Portuguese president hails EU economic deal as "excellent result"

Portuguese President Marcelo Rebelo de Sousa on Tuesday hailed as "historic" and "excellent" the result of the meeting of the European Council in Brussels, Belgium, which approved the economic recovery plan for the European Union (EU).

"By agreeing on a budget of 1.82 trillion euros (2.08 trillion U.S. dollars) for the next seven years, the European Union is demonstrating its strength and dynamics, its ability to democratically decide in the difficult but fruitful dialogue between its 27 member states, with respect for all and in the pursuit of common interests," the president said in a message published on the presidency's official website.

The Portuguese president was referring to the value of the total approved package, which provides 750 billion euros for an economic recovery plan of the member states, plus the budget for the next seven years (2021-2027) of 1.074 trillion euros.

"For Portugal, it is also an excellent result with the prospect of receiving more than 45 billion euros, a decisive aid to combat the social and economic crisis that the pandemic has caused," said the president.

According to him, the country will now have the "duty to use it with rigor and discretion, constituting a new hope for the future of all of us."

Leaders of the EU reached a landmark deal on Tuesday after four days of intensive negotiations over the EU budget for the next seven years and the massive recovery fund amid the COVID-19 pandemic. (1 euro = 1.14 U.S. dollars)