The Eurogroup reaches an agreement to activate the European rescue fund
The pact must now go through some national parliamentary procedures, in the Netherlands or Germany, for example, and then be formally adopted by the Board of Governors of the European Stability Mechanism (ESM).
Once these stages are over, the governments of the euro area will have up to 240,000 million euros from the rescue fund, but each country will only be able to request up to 2% of its GDP. In the case of Spain this translates into some 24,000 million euros, but the Government has defended so far that it is not necessary because it continues to place bonds in good condition in the debt markets.
"The Eurogroup agrees on the terms for the launch of the pandemic precautionary instrument on June 1. It is one more step in the right direction for the euro area," economic vice president Nadia Calviño wrote on the Twitter social network, It has also guaranteed that the Eurogroup will continue working "in the coming weeks to strengthen the European response to Covid-19".
