Austrian Chancellor Sebastian Kurz said Wednesday that the European Commission's proposed 750-billion-euro coronavirus recovery plan was a basis for negotiations. "It is the starting point for the negotiations," he said in a statement, adding the amount and the ratios between grants and loans needed to be discussed. "It is positive to note that the payments from the reconstruction fund should be limited in time and that it is ensured that this will not lead to a permanent debt union," Kurz said. He reiterated Austria supported loans "out of responsibility toward our taxpayers". Austria, together with the Netherlands, Denmark and Sweden, on Saturday presented their own proposal for post-coronavirus economic recovery, restating their rejection of any jointly-issued debt instruments. The group, dubbing themselves "frugal four", want emergency help for badly affected countries to take the form of one-off loans "on favourable terms" which must be agreed within two years. If passed, the commission's proposal would be the biggest EU stimulus package in history. jza/lc