The European Commission proposed on Wednesday to allocate to member states a massive 750 billion euro ($824 billion) aid program to fight the economic repercussions of the Covid-19 pandemic in Europe.
Greece is slated to receive 32 billion euros from the new recovery fund, of which 22.5 billion would be in the form of grants and 9.4 billion would be loans.
Italy and Spain – the EU member states worst hit by the coronavirus epidemic — would get the lion’s share of benefits, according to the proposal. Italy is to receive 173 billion, of which 82 billion would be grants and 91 billion would be loans. Spain could be seeing a total of 140 billion, of which 77 billion would be grants and 63 billion loans.
Greek Prime Minister Kyriakos Mitsotakis welcomed the EU’s proposal on Wednesday.
Mitsotakis said in a Tweet, “We welcome the bold proposal of the European Commission for a package of 750 billion euros, mainly in the form of grants through a common debt issuance. The bar has been set high. It is now the European Council’s turn to rise to the occasion.”
In presenting the plan, European Commission President Ursula von der Leyen said “The recovery plan turns the immense challenge we face into an opportunity, not only by supporting the recovery but also by investing in our future. This is Europe’s moment. Our willingness to act must live up to the challenges we are all facing.”