Spain creates fund to rescue viable companies
The fund will be endowed with 10,000 million euros, which is equivalent to 11,200 million dollars
Spain will create a fund endowed with the rescue of companies with solvency problems and a new line of guarantees to support bank loans of up to 40,000 million euros, about US $ 45,000 million, to boost business investment.
The initiative is due to the economic measures promoted by the Spanish National Executive, which will be approved tomorrow at an extraordinary meeting in a Council of Ministers. The fund is expected to be endowed with € 10 billion, equivalent to $ 11.2 billion.
Financial support will allow companies to be leveraged through the purchase of shares, debt or any other instrument convertible into capital, but whenever the companies themselves request it before and as a last resort option.
Government agrees with agents
Spain has signed an agreement with social partners in order to establish measures to boost the economy and employment that they will sign tomorrow at an event in La Moncloa. According to official sources, one of the measures included in the pact is the reactivation of employment.
The launching of the lines of guarantees promoted by the Official Credit Institute of up to 40,000 million euros will allow promoting more sources of work in the country.