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Brussels after 3 days of tough negotiations you need us have made progress but they remain at odds over how to cough up the proposed 750000000000 euros Recovery Fund designed to help europe cope with its deepest recession since world war 2 while some last minute adjustments have been made to a piece of the socalled frugal 4 thats austria denmark sweden and the netherlands significant disagreement remains the wrangling you set to continue later this afternoon the outcome unset. With lets bring in our Financial Market correspondent Chelsea Delaney in frankfurt chelsea what are investors there rooting for European Solidarity whatever the cost or those with strings attached. And bester is do you generally want to see this deal get approved today the wrangling over this has put a lot of people on edge but investors obviously recognize this 750000000000 euro Recovery Fund is going to be really crucial for helping the economy and europe especially the harder hit southern European Countries out of this recession but we have over the course of this morning as there has been reports that some of those through will for countries are becoming more willing to negotiate on the question of loans versus grants we have seen markets recover at that weve got the dax up here in frankfurt about 0. 5 percent and the euro has also moved a little bit higher so there is optimism. That these european leaders will be able to strike a deal today one of the big sticking points or one of the Big Questions for investors is going to be how much of this is grants because grants are supposed to be a more effective way of stimulating the european economy so if there is a lot more reduction in the level of grants if we do see that was being reduced as a part of these negotiations that could. Cause some concerns among investors but in general we do we do see a lot of optimism of the skill is going to get passed and this is obviously a huge Building Block for the future of the european economy so a lot of a lot of hope is writing ok a hopeful frank should Stock Exchange the ladies thank you so much. Well the majority of the funds in the european recovery package for countries in Southern Europe like spain and italy they were hardest hit by the pandemic and months of lockdowns crushed their already vulnerable economies of the coals for European Solidarity in times of pressure and president its crisis at least for a time seems to fall on deaf ears and the blocks affluent north. Spain reopened its borders to tourists only a few weeks ago but there are already new exit restrictions here in barcelona the number of coronavirus cases has gone up here and across spain a much hope for economic revival we had tourism is threatening to flop. Other southern European Countries are not fairing much better in portugal for example its empty in regions that usually depend on tourism income. Its a total misery what were experiencing right now there are people who cannot afford to eat but the. People in Southern Europe say they want to see some solidarity and they cant wait for the Financial Assistance to start flowing from brussels. Is that what he was like before them up in this situation is so unnerving that its difficult to understand the resistance to this agreement. We are facing pressure them to become the crisis we should be accounted for dont even appear divided or weak but that is precisely the Current Situation rich countries in Northern Europe such as austria sweden and the netherlands are reluctant to provide hundreds of billions of euros in aid the current some negotiations are about more than just money its also about the future of the e. U. Economy for example italy well on the 1. 00 hand it is a country of the poorer south on the other its an important supplier to the german car industry if the economy here collapses the rich northern countries will also suffer. And for more im joined by cleamons was president of the evil instituted lightness institute for Economic Research at the university of new nick good to have you with us of course weve seen all this before its not unusual that either Member States argue about money but this divide were seeing here over an e. O. Pandemic in package a package and suddenly seems unprecedented what do you think are the main sticking points here where we have to see there is a lot of money put on the table and it is a lot to ask from the of the northern countries to pay for the south in this situation of course there is a common interest i think theres also a willingness to so show solidarity but whats a lacking is a clear concept of how exactly this money will say will be spent and my impression is there are these 2 elements 1st of all the interest of the small countries do not pay too much and then the question how do we make sure that this money is spend wisely all right but when you say you cant work cant expect the northern countries to pay for the south of the European Union arent we all in this together one might ask and also spending the money in the right manner were not talking about a financial crisis but 1st and foremost a Health Crisis a pandemic that surely is a different kind of circumstances. Absolutely this is a crisis that came from mostly probably outside at the same time it seems that the impact of the crisis is related to previous Economic Conditions and i think it is perfectly understandable that the approval for in that case say well we want to know if we pay it for other countries here we want to know how the money is spent of course there is a day let me here because if this is to be a sign of solidarity. You know that there should include some trust to odds of the countries that receive the money that its exactly that at the same time that the countries are saying ok if this money is not spend wisely does not lead to more Economic Growth in the long term this may have bad consequences for the reputation of the make it more difficult to contribute in the future so i have some understanding for this debate at the same time i think it is important at the end to come to a