Greek Prime Minister Kyriakos Mitsotakis welcomed the European Commission’s proposal for a 750 bln euro aid package to fight the economic repercussions of the Covid-19 pandemic in Europe, announced Wednesday.

In a tweet, Mitsotakis said, “We welcome the bold proposal of the European Commission for a package of 750 billion euros, mainly in the form of grants through a common debt issuance. The bar has been set high. It is now the European Council’s turn to rise to the occasion.”

Presenting the plan, European Commission President Ursula von der Leyen said, “The recovery plan turns the immense challenge we face into an opportunity, not only by supporting the recovery but also by investing in our future: the European Green Deal and digitalization will boost jobs and growth, the resilience of our societies and the health of our environment. This is Europe’s moment. Our willingness to act must live up to the challenges we are all facing. With Next Generation EU we are providing an ambitious answer”.

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The Commission’s proposal for recovery includes a new recovery instrument, the Next Generation EU, “to ensure the recovery is sustainable, even, inclusive and fair for all member states,” she said.The Commission has also unveiled its adjusted Work Program for 2020, which will prioritize the actions needed to propel Europe’s recovery and resilience. “Next Generation EU of 750 billion euros as well as targeted reinforcements to the long-term EU budget for 2021-2027 will bring the total financial firepower of the EU budget to 1.85 trillion euros,” the commissioner added.

Source: amna