Spain to propose 1.5 trillion euro EU fund to aid coronavirus recovery

Spain to propose 1.5 trillion euro EU fund to aid coronavirus recovery
  • Clock-gray 11:21
  • calendar-gray 20 April 2020

The Spanish government plans to propose to its EU partners that the bloc create a 1.5 trillion euro ($1.63 trillion) fund to aid recovery in countries worst-hit by the coronavirus crisis, El Pais newspaper reported on Monday, citing an internal document, APA reports citing Reuters.

Spain’s Prime Minister Pedro Sanchez plans to make a formal proposal to his EU colleagues during a summit on Thursday, the newspaper said.

The fund proposed by the Spanish government would be financed by perpetual debt raised by the 27-country European Union and the cash sent to the different countries would count as transfers and not debt, the newspaper said.

Officials at the Prime Minister’s office were not immediately available for comment.

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