After 4 days of uneasy talks, EU leaders agreed to a €750bn rescue package for the bloc which includes €390bn in grants. Although short of the €500bn in grants first proposed, it nevertheless marks a significant moment for the EU. The Frugals were brought round (bought off) by increasing their rebates – they can thank Margaret Thatcher for that. The agreement is a classic EU fudge that papers over the schisms but is nonetheless a step forward towards ever closer union, and this time it’s fiscal.
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