(Bloomberg) -- The European Union’s budget hardliners proposed to create a temporary fund to make loans to deal with the coronavirus crisis, opposing the German-French plan to collectively finance the endeavor.

The plan proposes to set up a one-time, two-year emergency fund that makes loans to countries in need based on a needs assessment and targeting most-hit sectors, according to a joint position paper drafted by Austria, Denmark, the Netherlands and Sweden and released by the Austrian Chancellery.

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