EU recovery fund: “a great agreement for Spain”

AFTER four days of intense and sometimes distinctly testy debate on a post-coronavirus recovery plan, the EU-member state leaders have finally reached what Spanish Prime Minister Pedro Sanchez described as a “great agreement for Spain and for Europe.”

Spain is set to do pretty well out of the €750 billion stimulus package.

The country will get €140 billion. This represents somewhere in the regions of 11 per cent of Spain’s GDP.

Of the total amount, €72,700 will be in the form of direct assistance, a clearly pleased Sanchez commented at a press briefing in Brussels on Tuesday shortly after the deal was reached.

“There is no doubt that today is one of the most brilliant pages in the history of the European Union”, he enthused.

Sanchez highlighted the fact that in absolute terms Spain emerges with practically the same amount which is first proposed to the European Commission.

According to the Spanish Prime Minister is “a genuine Marshall Plan”, which will not only allow Spain to deal with the economic crisis created by the pandemic, but also transformations the country will need to go through in the future.

Sanchez’s also said he believed the whole of the EU will benefit from the plan.

“Today all Europeans win and the European Union will come out much stronger”, he maintained.