The funds will go towards helping EU countries fight the economic impact of the Covid-19 health crisis.
The leaders of 27 EU member states reached the historic agreement after four days of negotiations, several disagreements, and compromises.
Greek Prime Minister Kyriakos Mitsotakis said the deal was a “great opportunity for Greece” and that the government would make every effort to manage and distribute the funds responsibly, with prudence, aimed at the productive reconstruction of the country”.
“We have finally succeeded today in eliciting a very ambitious reaction, a reaction that responds to the symmetrical shock caused by the pandemic to all economies,” said Mitsotakis, adding that “Europe has risen to the occasion …this is a historic day for Europe and a great opportunity for Greece”.
According to the Greek PM, the deal foresees 390 billion euros in grants and 360 billion in the form of loans. Additionally, no country can veto a disbursement of funds, it can only request a three-month review.
Mitsotakis said the allocation was a “national success” for Greece, adding that the fund provided all EU members with an important financial tool.
“For the first time, our country has gained access to such ambitious financial tools. We are returning to Athens with a total package that exceeds 70 billion euros, a size unprecedented for our country… We finally managed through a process of mutual concessions, compromises to safeguard above all programs that have significant national allocations,” he said.
“Europe as a whole has now a big chance to come out stronger from the crisis. Today, we’ve taken a historic step that we can be all proud of but another important step is still ahead of us. First and foremost, we now have to work with the European Parliament to secure agreement,” said European Commission President Ursula von der Leyen, adding that agreement on the recovery fund and budget was a signal that Europe is able to act.