Italy's premier praises European recovery plan agreement

Italy's premier on Wednesday praised the agreement reached the previous day in Brussels on a budget and coronavirus recovery fund.Giuseppe Conte said Europe was 'up to its past and to its destiny' while briefing Italian lawmakers in the Senate.As the main beneficiary of the plan approved in Brussels, Italy will receive more than 200 billion euro.

Conte said this amounts to 28% of the total 750 billion euro of the 'Next Generation EU' funds.To confront the biggest recession in its history, the EU reached a consensus on a 750 billion euro coronavirus fund to be sent as loans and grants to the countries hit hardest by the virus.

That comes on top of the one trillion euro EU budget covering the next seven years.At first the grants were to total 500 billion euros, but after marathon negotiations, the figure was lowered to 390 billion euros.Italy will get about 81 billion in grants and about 127 billion in loans, Conte said.

(Image Credit: AP)