common result exactly listening to you one can vividly imagine the kind of discussions taking place now for the last 3 days what kind of compromise do you think would help the e. U. Now when i think the compromise is almost there it was it will be Something Like ok 390000000000 in grants Something Like thats a bit less than proposed by the European Commission some credit on top of that and not too much conditionality i think a dialogue probably about how this moneys being spent by the in the end of the solution will be one with we conditionality we should bear in mind that in the crisis weve given credit and link to a strong conditionality now we are asked to give crohns for years without conditionality so that is a big change there is some justification for this change but i think its natural to discuss this intensively the key thing is in the end to find some form of agreement and date and with half a minute to go claim its fullest what about the long term budget that still needs to be agreed to as well. It does there in my view the real issue is we need to move spending more from the spending of the past which is on agriculture and regional policies more towards the new talks the European Public goods provision defense common migration policy so we need a modernization of this budget and of course those receiving the money now are against this so there is some way to go but i think. The Member States would also agree at some point more claimants for us from the evil institute thank you so much for your time thank you. And now to some of the other Global Business stories making news. Japans exports plummeted more than 26 percent year on year in june it is the 900 consecutive months of decline as the coronavirus pandemic and flicked Severe Damage on japans export oriented economy. Germany on those blood says former wild card boss young master aleck has fled to russia where hes being held by military intelligence mosaddegh reportedly wired himself a large sum of bitcoin by a card collapsed after a 2000000000 euro hole was found in its balance sheet. Largess in a war torn syria has cost the ballots to elect a new parliament hoping their candidates will tackle the countrys financial crisis the syrian pound has fallen dramatically against the us dollar inflation is sky high food has become expensive Meat Products are on affordable for most years of war have devastated the livelihoods of ordinary syrians and our next report we need a farmer who is attempting to piece back together his life while helping to revive the once prosperous trade of a locally grown produce piston show grower friday and mahmoud is back in his fields hoping for his 1st small harvest after years of civil war the fields here in Northern Syria have been burned for a while now the entire area was ravaged in the fighting has bestowed trees dried out. The corners of our fields have been neglected for 8 years theyve suffered a lot the trees need continuous pruning 3 or 4 times a year and insecticides 2 or 3 times when we returned half of the trees had dried out some tree branches had withered and there were trenches and landmines scattered all around them with the. Many farmers like faddy are returning to their villages hoping to quickly revive the once flourishing pistachio trade. Double on the were hopeful well get a good yield of pistachios were hoping the next year or in the coming years things will get better in terms of the product and the amount but i fear she believes the region was once a center of syrias famed stash of production farmers here export of the nuts throughout the middle east and europe back then syria was the worlds 4th largest pistachio producer. And then before the crisis pistachio production ranged between 60. 70 tons each year during the crisis production dropped drastically as farmers were able to get on to their land and tend their crops in the album going as before it was out of the public. But returning to their fields is a potentially lethal business land mines and other munitions left behind by fighters littering the ground theres no hope of any return to normality until the plantations have been properly cleared. Now finally cinema lovers in china can enjoy their passion again after the hof the explosion some cinemas and low risk areas well out to reopen today last year china generated around 8000000000. 00 euros for a movie ticket sales itll take time to reach those levels again since the grownup i was outraged millions of chinese have enjoyed watching movies online thanks to a wide range of streaming service. And thats your Business Update from the end the team and the end thanks for watching. What secrets lie behind these walls. Discover new adventures in 360 degree. And explore fascinating World Heritage sites the book a w World Heritage 316 get the app now. W. s talk show. Strong opinions clear positions from international perspectives. Every week we get to the point on our current topic. That. Opens controversial come it is right. To point. Out on. One more stories this week. Fighting for democracy in hong kong. Covered 19th in the fellows of brazil. But 1st we remember the massacre at srebrenica in Bosnia Herzegovina 9095 coverage a lot of the world commemorates the horror. We talked to 2 survivors now living in berlin. To send a froze as takes her back to a farm a peaceful life in the hills of spread parineeta until the age of 45 so you should have had a happy life at then yugoslavia fell apart Serbian Forces shelled the town and tried to stuff its residents out now i go to. The mornings where the worst every day is not even 9 am i had children in front of my house begging they wanted something to eat but we didnt have anything ourselves. Nothing. Not yet in a russia. Between 93 and 95 the fighting between serb forces and bosnian militia has intensified the serbs were trying to force the population out of their homes to make their opponents surrender. In july 95 general ragon lot of sleater convicted of war crimes and genocide and roots for bringing the separation between life and death be

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