BRUSSELS (dpa-AFX) – In order to secure jobs during the Corona crisis, nine EU countries have received billions from the EU Sure program. The EU Commission announced on Tuesday in Brussels. The beneficiaries of the first payout in 2021 include Belgium, Cyprus, Hungary, Latvia, Poland, Slovenia, Spain, Greece and Italy. It is the fourth installment of the aid program.
According to the information it can provide loans of up to 100 billion euros to affected Member States. The aim is to counter the sudden surge in public spending on saving jobs. These are inexpensive loans that can be used to finance short-time working programs and help for the self-employed.
For Sure, the EU Commission takes out loans on the financial market with the help of guarantees from the EU states and passes them on. This is beneficial for EU countries, which – unlike Germany – would have to pay more interest on the financial market.
According to the EU Commission, the current payout comprises two bonds with different terms, with ten billion due in June 2028 and four billion in November 2050. Because of the negative return, profiteers have to “repay 100 euros for every 105 euros they receive when the bond matures,” it says./mjm/DP/jha
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