Spain Plans to Use €750 Billion EU Recovery Fund to Boost Economy

Spain is seeking to use its share of the EU’s €750bn coronavirus recovery fund to revitalise its stalled economy, with the government likening it to the country’s 1986 entry into the bloc or the creation of the European single market, the Financial Times reported. Madrid plans to borrow €27bn against future grants from the fund, long before they are formally approved by the EU. Prime minister Pedro Sánchez’s minority administration hopes to use the money to push through a 2021 budget and consolidate power, while boosting an economy hit hard by the coronavirus crisis. “We are now in the second wave of this pandemic and we need to counter it with a clear sense of the EU working to ensure the recovery happens as soon as possible,” Arancha González, Spain’s foreign minister, said in an interview with the Financial Times. Read more