COVID-19: Council approves €87.4 billion in financial support for member states under SURE

The Council today approved 87.4 billion of financial support to 16 member states in the form of EU loans under SURE a temporary EU instrument to mitigate unemployment risks during the COVID-19 crisis.

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http://www.consilium.europa.eu/en/press/press-releases/2020/09/25/covid-19-council-approves-87-4-billion-in-financial-support-for-member-states-under-sure/

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Saturday, September 26, 2020

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Eurozone, Budget of the European Union, Money, Finance, European Union, Economy, Stock market crashes, Systemic risk, United States Department of the Treasury, European Union financial transaction tax

Summary

Key Points:

The Council today approved 87.4 billion of financial support to 16 member states in the form of EU loans under SURE a temporary EU instrument to mitigate unemployment risks during the COVID-19 crisis.
Financial support under SURE is granted to member states as follows:
Other member states can still present their requests for financial assistance.
SURE loans are backed by the EU budget and guarantees provided by member states according to their share in the EUs GNI, for a total amount of 25 billion.
Next steps
The Commission will now raise funds on international capital markets on behalf of the EU and provide them as back-to-back loans to the member states that requested the loans.