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The Government Mobilises €200bn to Combat the ‘Temporary’ Crisis with the Suspension of Mortgage Repayments & the Expansion of Unemployment Rights

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The Prime Minister insisted on defining the crisis as temporary.

“We are going to mobilise up to €200 billion. €117 billion will come entirely from the public coffers and the rest will be financed using private resources. This is going to be the largest mobilisation of resources in the democratic history of Spain,” said Prime Minister, Pedro Sánchez, about the budget he announced to combat the crisis, which is equivalent to 20% of the country’s GDP. A crisis, which he insisted repeatedly, “is ‘temporary’ and which we have to regard as such,” he stressed.

Following the cabinet meeting, in which a decree-law unprecedented in Spanish history was approved, Sánchez announced a series of economic, social and healthcare measures to combat the crisis caused by the coronavirus. The plan includes providing liquidity to companies, facilitating temporary adjustments to workforces for companies and helping those families most affected by the crisis.

 

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