EU member states Austria, Sweden, Denmark and the Netherlands oppose a French-German plan for a coronavirus recovery fund, suggesting a loans-based approach instead
The idea of grants is anathema to the EU's self-styled"frugal four", Austria, Sweden, Denmark and the Netherlands, who generally oppose big spending and fear the proposal will lead to a mutualisation of member states' debt.
French President Emmanuel Macron and German Chancellor Angela Merkel made the surprise proposal on Monday to set up a fund that would offer grants to European Union regions and sectors hit hardest by the pandemic. The two-page document listed principles they wanted the fund to adhere to, including "not leading to any mutualisation of debt" and that it be of a "temporary, one-off nature with an explicit sunset clause after 2 years".
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