Good morning from the Financial Times.

Today is Monday, July 20th,

and this is your FT news briefing.

Argentina's president is pleading with the country's creditors

to accept his final debt restructuring offer.

And our Deputy Beijing Bureau Chief Yuan Yang will break down the dilemma facing Tik-Toc as it finds

itself caught between the U.S. and China. But first, EU leaders spent the weekend

debating intensely over a proposed 750 billion euro response to the

coronavirus pandemic. The F.T.'s Brussels Bureau Chief, Sam Fleming, has more on where the talks stand.

I'm Mark Filipino, and here's the news you need to start your day.

Well, it's turned into a real marathon summit. The leaders really as things stand quite divided.

The original idea was to have, as you say, a 750 billion recovery fund.

That was the proposal from the European Commission.

But Member States have, during the course this summit got really bogged down in terms of the

exact amount of grants that the Commission would be able to hand out,

as well as some equally vexatious and difficult topics, including the governance of the

fund that would hand out the money and also the extent to which handouts of money could be linked to requirements on rule of law,

adherence to rule of law standards in the European Union. But beneath that there are all sorts of other divisions in terms of what this

package might look like so it's an incredibly complex picture and is proving very

difficult indeed to get a deal over. So Sam we've got this grants versus loans, which we've talked about on the show before.

Basically, the so-called frugal member states, Austria, Sweden, Denmark, and the Netherlands,

want these funds distributed as loans.

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