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20 April 2020updated 06 Oct 2020 9:45am

Spain to propose €1.5tn coronavirus recovery fund for EU nations

By Samuel Horti

Spain will propose that the European Union set up a €1.5tn ($1.63tn) fund to support EU nations hit hardest by the coronavirus, according to a report in El Pais newspaper.

Spain’s Prime Minister Pedro Sanchez will officially propose the fund during a summit on Thursday, the report said, citing an internal government document. 

The fund would be financed by new EU debt, with the European Commission acting as the main borrower, and cash sent to countries over the next few years would count as transfers and not debt.

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