EU leaders urge to compromise on coronavirus rescue package to relaunch the European economy after the pandemic, before entering a fourth consecutive day of talks on Monday (20 July) in Brussels.

Leaders have struggled throughout the entire weekend to find a compromise with the rising economic problems due to pandemic.

After three days and three nights of talks, the 27 states still cannot settle on the exact size and rules of a 750-billion-euro (US$860-billion) bundle of loans and grants to help drag Europe out of a recession caused by the pandemic.

The leaders gathered briefly on Monday morning after spending the night negotiating in smaller groups in pursuit of a deal, only to adjourn until 4 pm (local time).

The summit host Charles Michel implored the bloc’s bickering leaders to compromise on an enormous financial rescue pack on Sunday as he battled to avoid wasting a deadlocked summit.

Michel, internet hosting the Brussels talks as EU Council president, advised leaders over dinner that he had tailored his proposed €750 billion (US$860-billion) package deal of loans and grants to fulfill the issues of some reluctant member states.

“All through this negotiation, I have listened to each of you and shown the greatest respect,” he said, according to AFP reports.

EU leaders will gather again on Monday afternoon to discuss the details of the new proposal - having first met in Brussels on Friday afternoon.

Source: Agencies