Spain proposes €1.5 trillion recovery plan from the European Union

20 Apr 2020 02:08 PM

Quoting unnamed government sources, the Spanish daily, El Pais, said that Spanish Prime Minister Pedro Sanchez will propose that the European Union (EU) establish a €1.5 trillion economic recovery plan through permanent EU debt.

The report said that under the plan, countries that have suffered from the economic impact of the novel coronavirus epidemic, will receive financial aid in the form of direct grants rather than loans, adding that this fund may be linked to the EU budget.

The proposal is expected to be discussed at the EU summit to be held on Thursday. The Madrid plan is reportedly more likely to garner support from Germany, the largest critic of the so-called corona bonds.

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