London (CNN Business) European Union leaders, battling a savage recession, need to agree quickly on fresh economic relief worth hundreds of billions of dollars. Europe's top brass is meeting Friday and Saturday in Brussels for their first in-person summit since the Covid-19 crisis began. Under that plan, two-thirds of the recovery funds would be distributed to countries via grants, while the remainder would be offered as loans. If the leaders can't agree, there's a risk that the economic recovery could occur at two speeds, with wealthier northern European states recovering faster than hard-hit Italy and Spain. That could inflame political tensions within the bloc that some experts warn could threaten the European Union itself.

Source: CNN July 17, 2020 11:03 UTC