Bonds News

Germany's Scholz sees "very high" chances for EU compromise deal on Recovery Fund

BERLIN, May 27 (Reuters) - German Finance Minister Olaf Scholz on Wednesday welcomed the European Commission’s plan for a 750 billion-euro ($824.55 billion) Recovery Fund and said he was confident member states would find a compromise deal to help countries most hit by the coronavirus pandemic.

“The discussion is not over yet, there needs to be an agreement among 27 member states. But it’s safe to say already now that the chances are very high that there will be a good and sound agreement,” Scholz told reporters.

The European Union’s executive on Wednesday unveiled its plan to prop up economies hammered by the coronavirus crisis, hoping to end months of squabbling over how to fund a recovery that has exposed faultlines across the bloc. ($1 = 0.9096 euros) (Reporting by Michael Nienaber Editing by Michelle Martin)