursday over a giant package to help their economies recover from the coronavirus pandemic, but bitter divisions...
Read More...

Thousands of Israelis demonstrate to 'let democracy win'

Thousands of Israelis demonstrate to 'let democracy win' Thousands of Israelis demonstrate to 'let democracy win'
Thousands of Israelis demonstrated Sunday in Tel Aviv to warn against what they said was a threat to democracy from ongoing coalition talks...
Read More...

New round of EU-UK Brexit trade talks next week

New round of EU-UK Brexit trade talks next week New round of EU-UK Brexit trade talks next week
British and European Union officials on Wednesday agreed to schedule three new rounds of post-Brexit trade talks, starting next week, after...
Read More...

EU to debate strategy to exit virus lockdown

EU to debate strategy to exit virus lockdown EU to debate strategy to exit virus lockdown
The European Commission will on Wednesday consider how to craft a plan to ease the bloc out of a virus lockdown that has dealt a body blow...
Read More...

US warns Hungary on 'undue' rights restrictions over virus

US warns Hungary on 'undue' rights restrictions over virus US warns Hungary on 'undue' rights restrictions over virus
The United States on Wednesday warned Hungary against restricting human rights and press freedom after parliament gave nationalist leader Viktor...
Read More...

Spectre of coronavirus quarantine haunts Hungarian democracy

Spectre of coronavirus quarantine haunts Hungarian democracy Spectre of coronavirus quarantine haunts Hungarian democracy
A "dictatorship" at the heart of the EU? A draft law to grant anti-coronavirus emergency measures set for adoption by Budapest has alarmed...
Read More...

Must Read

Most Popular Stories

VIDEO AND audio news:

Features, views, analysis

business

Latest News

EU needs 'more robust' China strategy: Foreign policy chief

EU needs 'more robust' China strategy: Foreign policy chief EU needs 'more robust' China strategy: Foreign policy chief
The European Union must adopt a "more robust" strategy to deal with an increasingly assertive China, the bloc's foreign policy chief said Monday...
Read More...

IMF approves $2.77 bn emergency virus loan for Egypt

IMF approves $2.77 bn emergency virus loan for Egypt IMF approves $2.77 bn emergency virus loan for Egypt
The IMF board approved $2.77 billion in emergency aid for Egypt on Monday, to help the country deal with the impact of the coronavirus pandemic,...
Read More...

EU to reassure Balkan hopefuls they are not forgotten

EU to reassure Balkan hopefuls they are not forgotten EU to reassure Balkan hopefuls they are not forgotten
With the coronavirus crisis hardening Europe's borders and draining the continent's resources, Brussels is trying to reassure its Balkan neighbours...
Read More...

Divided EU leaders meet on virus recovery plan

Divided EU leaders meet on virus recovery plan Divided EU leaders meet on virus recovery plan
EU leaders are set to haggle on Thursday over a giant package to help their economies recover from the coronavirus pandemic, but bitter divisions...
Read More...

Thousands of Israelis demonstrate to 'let democracy win'

Thousands of Israelis demonstrate to 'let democracy win' Thousands of Israelis demonstrate to 'let democracy win'
Thousands of Israelis demonstrated Sunday in Tel Aviv to warn against what they said was a threat to democracy from ongoing coalition talks...
Read More...

New round of EU-UK Brexit trade talks next week

New round of EU-UK Brexit trade talks next week New round of EU-UK Brexit trade talks next week
British and European Union officials on Wednesday agreed to schedule three new rounds of post-Brexit trade talks, starting next week, after...
Read More...

EU to debate strategy to exit virus lockdown

EU to debate strategy to exit virus lockdown EU to debate strategy to exit virus lockdown
The European Commission will on Wednesday consider how to craft a plan to ease the bloc out of a virus lockdown that has dealt a body blow...
Read More...

US warns Hungary on 'undue' rights restrictions over virus

US warns Hungary on 'undue' rights restrictions over virus US warns Hungary on 'undue' rights restrictions over virus
The United States on Wednesday warned Hungary against restricting human rights and press freedom after parliament gave nationalist leader Viktor...
Read More...

Spectre of coronavirus quarantine haunts Hungarian democracy

Spectre of coronavirus quarantine haunts Hungarian democracy Spectre of coronavirus quarantine haunts Hungarian democracy
A "dictatorship" at the heart of the EU? A draft law to grant anti-coronavirus emergency measures set for adoption by Budapest has alarmed...
Read More...

Must Read

Most Popular Stories

EU leaders are set to haggle on Thursday over a giant package to help their economies recover from the coronavirus pandemic, but bitter divisions mean little progress

is expected.

The situation facing the EU is dire: more than 110,000 confirmed COVID-19 deaths and an economy set to shrink by 7.1 percent because of the lockdown.

But while the 27 members agree that a stimulus running into hundreds of billions of euros will be needed, they are split over the details -- in particular how it should be funded.

The leaders will meet by videolink to discuss the virus crisis for the fourth time in seven weeks -- a sign, one senior Brussels official said, of the "seriousness of the challenge and the importance we attach to a common solution".

But common ground is scarce. The pandemic has reopened the wounds of the 2009 financial crisis, once again pitting northern and southern Europe against one another.

Southern states like Spain and Italy, badly hit by the disease and heavily indebted, are demanding "solidarity" -- financial help -- from the rich north.

Italian Prime Minister Giuseppe Conte, who has pushed for mutualised EU debt, dubbed "coronabonds", struck a firm line on Tuesday.

He told the Italian parliament he would accept "no compromises" and would not sign up to a "bargain deal".

On the other side, northern countries led by Germany and the Netherlands refuse even to entertain the idea of coronabonds and are reluctant to fund Mediterranean governments they accuse of profligacy.

In a sign of how far apart they are, leaders will not even issue their usual joint statement after the videoconference, a diplomat told AFP.

"No one should have exaggerated expectations for this meeting," another diplomat said.

- Spanish proposal -

Spain has proposed creating grants rather than loans to help badly affected countries, funded by "perpetual EU debt" that would be backed by the bloc's long-term budget.

Madrid argues that this approach would avoid saddling already weakened national economies with yet more loans.

But the idea looks likely to be a non-starter. One senior diplomat said their country would "never agree" to the idea.

EU Council President Charles Michel, the nominal host of the summit, set a low bar in the invitation letter sent to leaders on Tuesday.

He urged them only to "work towards" creating a European Recovery Fund to rebuild the bloc's economy after the pandemic eases.

The leaders are expected to ask the European Commission, the bloc's executive, to analyse the probable needs and come back with a proposal.

They will also sign off on a 540-billion-euro ($584-billion) emergency package agreed by EU finance ministers earlier this month. 

- No deal before summer -

Various figures have been bandied around for the long-term fund, though no decision is expected on Thursday.

While Mario Centeno, head of the Eurogroup of eurozone finance ministers, has suggested a range of 700 billion to 1.5 trillion euros, French Finance Minister Bruno Le Maire has mooted one trillion.

French officials have played down the prospect of agreeing on the long-term recovery fund before June or July.

"We need a physical meeting of heads of state and government -- at least one -- and for the moment that is not possible," a French presidency source said.

A senior EU official acknowledged no deal was likely before the summer but said Thursday's meeting could see progress on adapting the bloc's new seven-year budget to address the virus fallout.

Building the recovery fund into the budget for 2021-2027 gives some reassurance to northern countries by putting it into an established framework.

But it adds further complication to an already thorny debate about the EU's spending priorities in the coming years.

It also raises the possibility that poor eastern European countries will be asked to give up development money to pay for the coronavirus recovery in wealthier nations like Spain and Italy.AFP

deneme