EU Will Support its Members with 87.4 Billion Euros

EU Will Support its Members with 87.4 Billion Euros The EU will support its members with 87.4 billion euros. The European Union (EU) approved the financial support program for 16 member states. The European Union (EU), which has 16 member countries, has approved a financial support of 87.4 billion euros to protect employment due to the economic deterioration caused by the new type of Coronavirus (Covid-19). The EU Commission announced that within the framework of the employment protection program named "SURE", which was designed due to the pandemic, the EU Council has approved the financial support to the EU member countries that request it. According to the decision, 27.4 billion euros to Italy, 21.3 billion euros to Spain, 11.2 billion euros to Poland, 7.8 billion euros to Belgium, 5.9 billion euro to Portugal, 4.1 billion euro to Romania, 2.7 billion euro to Greece, 2 billion euro to Czechia, 1.1 billion euro to Slovenia, 1 billion euro to Croatia, 631 million euro to Slovakia. Approximately 87.4 billion euros, including 602 million euros to Lithuania, 511 million euros to Bulgaria, 479 million euros to the Greek Cypriot Administration, 244 million euros to Malta and 193 million euros to Latvia in the form of a conditional loan will be given.   What is the Scope of the Program? According to the employment protection program designed due to the new type of coronavirus (Covid-19) pandemic, EU member countries will provide a total of 25 billion euros of credit guarantee to the EU Commission, depending on the size of their economy. With this guarantee, the EU Commission will collect 100 billion euros from capital markets. With the fund obtained, the EU Commission will provide member countries with affordable and long-term loan support, provided that they are used in short-term work programs and wage support programs. It is estimated that the said financial support will be given to the European Union (EU) member countries within a few weeks.