The Frugal Four and The Club Med. Wondering what are those?
Well, these are nicknames given to the 2 different camps of the EU leaders Summit. The Frugal Four are made up of Austria, the Netherlands, Sweden and Denmark) – who are pushing for smaller aid packages and for most of the funds to be granted in loans rather than grants.
Whereas, the Club Med members who are made up of Italy, France and Greece prefer grants rather than loans.
The names itself are very telling, ain’t it?:)
This just in – EU leaders have come to an agreement of a 750 billion euros stimulus package out of which 390 billlion euros will be made in from of grants and the rest (350 billion euros) as low interest loans.
Eagerly anticipating to see how the EUR will react to this long awaited development.
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