EU Starts Long Trek Toward Coronavirus Bailout

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The EU has finally agreed on a financial rescue plan that involves rich countries raising money to help out poor countries:

Leaders ultimately agreed on a €750 billion recovery plan. Of that, €390 billion will be offered in grants and the rest will come in the form of loans. That is down from €500 billion recently proposed by Brussels.

Don’t get too excited yet, though. The real fireworks are yet to come as this deal starts going through the approval process at the national level. Some countries will approve it quickly but there are bound to be a few holdouts—and it seems likely that at least one of the holdouts will take things to the very last second and then either approve or disapprove by a tiny margin. That’s the EU for you.

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In "It's Not a Crisis. This Is the New Normal," we explain, as matter-of-factly as we can, what exactly our finances look like, how brutal it is to sustain quality journalism right now, what makes Mother Jones different than most of the news out there, and why support from readers is the only thing that keeps us going. Despite the challenges, we're optimistic we can increase the share of online readers who decide to donate—starting with hitting an ambitious $300,000 goal in just three weeks to make sure we can finish our fiscal year break-even in the coming months.

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