(Fra Zerohedge/ Reuters) The European summit which started on Friday and continued into Monday, where top politicians were meant to agree on the composition of Europe’s recovery fund (originally proposed at €500BN in grants and €250BN in loans), was painfully, excruciatingly long, even by European standards, but it appears to have finally concluded, and following some rather heated and angry comments – mostly aimed at the Dutch Prime Minister Mark Rutte who has emerged as Europe’s new paymaster now that Merkel has succumbed to MMT – we finally have a deal.
So what’s in it? As we previewed yesterday, instead of the €500BN in grants demanded by Italy and all the other deadbeat European states, and instead of the €350BN that the “Frugal Four” were willing to release, Europe has agreed on €390BN in total grants.
