European Commission proposes borrowing 750 bln euros as recovery fund

The European Commission on Wednesday proposed borrowing 750 billion euros (826 billion U.S. dollars) in its name from the financial market to help the world's largest trading bloc recover from a recession owing to the coronavirus pandemic.

The money is proposed to be channeled to member states through European Union programs and repaid over a long period of time throughout future EU budgets, not before 2028 and not after 2058.

(XINHUA)