EU SUPPORTS POLAND, PORTUGAL AND GREECE FOR 37 BILLION EUROS


05/04/2020




Serhat TUNAR -TDO- The European Commission has approved a 37 billion euro package of support for Poland, Portugal and Greece to combat the economic effects of the Covid-19 outbreak.

Friday and Saturday, the European Commission approved a 22 billion-euro loan guarantee to Poland, a 13 billion-euro state support program to Portugal and a 2 billion-euro Support Program for Greece.

European Commission Vice-President Margrethe Vestager said the loan guarantee support provided to Poland would help Polish companies negatively affected by the crisis with urgent capital and investment needs. Vestage said support for Portugal would be provided to businesses directly through providing Treasury guarantees on grants and loans.

The package approved for Greece will also provide guarantees on the plan loans needed for working capital. Vestage stated that these packages would not violate European Union competition rules.

The Commission, which strictly follows the validity of competition rules across the European Union, has loosened the rules so that governments can provide support to businesses damaged by the outbreak.


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