By John Smith • Published: 10 May 2020 • 15:16
SPANISH Prime Minister Pedro Sanchez has warned that loans of €540 billion to be made by the Eurogroup to member states are not a bailout but credit lines to help each government’s economy.
The money is coming from two sources with the European ‘bailout’ fund (ESM) inputting €240 billion, the European Investment Bank is finding €200 billion.
A further €100 billion will be given by the European Commission in order to support measures such as paid furloughs known in Spain as ERTE.
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Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica. Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene. Currently he is acting as Editorial Consultant for the paper helping to shape its future development. Share your story with us by emailing newsdesk@euroweeklynews.com, by calling +34 951 38 61 61 or by messaging our Facebook page www.facebook.com/EuroWeeklyNews
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