Spain welcomes $824 bln EU coronavirus fund plan as good basis for talks

Workers use measuring tape to check social distancing as they set up a terrace which will be allowed to open from May 25, amid the coronavirus disease (COVID-19) outbreak, at Plaza Mayor Square in Madrid, Spain, on May 24, 2020. (Reuters)

The Spanish government said on Wednesday the European Union’s proposal for a 750 billion euro ($824 bln) coronavirus recovery fund would serve as a good basis for further negotiations.

In a statement, it welcomed the proposal as responding to “many of Spain’s demands.”

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Reuters earlier reported Spain would receive 140 billion euros from the fund, of which 77 billion would be grants and 63 billion loans.

One of the elements of the proposal is a solvency support instrument to help companies hit by losses which the Commission estimates will run between 720 billion euros and more than 1.2 trillion euros by the end of 2020.

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Last Update: Wednesday, 27 May 2020 KSA 15:47 - GMT 12:47