BRUSSELS, July 19 (Reuters) - A European Union plan to breathe life into economies throttled by the COVID-19 pandemic hung in the balance on Sunday as leaders quarrelled over how to carve up a vast recovery fund and what strings to attach for countries it would benefit.
* ‘Frugals’ want cuts, continue to hold out* Merkel warns a deal might be beyond the leaders’ reach After three days of meetings in Brussels, the 27 EU states were still seeking a compromise on the fund after haggling into the evening over moves designed to help haul Europe out of its deepest recession since World War Two.
European Central Bank President Christine Lagarde said it would be better for the EU leaders to agree an “ambitious” aid package than to have a quick deal at any cost. A group of “frugal” wealthy north European states have pushed for a smaller recovery fund and sought to limit how the payouts are split between grants and repayable loans.
A Dutch proposal for higher budget rebates faced opposition over concerns that these changes would hit the EU’s flagship plan to come to net-zero greenhouse gas emissions by 2050. “Because Europe is not a grocery where you can choose what you want. Europe is, above all, the values that we protect,” he said.
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