Health

€140 billion to fight Covid-19

Spain to get 140 billion euros from European Recovery Fund. | Pool

Majorca Daily Bulletin reporterMajorca-International21/07/2020 09:12

Spain will receive around 140 billion euros from the European Recovery Fund and 72,700 million of that will be given in direct aid, according to the Spanish Prime Minister, Pedro Sánchez, after a deal was reached on Monday in Brussels.

“It is a great agreement for Europe and for Spain," he said. "Make no mistake, one of the brightest pages in the history of the European Union has been written today.”

Prime Minister Sánchez defined the agreement as "a true 'Marshall Plan'" to respond forcefully to the Covid-19 crisis and address the transformations that the country needs in the future.

He also highlighted the fact that the European Commission is going into debt for the first time to finance the fund, saying he understands that the so-called "emergency brake" has been applied to something as important as the fund and that it’s normal to want to check how plans and programs work out.

Sánchez also pointed out that this method of control does not break the Institutional balance or degrade the position of the European Commission. In terms of the level of confidence that other countries may have in the Spanish reforms, he said that the country's agenda is "aligned" with that of the European Commission.

"Today all Europeans win and the European Union comes out much stronger", insisted Sánchez, who admitted that “negotiating this agreement has been an extraordinary challenge that required strenuous work but the result has been worthwhile.”

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3 comments

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Malcolm | over 4 years ago

So WHERE is all this 'magical' money coming from exactly ? (anybody......?) Thank God for Brexit !!!

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Mark Badoer | over 4 years ago

It ia total bullshit Italy got so much money. Spain, well, we can debate about that. But Italy is a very wealthy country when you look at the money they have, per person. They are richer then people in the UK or Holland in fact. I applaud the dutch PM for making such a fuzz about it!! They call countries like Holland and Sweden, the frugal countries; I rather call them the sensible countries. The garlic belt countries are a bottomless pit, full of corruption and money wasters who just refuse to implement real change.

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Harry | over 4 years ago

This is just the beginning. It still has to be approved by the EU parliament, and my opinion is that it won’t go smoothly. The total amount € 750 billion will have to be borrowed at a cost to nations that will not be receiving anything. Knowing what they know about how Italy and Spain mismanages their budget, I envisage many saying no or threatening to leave the EU. And if passed, it will come at a heavy cost to the Italian and Spanish taxpayers and their standard of living. As someone previously said, there is no such thing as a free lunch, even though politicians and newspapers try and convince us otherwise.

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