EU leaders are meeting in Brussels for the first time in person since the Covid-19 crisis began, The Guardian reports, with muted expectations as to whether a deal will be clinched.
Greek Prime Minister Kyriakos Mitsotakis stressed the importance of the occasion, noting that, "We're faced with the biggest economic depression since the Second World War."
Under discussion are an unprecedented $2.1 trillion budget and recovery fund as well as a seven-year budget plan costing €1.07 trillion ($1.22 trillion). The countries are divided on the issue of how much of the fund will be apportioned in grants, and how much in loans.
German Chancellor Angela Merkel told Reuters that, "The differences are still very, very big and so I can’t predict whether we will achieve a result this time," adding that, "I expect very, very difficult negotiations."
According to the BBC, French President Emmanuel Macron said that the summit would prove to be a "moment of truth" for the bloc. The leaders are expected to meet both today and tomorrow, but it is likely that more time will be needed in order to hammer out a deal - in the event that they are successful in doing so.