The European Commission wants to throw a bigger amount, reaching 750 billion euros, into the battle for Europe's economic recovery after the crisis caused by the coronavirus.
The Commission is looking forward to a combined mix of grants and loans to bridge the differences between EU member states.
Thus, of the total, half a trillion euros will concern non-reimbursable grants, while the remaining 250 billion euros will be given in the form of loans.
Italy would be entitled to €81.8 billion under the proposal and Spain €77.3 billion.
In the wake of the news, European shares and bonds in the region are moving strongly upwards.
Italian government bonds rallied on the news with the 10-year yield falling eight basis points to 1.47%, a two-month low, while the euro recovered to 1.0979 in London.
As the European Commissioner for Economic Affairs, Paolo Gentiloni, announced on Twitter, the creation of this fund, which comes in addition to other recovery tools, is a "European turning point to address an unprecedented crisis".
Source: dikaiologitika.gr