EU Fights to Save Billions in Aid as Lagarde Demands Action
- Video call Thursday to address Hungarian, Polish veto threats
- Member states see standoff as battle for bloc’s core values
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The European Union is facing a grueling battle to overcome a threat endangering billions of euros of pandemic-relief and budget funds as central bank chief Christine Lagarde warns of the dangers of a delay.
With much of the continent in lockdown amid a second wave of Covid-19 infections, Hungary and Poland are blocking 1.8 trillion euros ($2 trillion) of disbursements from the EU’s jointly financed economic-recovery package and its next seven-year budget. France says the countries could be excluded from the rescue plan altogether unless a compromise is found.