'A moment of truth': EU leaders debate recovery

A summit like no other in more ways than one.

European leaders gathered in Brussels on Friday (July 17) for their first face to face meeting since the crisis began.

And greeted each other with elbow taps.

The crunch talks on a multi-billion-euro plan to breathe life into their economies, were described by French president Emmanuel Macron as 'a moment of truth':

"We are going through an unprecedented crisis, on the health front as well as on the social and economic front, it requires a lot more solidarity and ambition. France and Germany built an agreement on May 18 which served as a basis for the Commission's plan for the stimulus package. The coming hours will be absolutely decisive if we are to meet this ambition."

The gathering of 27 leaders comes after weeks of tension over the size and scope of the rescue fund.

And Dutch opposition and a threat of a Hungarian veto weigh on chances for a deal on the EU's 2021-27 budget.

It's envisaged at slightly above 1 trillion euros or $1.1 trillion, and an attached new recovery fund worth 750 billion euros or 855 billion dollars.

The rescue fund is to help rebuild the southern economies affected most by the crisis.

European Commission president Ursula von der Leyen said a deal is possible:

"We are at the beginning of the summit now and the stakes couldn't be higher. If we do it right, we can overcome this crisis stronger and emerge stronger from the crisis. All the necessary pieces are on the table and a solution is possible."

Among other sticking points are when to make the recovery money available and for how long.

As German Chancellor Angela Merkel went into the talks, due to last two days, she warned that a deal was far from certain.