Recovery fund policy hits hard wall

The huge recovery fund plan, announced by the European Union to save those countries who have suffered a huge set back because of the measures imposed to curb the spread of Covid-19, has hit a hard wall, as several European countries have opposed the move.

Meanwhile, Germany has expressed its hope in the positive future of the recovery fund policy.

The main demand of those countries who have opposed the policy aggressively is that the fund should be treated as a loan and is to be repaid as soon as possible.

Spain and Italy – the two countries who have suffered the worst – were supposed to benefit greatly from the policy.

The main opposers of the policy are Sweden and Austria.

Germany is expected to convene a serious of meetings in the near future to resolve the crisis.

Earlier, a European leader warned that if this issue was not addressed rightly the European Union might collapse.

The proposed package costs €750bn.

The affected countries urgently need fund. The longer it takes for the fund to reach, the deeper the impact of the crisis becomes.

It is high time to find a solution to this issue. It may require the intervention of the United States of America.

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