Spain plans to avoid using cheap European Union bailout funds in all but a worst-case scenario in its fight against the coronavirus pandemic, joining Italy in deeming it a politically unpopular option, sources told Reuters.
FILE PHOTO: European Union flags fly outside the European Commission headquarters in Brussels, Belgium, February 19, 2020. Picture taken February 19, 2020 REUTERS/Yves Herman
Though cheaper than current market interest rates, ESM credit comes with the stigma of resorting to a rescue fund, said four sources familiar with Spanish government plans. Italy is set to borrow half a trillion euros this year and the Treasury’s debt management chief told Reuters that Rome was aiming to gradually double the amount of Italian sovereign bonds held by small retail investors.
That other option is the EU’s so-called recovery fund, still under discussion, which could be worth 1 trillion euros and could provide grants and loans to help states revive their economies after the crisis. Prime Minister Pedro Sanchez is in contact with his counterparts in other EU countries to push this through, another senior official said, with several of the sources stressing this fund was the priority for Spain.
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