BRUSSELS - Michel presents new proposal for recovery plan

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European Council President Charles Michel has presented a new proposal for a controversial EU recovery package, according to a document seen by the German news agency DPA.

The total package of € 750 billion ($ 855 billion) would remain unchanged under the new proposal, but the balance between grants and loans is changing.

From € 500 billion in grants and € 250 billion in loans, this balance sheet changes to € 450 billion in grants and € 300 billion in loans respectively.

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