Spain Receives One Billion More From EU Fund to Cover ERTE


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Spain Receives One Billion More From EU Fund to Cover ERTE.

THE European Commission has disbursed another tranche of the loan to finance public spending on Spain’s ERTE in today (February 2) and aid for the cessation of activity of self-employed that amounts to €1,030 billion, as reported by the institution in a statement.

This is the third tranche Spain has received having already had €11,030 billion from the SURE fund, which was created for the Member States to put in place systems to avoid a massive wave of layoffs due to the pandemic. The loan that Spain requested is €21.3 billion.

In total, the Community Executive has delivered €14,000 billion to nine countries today. The largest payment has been that of Italy (4,450 billion), followed by Poland (4,280 billion), Belgium (2,000 billion), Spain (1,030 billion), Slovenia (913 million), Greece (728 million), Hungary (304 million), Cyprus (229 million) and Latvia (72 million).

Brussels has already disbursed a total of €53.5 billion to the countries out of the €90.3 billion that the Member States have requested in charge of this fund against unemployment, which can finance national employment protection programs of up to 100 billion.

This delivery took place after the European Commission raised €14,000 billion in a social bond issue last Tuesday, in which it placed 10,000 million in seven-year securities at a negative rate of -0.497 per cent and 4,000 million in securities 30 years at a rate of 0.134 per cent.

“The pandemic continues to weigh on our economies and, although we know that there is light at the end of this tunnel, we still do not know when we will reach it,” the Economy Commissioner, Paolo Gentiloni, emphasised in the statement.

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Written by

Matthew Roscoe

Originally from the UK, Matthew is based on the Costa Blanca and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at