Merkel and Macron Announce R$3.12 Trillion Aid Plan for Rebuilding Europe

German and French leaders propose to set up an economic rehabilitation fund by means of non-reimbursable subsidies.

RIO DE JANEIRO, BRAZIL - The Franco-German axis positioned itself on Monday for the bailout of post-pandemic Europe with a trillionaire initiative of joint reconstruction.

German Chancellor (Prime Minister) Angela Merkel and French President Emmanuel Macron emerged on Monday afternoon to announce a four-point plan that includes a €500 billion euro (R$3.12 trillion) aid fund for the countries most affected by an "unprecedented crisis in the history of the European Union," according to a joint statement.

"This crisis is unprecedented and for the solution to be effective it requires a collective and, above all, European response . . .

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