Spain announces €200 billion relief package

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Spanish Prime Minister Pedro Sánchez on Tuesday afternoon announced a relief package of €200 billion to fight the economic fallout of the coronavirus crisis.

The measures include delaying mortgage payments, easing social security contributions and allowing employees who need to care for dependent relatives to reduce their workday by as much as 100%.

The amount of this package, which comprises public and private funds, is the equivalent of 20% of Spain’s gross domestic product (GDP), is of €200 billion.

Half of the money is tied to a public guarantee scheme to ensure liquidity for struggling businesses. Another €17 billion is being earmarked to support the groups most likely to suffer from the effects of the pandemic.

“The rest will be private resources. It will be the greatest mobilization of resources in Spain’s entire democratic history,” said the Spanish leader.

Via ElPais 

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