Government Support for the Tourism Industry May Only be a Short-Term Solution

WHEN one considers the recent statement by Spanish Prime Minister Pedro Sánchez to make €4.25 billion available for the struggling tourism industry, it is worth discovering where this money is coming from.

Several weeks ago, it was revealed that in order to obtain the support of Ciudadanos for the extension of the State of Alarm, the prime minister had agreed to pledge €2.5 billion in ICO (state) bank guarantees.

Most of the balance of €1.75 billion is also being made as loans so the tourism sector will simply increase its debt and hope for the best.

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Written by

John Smith

Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica. Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene. Share your story with us by emailing, by calling +34 951 38 61 61 or by messaging our Facebook page